Ever 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.
Sweet! But shouldn’t it be worth 8, not 5?
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Purdy!
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Wow, this post just got its first Bitcoin spammer (said spam will live forever in the moderation queue). The message was actually responding to my post, unlike most spams. The most relevant bit:
“Those that wish to get involved in the Bitcoin community should do so through a V*****e C*****l firm such as mine, or by mining or buying BTC on an exchange. Attempt to create your own pseudo-currency backed by you is just going to hurt the image of BTC as a whole.”
(I censored the phrase “V*****e C*****l” for your and my protection).
Love it! I don’t live anywhere near Seattle, but if you decide to sell these online, I’d order one or two.
Hi Andy,
I love the design of the bytecoins so much. I wrote a blog about them called “Counterfeiting Bytecoins for Fun and Profit”.
Those 50 Guilder notes are a thing of beauty _ I have one stashed away somewhere for that very reason.
Good luck with bytecoins, I think they have more intrinsic value than the alternative…