I would not accept it if there is no way to redeem the BTCs from their associated banknote and if such possibility exists, then we need to have a mean to test if a banknote still holds its BTC value.
If it were not possible it would be a problem, because in 5 to 10 years that banknote could be worn out to the point that you cannot circulate it anymore.
Or the government could make all the (now) new 100 USD bills no more legal tender from january 1st 2040... and we would lose all our associated BTCs.
spiccioli
It doesn't matter whether government is invalidating $100 notes.
- You created the transaction during 2013, and paid 10 BTC to a $100 bill
- 2050, You are spending it
- to spend transact, you just need to give that particular $100 bill
- if the scrypt requires, then you should also broadcast the transaction to the network
There would be no transaction to broadcast if the TXO (transaction output) is unspendable.
Solving that problem would probably require a central issuer who uses a two factor password for the coin. When you want to redeem the Bitcoin value you would have to send them the bill and they could unlock its contents and send you the Bitcoin.
If the Bitcoin is spendable whoever has the private key could spend the coin; how could you trust someone giving you the bill that they won't spend the coin when you turn your back? Unspendability solves that problem, but it creates another (if the bill is destroyed, so is the coin). That's a hard problem, but one might argue that is the cost of doing business in this scenario.
Regardless, such a scheme requires consensus, and that is hard to achieve.
