Physical Bitcoin may seem like a strange concept to people new to the cryptocurrency world. After all, Bitcoin is a digital asset, right? However, in 2011, Mike Caldwell introduced the idea of a physical representation of digital currency, the physical Bitcoin. Prior to this, Bitcoin was strictly a digital currency since its founding in 2009.
Caldwell was an early Bitcoin (BTC) follower and jumped on the train before a desperate rush in the next few years. There is his thread on the Bitcointalk forum, where he used the pseudonym Cassia.
Understanding physical bitcoin
On September 6, 2011, Casashius posted a thread on Bitcoin Talc, where he addressed the reason why he came up with the real Bitcoin idea. His main selling point was to improve the likelihood that Bitcoin will become a successful currency.
Caldwell described how in the future someone hoped to come up with a better invention of physical Bitcoin, and how this invention is not a lifelong job for him. His wish came true later. Because today we have other physical forms of Bitcoin.
Caldwell's physical bitcoin looked like a traditional coin. In 2011, the cost of sending one bitcoin was worth one bitcoin. This is because after calculating the production cost, it was worth 1.25 BTC. Therefore, with postage he set the total cost at the time to be worth 1BTC.
Physical Bitcoin composition
The BTC address was embedded in each coin.
Someone who had a username at the timejoint'At the Bitcoin Forum, he expressed his thoughts on innovation, saying:
“These look great, but given the current state of the Bitcoin market/economy, why buy this? If you have a good indicator that your investment will give you all kinds of benefits, this may be a good investment. ”
When he wrote these words, 1 BTC was trading at $6.86.
Decent level of success in that short existence
Caldwell's physical crypto coin was a success, as many people ordered from them to surprise Bitcoin onlookers of the time. This required him to follow up with other denominations. His invention was initially limited to 1 Bitcoin, but with its success he continued with 10 Bitcoin, 25 Bitcoin, 100 Bitcoin, and even 1,000 Bitcoin editions.
At Bitcoin peak in January this year (2025), the holographic 1,000 BTC coins would have been worth around $109 million. Caldwell's invention continued until 2013, when it sold around 28,000 Bitcoins. Physical Bitcoin prices vary widely. Rare editions can earn much higher prices for collectors' value.
Other physical bitcoins
Cassia's invention influenced other concrete inventions of Bitcoin. BTC remains primarily a digital currency, but today there is real Bitcoin inspired by Casascius innovation. What exists today exists in the form of paper wallets, trinkets, and commemorative coins.
One notable example of such a creation is the physical Bitcoin MJB 2013. It was released as part of a series of collectable physical coins. This type of physical bitcoin follows the same principle as Cassian coins, adding the charm of being a collector's item.
In today's cryptocurrency, private and public keys are printed, and can represent physical bitcoin as long as they can hold any amount of cryptocurrency.
Legality of owning physical bitcoin
Owning physical Bitcoin is generally fine if you are in a country where cryptocurrency is legal. However, if you create these real Bitcoin to sell, you may run into legal trouble if you are not complying with certain financial laws and you may need to register with the appropriate authorities.
It is also important to make sure that physical Bitcoin is authentic. There are counterfeit products. Real ones usually come with a private key or QR code that links to a certain amount of BTC, so it's a good thing to check its connection and source before considering it to be authentic.
FAQ
Is there any physical bitcoin actually available?
Yes, there's physical bitcoin! They are real coins first created by Mike Caldwell in 2011, representing Bitcoin. They are mainly collectibles, but they are fun, concrete ways to hold digital currency.
Can I physically buy Bitcoin?
You can purchase physical coins that represent Bitcoin. These coins have a QR code or private key, stored digitally in Bitcoin. However, buying physical coins is not the same as buying Bitcoin directly in exchange. It's like buying a collectable version of cryptocurrency.
Will Bitcoin be in physical form?
Yes, Bitcoin can be in physical form! Often there are physical coins that represent Bitcoin with a QR code or private key that links to digital currency. It's a way to hold something concrete, but the actual value is still in Bitcoin, which is stored on the blockchain.
