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Royal Mint Plans To Issue A Gold-Backed Bitcoin

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UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins

Submitted by Tyler Durden on 12/01/2013 19:38 -0500

The implicit, and ever more explicit, institutional acceptance of the dominant cryptocurrency Bitcoin (we say dominant because as we pointed out last week, there has been an unprecedented spike of digital currencies one can pick and choose from) continues when following the surge in vendors willing to transact in BTC over Thanksgiving, the latest news comes from the birthplace of the modern central bank, the UK, where we learn that none other than the UK Royal Mint has been working on plans since this summer to issue physical Bitcoins in collaboration with the Channel Island of Alderney.

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Another route to escape Fiat and in particular Sterling. Can only help to make gold more accessible to the masses. Does anyone doubt that the game is up for Fiat?

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Linky

Another route to escape Fiat and in particular Sterling. Can only help to make gold more accessible to the masses. Does anyone doubt that the game is up for Fiat?

There were posts about this a few days ago in the big Bitcoin thread.

http://www.coindesk.com/british-island-physical-bitcoins-uk-royal-mint/

Bitcoins don't need 'gold backing'. Issuing coins with gold in them is gold-bitcoin hybrid., and is thus a a bit of a gimmick.

I think the best way to define a bitcoin is 'a right to control some information in the blockchain until you transfer that right' which, though esoteric, emphasises that bitcoins are essentially ledger entries in the blockchain.

Access to that right is via public/private keys; those can be written on a tin coin, scrap paper, a Post-it, anything.

I think Alderney is doing this as a publcity stunt/ tourist novelty/ numismatic product, together with drawing attention to Alderney's plans to operate a Bitcoin exchange in a tax haven.

The Alderney coins might in themselves be a good investment for numismatic collectors; there are already 'physical' bitcoins, with or without the keys, that are apparently collectable.

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Another route to escape Fiat and in particular Sterling. Can only help to make gold more accessible to the masses. Does anyone doubt that the game is up for Fiat?

Quite odd. Note the author of the piece. As it happens I watched Fight Club last night: Tyler Durden is the main protaganist played by Brad Pitt.

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