Oddbean new post about login | logout We will also need bitcoin notes in the future. ATM:s for 1000 sat notes, for example. The privacy of notes is unprecedented.
Maybe I should start making some designs.... I want them to be beautiful to behold. #btc #cash nostr:nevent1qqszx6umtc393mfz4350rs2996eyttlslxcaldzjd2sfatppqq5l9ecpzemhxue69uhkvun9v4ehqet9vd5zucmpwdsj7q3qmhu8v7xzckhqh5nv5aefc5v7has4z9qy4xepnvysd63rsrwlagfqxpqqqqqqzshqgzl
Good idea, but how to make sure they aren't fractionally reserved? If technology became cheap enough, maybe they could contain something similar to an Opendime or Satscard. But it would have to be really cheap, and still there's probably the problem of the UTXOs being too small to be spent.
There are several possibilities. One is to trust in the "bankruns" to check the issuing institution. The notes wouldn't be of that big value, maybe 1000 sat. Another option is to mark each note with a bitcoin address, letting the receiver of a note check on the blockchain that the bitcoin is still there. But that could only be used for big value notes. It will never be completely risk free, though. You should never have more bitcoin in notes than you can afford to lose.