Five-bytecoin note
Thursday, June 16th, 2011Ever wake up one morning and say “today, I’m going to design my own banknote”? Of course, we all have. But earlier this week, I decided to act on that impulse. And just last night, I printed and laser cut my first batch of bytecoins at Metrix.
For those curious how the bytecoin compares to the (unrelated) bitcoin, I offer this handy chart:
| Bytecoin | Bitcoin |
|---|---|
| Not really a coin | Not really a coin |
| Value determined by the free market | Value determined by the free market |
| Making more coins requires proof-of-work (printing, lasering, etc) |
Making more coins requires proof-of-work (math) |
| Not accepted as payment for taxes or Filets O’ Fish | Not accepted as payment for taxes or Filets O’ Fish |
| Made of cotton paper, just like the US Dollar | Made of bits, just like tweets |
| Transactions are as public or private as cash | All transactions are 100% public but pseudonymous |
| Built-in inflation, as long as I keep printing more | Built-in deflation |
| Looks nice | Pretty as a SHA256 hash |
The design of the bytecoin was influenced by colorful banknotes I’d seen in the past and some of the Dollar ReDe$ign Project winners. Some of my favorite banknotes are the Dutch Guilder, specifically, the late 60s/early 70s ƒ5, ƒ10, and ƒ25, and the early 80s ƒ50:

By the way, I hear if you’re looking to buy or sell bytecoins, you may find interested parties hanging out at Metrix Create:Space (not an official exchange). I’m sure they’d gladly accept bytecoins as tips.




















