Bitcoin Note, PCGS Graded - Please Help Ben Understand - Polymerbit 1 Milli Bitcoin (0.001 BTC)

[00:00:00]Here we see, you got some splaining to do. Everybody spend the coin geek and today I have a singular item that I need you to explain to me on some level and I will explain to you on the other level.

[00:00:11]I will tell you what I know about this banknote uh from 2020 which is very modernistic in its design style and usage.

[00:00:21]But I don't know that there's an actual usage for this. As always, like, share, subscribe, comment. Anyone who knows about this note, let me know what you think. This is something that is uh 2020 dated.

[00:00:33]It says Great Britain and uh Pol Polymerbit LTD cold storage document.

[00:00:42]So, one of the things that's been interesting to me, if you don't know what this B symbol is, that's the sign for Bitcoin.

[00:00:50]And this says that it is 1 mil of a Bitcoin. Serial number 007. This is the James Bond one. 1 2 3 4 5 007. At least it's not 0067. 1/1000 of a Bitcoin, December 2nd, 2020.

[00:01:07]Cold storage document. Cold storage document. I And it's something that uh I am not 100% sure what the cold storage portion is, but what I will tell you, I also don't know who that is now that I'm looking at this the foil seal here.

[00:01:22]There have been more recently a large number of auctions popping up where people are selling physical Bitcoin and it's like physical Bitcoin. Ben, what are you talking about? Isn't Bitcoin an electronic currency?

[00:01:38]And yes, yes, it is. So, one of the things that you can see out in the open marketplace, you'll see tokens and metals that say, you know, have the B on them and say they're Bitcoin and they're not related to what I am talking about.

[00:01:49]What I'm talking about is in the open marketplace at auctions. I know Heritage has uh had a number of these auctions.

[00:01:55]Um where they're selling physical items that contain codes to Bitcoin. So, this says milli Bitcoin uh to be stored in cold storage on the polymer bit note.

[00:02:12]Price to barter.

[00:02:15]So, my thinking on this is twofold. One, it could represent 1/1000 of a Bitcoin, which today is like $60 or so.

[00:02:31]And this company holds the Bitcoin and you're simply trading or bartering this note, which is very different than what these other bank notes and coins are that I have seen that have uh traded over time at auction. The ones that have traded over time at auction, it has a code built into it that will actually let you access it and get to uh gets to some Bitcoin. So, if we do Hello. What are we doing here, Ben? You know what you're doing, Ben, a second ago. There we go.

[00:03:12]So, this has a code on it.

[00:03:17]And if I hit the code, I want it to take me somewhere, but instead it takes me to this happy smiling guy.

[00:03:25]So, 2020 to 2026 and that code doesn't do anything.

[00:03:31]The other thing that's interesting about this, it says issued unloaded.

[00:03:37]So, this says public key. This says issue unloaded.

[00:03:42]So, you'll see a lot of these traded auction that are loaded that trade for the value of the Bitcoin.

[00:03:51]This my theory was that actually someone else is holding the Bitcoin and you use this physically to trade with based on the value of Bitcoin.

[00:04:01]I think it's a test issue. This one is from United Kingdom. Uh they actually I have seen issues for these from other countries.

[00:04:13]And it's interesting it's got the bull and bear symbol on the back, which I also find kind of a fascinating uh reference point as it's talking about you know, something that's typically related to the stock market.

[00:04:27]Uh but Bitcoin is in my mind designed to move you away from currency and yet here you have a physical currency for it.

[00:04:34]Uh the bearer on demand should only accept this document for payment of the private's if the private key seal is intact and the bearer is correct when the public key is searched.

[00:04:57]So, kind of interesting notes. A lot of the fine printing is actually very hard to read on this note.

[00:05:05]And if you've owned these or know exactly how they work, go ahead [snorts] and leave your comments down below. This will probably just auction off on eBay and let it ride.

[00:05:14]It's very interesting cryptocurrency in some people's mind designed to get away from physical currency and yet here you have physical currency attached to cryptocurrency as a representation of something. Also, some of the stuff that I read on these is that you know, they're designed to stop people from being able to steal your electronic cryptocurrency, which is kind of ironic um since cryptocurrency is um touted as being safer than real currency. Um but of course, someone has to physically be around you to steal your real currency. I think that theft is something that happens uh in all ways, stages, forms in life of life. So, there's not just one way to skin a cat. Let me know, guys, what is the deal with this cryptocurrency Mil Bitcoin polymer issued cold storage document note.

[00:06:05]That's it. All right. Like, share, subscribe. Do the YouTube and we will catch you next time. Thanks.