So, I apologize if this has been discussed already (please point me to the link if so)... but do physical bitcoins really need to the private key to work? Obviously, by removing the private key, you remove an important feature from the Casascius coins... but it seems that as long as it is possible to look at the public address (which is on the coin) and verify that the Bitcoin hasn't been spent... then the system of physical bitcoins could still work. Thoughts?
The coins have the private key under a hologram that shows if they have been exposed, if the hologram is intact then assuming that you trust Casascius's process then you can be sure that it's only the person who holds the coin that has access to them, just looking at the public address means nothing if at any time anyone else has had access to the private key unless it's Casascius who everyone using his coins trusts, the private key is what it's all about & it can never be exposed except when the coins are spent/transferred other than physically - the Cas coins only work because one can see that the embedded private key has not been exposed. The public address & it's balance is worthless if the private key has been exposed, or even if ppl suspect that it may have been exposed.
The embedded private key is never removed & can not be as it controls the true value of the coins as shown on the public key, it is known to be part of the coin & tamper proof.
Think of the public key like an open view of how much is in a bank account & the private key as the PIN number/code needed to move that balance anywhere you choose, a coin without the private key is worthless.
