Imagine not having to explain what Bitcoin is to your grandma and she still being able to use it. Imagine going to your computer and being able to literally print bills for your grandma: 100,000 Sats / 50,000 Sats / 10,000 Sats / 1,000 Sats or any denomination. Yep, just like Dollars or Euros. And she can go to the store and pay in cash (actually cash backed by Bitcoin). I know what you’re thinking: “that’s a paper wallet”. Well… not really. What I’m proposing is a “Smart Bitcoin Bill” to avoid fakes and double spending.
How would it work? Just like an encrypted paper wallet, this bill will be protected by a passcode (a pin, a password, or even a fingerprint). To create it, you just deposit Bitcoin into the Paper Network just like you would do with the Lightning Network or WBTC. Once you do it, you can divide your BTC into several denominations and then print the bills. Once you have the bills, you could go to the store and pay using them and you can use your PIN number or fingerprint to change the ownership of the encrypted private key (from your grandma’s point of view, she’s just paying in cash and scanning her finger, or putting a PIN number). This way, if you ever had copies of these bills, once you’ve spent them only the new owner of the passcode recognized by the Paper Network would be able to redeem the Bitcoin and send it to a standard wallet, or spend it again.
The Paper Network is very similar to WBTC, but I think that even though obviously I’m not an expert and I’m just one more Juan on the internet talking about something that I don’t 100% understand, I think that if something like this was possible and we made it 100% trustless, it would be huge for third world countries and older individuals to reach massive BTC adoption.
How would you implement it?
Is it even possible to make it 100% trustless? How?
What implications could it have?
What other implementations can you think of?
I’d love to hear your opinions. Thank you!