Understanding Casascius Coins
A Casascius coin refers to a physical unit of Bitcoin in different designs, sizes, and types, primarily sought after by collectors in specialized circles.
Early Physical Bitcoins and Regulatory Challenges
Created by Mike Caldwell in 2011, Casascius coins were among the earliest examples of “physical bitcoins,” where BTC is embedded within a physical structure like a coin or bar.
Caldwell produced Casascius coins until 2013 when he ceased operations due to concerns raised by the Financial Crimes Enforcement Network (FINCEN).
FINCEN believed that the activity might be classified as money transmission and require a license.
It is important to note that not all Casascius coins contain actual BTC.
They can be either loaded or unloaded, with unloaded coins lacking the private key to redeem any associated Bitcoin.
Since the inception of Casascius coins, various other forms of physical Bitcoins have emerged under different names.