@SATSCARD allows you to store and pass physical #Bitcoin without using the blockchain.
What is Satscard and how does it work?
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Satscard is a physical card that allows you to add Bitcoin to the card using its wireless NFC chip that can hold BTC.
Once you've added BTC on the card, you can hand it to someone else, and then they will control the balance on the card.
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Satscard is like cash or a gold coin, or a prepaid gift card.
A great way to gift someone Bitcoin.
You could also use it when purchasing something with Bitcoin.
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With a Satscard transaction, you don't have to wait for any confirmations or pay high on-chain fees.
The transaction is also private, since nothing is recorded on the blockchain.
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Satscard holds the private key to the Bitcoin stored on the card.
To spend the funds from the card, you need both the CVC code (card verification code) written on the card, and the card itself.
There is no seed phrase or another password!
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Satscard is a product by @Coinkite, a Bitcoin hardware manufacturer, and is similar to the company's other product, the @OPENDIME Bitcoin USB stick.
Whereas Opendime can only be used once, Satscard has a private key slot that can hold BTC up to ten times.
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If you receive a Satscard, you can sweep the funds and re-use the card by depositing BTC to a new slot and pass it on to another person.
To check the card's balance, you can tap it on any NFC-enabled phone.
This opens up a blockchain explorer to verify the balance.
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To spend the funds on a Satscard, you need a compatible software wallet on your phone, tablet or desktop with an NFC reader.
Currently, only @nunchuk_io wallet provides compatible software, but since Satscard made the process open-source, other wallets could follow soon.
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You can send funds to a Satscard as many times as you want, but when you sweep the funds, you can only sweep all of them in a single transaction.
The card only works on the BTC main chain, so when depositing or sweeping, you have to pay the mining fees.
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The deposit address QR code on the card is only for the 1st slot, but you can create new addresses on Nunchuk.
The owner of the card can always access the 1st slot.
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Satscard can be more secure than a standard Bitcoin hot wallet since you need both a software wallet and the card to spend the funds.
It also looks like a traditional credit card in your physical wallet.
Hard to guess that it holds Bitcoin.
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When generating keys for the Satscard, the process uses verifiable entropy so that the manufacturer cannot have a copy of the private key.
The private key is generated inside the Satscard and it never leaves the card itself.
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The Satscard comes with a RFID radio frequency blocking sleeve.
This protects the card from unwanted RF readers.
It's important to stick the card fully inside the sleeve.
However, the attacker using RF can't access the funds on the card without the CVC code.
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If you want to get a Satscard, they can be purchased at Coinkite's store.
The prices vary between around $7 and $50, depending on the design.
E.g. this one with the Magic Internet Money design costs $12.99 + shipping:
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Finally, a great video overview of Satscard by @BTCsessions:
youtube.com/watch?v=5dc3RSZKGto
teemupleb
@teemupleb
I write threads about Bitcoin (#NaturalMoney) projects. ⚡️teemupleb@getalby.com #npub15vxdlmhftkh452a06vnr3mmks2dy8hqejeuxuv6sgy5rgtf0jllsccfzg7