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It is a physical Bitcoin unit that is available in various sizes, designs and types, especially owned by the niche collectors. It was invented way back in 2011 by Mike Caldwell and are the first known examples of the so-called “physical Bitcoins” or Bitcoins stored within a physical structure like a bar or coin. Not all of the casascius coins contain the actual BTC. They can either come loaded or unloaded with the unloaded coins that lack the private key that usually is used to redeem any of the associated Bitcoin.
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