Are physical Bitcoins legal? | Crave - CNET: "Each coin has a unique Bitcoin address and a redeemable "private key" under a hologram on the coin. That key can be used to redeem the value of the Bitcoins online, but the hologram sticker leaves a honeycomb mark when peeled back, so you'll know if your Bitcoins have been tampered with.
The coins play a function similar to a gift card or certificate with a magnetic strip or bar code. In other words, it provides a tangible means of carrying around the digital key that contains the actual value. There's just one problem--the physical Bitcoins may well be illegal.
U.S. statutes prohibit the creation of a currency that competes with the good ol' dollar. Before automatically crying foul, remember that PayPal uses dollars and other official currencies, and that things like various points and mileage programs and even gold and silver don't directly compete with the dollar, at least not yet."
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