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Last active April 22, 2022 19:43
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bitcoin-cash.md

Bitcoin Cash is the real Bitcoin Cash

Charge Dollar bills with Bitcoins to create inflation-resitant cash. This idea originated in an old post on Bitcoin Talk. Here's a detailed writeup.

How to mint Bitcoin Cash?

  1. Take a 1 Dollar bill
  2. Burn 5000 sats and add that Dollar bill's serial number to your burn transaction.

Now the note is worth 1 USD + 5000 sats.

How to receive Bitcoin Cash?

  1. Take a Bitcoin Cash bill
  2. Check if that bill's serial number is registered in a burn transaction. Given a database of valid serial numbers, this can be done offline.

Burn Transaction Format

  • OP_RETURN to describe the bill's properties
  • Currency ticker symbol (USD, EUR, ...)
  • Denomination
  • Serial number
  • Optional: hash of a picture of the bill

Limitations

  • Bills wear off. The average lifespan of a bill is only about 3 years.
  • 1 USD + 5000 sats is an odd amount of money
  • The bill is probably not worth 5000 sats. Bitcoins on the blockchain are strictly superior as they can be turned into Bitcoin Cash, but not the other way around.
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