Numisalis: Tradable Physical Bitcoin
Numisalis will bring about something that is sorely missing in the Bitcoin space and that is a coin designed for physical transfer and small purchase commerce. It is physical bitcoin that is meant to be traded and I have done all I can to make that possible.
- Small mint margin.
- Small denominations.
- Durable design.
- Simple, accurate, and reliable coin verification.
And even if you are like me and think that Bitcoin is pretty perfect as it is, here are some reasons physical coinage is important to Bitcoin:
- Off blockchain transactions.
- Immediate cold storage.
- Excellent way to introduce new people to Bitcoin.
The Team
My name is Jake Gostylo and I have been involved in the Bitcoin community for over 2 1/2 years. I have also developed web and mobile applications for over 10 years including The Great Land Grab, Bitscavenger, and Primodish.com. I have mined, traded, and developed Bitcoin applications using the bitcoinj library. I will personally and solitarily be handling the production and embedding of the secret keys in the coins. I will only use offline techniques for generating public/private keys and will physically destroy media after use. There is nothing I will not do to preserve the integrity of these coins.
I have hired Ron Graczyk to handle the design and production of the plastics pieces. He has over a decade of professional plastics production and design experience and will ensure the physical integrity and production of the coins.
What We Need & What You Get
The reason I am running this campaign is that there is a substantial up front cost when producing custom plastic pieces. There are custom molds to purchase, unique horns for special purpose sonic welding must be made and materials for the first batch have to be paid for. There are also skilled trades people who must be paid to make sure these up front items are made correctly the first time.
Because this campaign is designed to cover the up front costs, if I do not make my goal I will not be collecting any funds. This will be all or nothing.
In return, for supporting the campaign, you will be getting the first run of Numisalis coins and will have first access to the limited edition white with gold paint 256 mBTC coin. Each sponsorship level will get you Numisalis coin and large sponsorships will get you my final product: an aluminum attache case with 205 Numisalis coins of various denominations.
Please note that all prizes are empty cold storage units. In all cases you are responsible for charging your own coins. To repeat I AM NOT SELLING OR TRANSFERRING BITCOIN! I will provide every order with a script to run with your favorite Bitcoin client to generate a transaction that will charge all of your coins from your personal bitcoin stash.
If the campaign generates more money than my goal I will focus additional money on expediting the plastic production to get you your product faster.
The Impact
My friend Shay purchased a bitcoin from me. Even though he is a professional programmer he asked if he could have one of my Casascius coins instead of me sending the bitcoin to his digital wallet. Of course he can't, Casascius coins are high margin collector's items.
This project is for you Shay, and for everyone else who does not want to be a digital bank but still wants to confidently own bitcoin and not pay a huge markup. This project is for me and those like me who want a simple bridge to put down to bring other people into the bright new world of Bitcoin.
Answering Questions
Q: Tell me more about what this will look like.
A: The easiest thing to think of is a Vegas size poker chip. It will be slightly thicker though. Each denomination will be a different color and a denomination will forever tie up that color. 100 mBTC will always be red and 10 uBTC will not later be red. I will just go down the rainbow from red to violet allowing for intermediate colors. It will have a slight texture so that it is not smooth and shiny. "Tails" of this coin will look like what is shown in the video, heads will be announced a bit later in the campaign.
Q: Numisalis?
A: It is a latin mashup for "salt coin" because salt was used in payment and trade. It is ok to call these coins "salty bits." I already do. I wanted to avoid using markings that were too english because I did not want to be pegged to english speaking markets. They are latin letters though.
Q: How would you plan to produce your product with this initial capital and return a 10x investment and how do you justify a $600 per case price point?
This product would never return an investment at 10x with my price point. I am not pricing it with investment in mind. It is priced at $600 because capEx + opEx + value of my full time effort if demand requires it is $600 a case. The contents of the case are chosen to be of maximum use to the buyer, but I assume every buyer will love Bitcoin as much as I do and that will factor into their purchase decision. If the campaign is successful I will finish making and shipping your coins with very little money left over but I will have the confidence in the marketability so I can invest in my next round of inventory and continue selling on my website.
Other Ways You Can Help
- Tell people about Bitcoin
- Learn more about Bitcoin
- Tell your Bitcoin loving friends about this campaign