If you can’t beat them, join them, goes the old saying; which is something many gold bugs such as Peter Schiff have done when it comes to Bitcoin. For sound money advocates who may be slightly more reluctant, storing bitcoins in a 1 troy ounce silver coin might just do the trick in getting them used to the concept of a virtual currency.
Also read: Bitcoin Black Friday: The Silver Lining for a Declining Trend?
Bitcoins Draped in Silver
As interest towards Bitcoin grows, it is not surprising that the number of Bitcoin wallet types for storing cryptocurrency is also keeping pace. Ohio-based company Silver Wallets is offering a 1 troy ounce physical silver coin that stores the private key of your bitcoin address.
So why should Bitcoin users opt for this storage method? The company explained:
“When buying coins with preloaded private keys, you are putting 100% TRUST into the company or individual who makes them. With Silver Wallets you can generate your own private key without any fear of the key having been compromised (when done correctly).”
The heads-side of the physical coin displays the Bitcoin logo, while the tails-side has a 12.7mm incused square where the QR code of the private key is placed. The key is then concealed by the custom tamper-proof hologram. In other words, the Silver Bitcoin Wallet is essentially a silver disc “frame” for your private key (paper wallet) that includes an opaque hologram for security.
Unlike the first 100 minted numbered coins, which were sold out, the silver coins currently available are unnumbered for $60 per coin, shipping included.
Do it Yourself
Since the coin is not only “assembled,” but also loaded with bitcoins by the user, it works differently compared to Casascius coins, for example, which include their own private keys and with the amount stamped on the coin. Therefore, it is recommended to either put the coin together yourself or otherwise trust the person who will do it for you.
However, assembling your own silver bitcoin wallet appears to be pretty straightforward and the instructions can be found on the Silver Wallets website here, including how to use bitaddress.org to generate key pairs and print them at the correct size so they can be inserted into the square on the back.
You can check a video review of the Bitcoin Silver Wallet, compliments of youmeandbtc, below:
What do you think of the Silver Bitcoin Wallet? Know a better way to store your bitcoins? Let us know in the comments below!
Images courtesy of Silver Wallets