A crypto user who held Bitcoin physical for almost 13 years to talk to Cointelegraph about what led to his decision to finally move the coins to a purse.
On May 13, a bitcointalk user to go through the pseudonym “John Galt” Says They moved 100 bitcoin (Btc) from a physical casascius bar to a hardware wallet. Casaascius bars and coins are physical representations of various amounts of Bitcoin, with private keys to accessing them attached to the film in things themselves.
Galt said he bought the bar in 2012 when the BTC price was under $ 100.
“Back then I thought Casacius coins were cool and maybe in the future,” he told Cointelegraph. “I wondered if Bitcoin had got so much these coins would be part of history so I started collecting.”
More than $ 10 million in physical bitcoin
On May 13, the price of Bitcoin was approximately $ 104,000, making the Galt’s bar more than $ 10 million. Although he told Cointelegraph that he considered to sell it before 2025, it was difficult to find legitimate consumers for an important commodity.
“Its redemption is like destroying a piece of history, such as melting some ancient gold beads or something,” Galt said. “I would like a way instead of selling it completely on the sticker and everything is still not intact. But the higher the value goes to the more difficult to get.”
Although the funds were redeemed and more easily accessible through the hardware wallet, Galt said he had no immediate plan to cash out. Before using the private keys, he reportedly keeping the bar in a vault outside his home.
“Having 100 BTC is changing life for anyone. But the thing I have long experienced is that it is more about staying safe than suddenly rich.”
Related: The Father-Son team said they had recovered $ 6m with lost crypto
There are a limited number of unredemed casascius bars and coins that are still in circulation, from 0.5 BTC and 1 BTC coins to copper or silver to 100-BTC gold bars. Physical Bitcoin contains a private key that can be revealed by not uniting a tamper-bright hologram.
According to Casascius Tracker Uberbills, there Ay More than 17,000 coins and bars have been active and have not been redeemed. It includes two 1,000-BTC bars worth more than $ 100 million, a 500-BTC bar worth $ 50 million, and 35 100-BTC bars.
