Bitcoin has no physical form. It exists only as a record of ownership on the Bitcoin blockchain, and the orange coin image is a logo. What you own is a balance controlled by a private key, which your wallet stores. Physical "bitcoins" such as Casascius coins are collectibles that hold a private key, not a separate form of bitcoin.

If you picture a gold coin stamped with a B, you are picturing a logo. Bitcoin is digital money, so there is no note or coin to look at. What you can see are its traces: a symbol, long strings of letters and numbers, and a number on a wallet screen. New to the topic? Start with what Bitcoin is and how it works.
To see what an amount of bitcoin is worth today, check the live Bitcoin price.
Is there a physical bitcoin?
No. A bitcoin exists only as an entry in the blockchain, the shared public record kept by Bitcoin’s network of computers. Some things you can hold help you control or buy bitcoin, but none of them is bitcoin:
- Hardware wallets: small devices that keep your private keys offline. See hot wallets vs cold wallets.
- Paper backups: a paper wallet or a written recovery phrase (usually 12 to 24 words). Whoever has it can spend the bitcoin it controls.
- Bitcoin ATMs: machines that sell bitcoin for cash and send it to a wallet address. They do not hold your bitcoin. The US Federal Trade Commission warns that scammers direct victims to crypto ATMs, and that “only scammers demand payment in cryptocurrency” (as of September 2026).
- Physical coins: collectibles with a private key inside, explained next.
What were physical bitcoin coins?
They were metal coins with a private key hidden inside. The most famous were Casascius coins, made in the US by Mike Caldwell. The first ones appeared in September 2011.
Each coin held a small card with a private key, covered by a tamper-evident hologram. Peeling the hologram leaves a honeycomb pattern, so an intact hologram showed that no one had read the key. The bitcoin itself was never inside the metal. It sat on the blockchain, at the address that the key controls.
Sales of coins loaded with bitcoin stopped on 27 November 2013. CoinDesk reported that a US Treasury agency had told the maker that minting them made his business a money transmitter. Today these coins are collectibles, not a separate form of bitcoin.
What does the bitcoin symbol look like?
The bitcoin symbol is ₿: a capital B with two short vertical lines at the top and bottom, much like the stroke on a dollar sign. It became an official character, U+20BF BITCOIN SIGN, in Unicode 10.0, released on 20 June 2017.
The logo most people picture is an orange circle with a white ₿ tilted to the right. According to the Bitcoin Wiki, a community member known as bitboy drew it using the ₿ symbol designed by Satoshi Nakamoto, and it is in the public domain. Prices usually use the code BTC, as in 0.5 BTC.
What does a bitcoin address look like?
A bitcoin address is a string of 26 to 62 letters and numbers that tells a wallet where to send bitcoin. Its first characters show its type:
| Starts with | Type | Example (shortened) |
|---|---|---|
| 1 | Legacy (P2PKH), the original format; mixes upper- and lower-case letters | 1BvBMSEYst…7xJaNVN2 |
| 3 | Script address (P2SH), used by some multi-signature and SegWit wallets | 3J98t1WpEZ…nqRhWNLy |
| bc1q | Native SegWit (Bech32); lower case only, 42 or 62 characters | bc1qar0srr…zzwf5mdq |
| bc1p | Taproot (Bech32m), in use since November 2021; 62 characters | bc1p0xlxvl…vqzk5jj0 |
Here is the native SegWit example above, taken apart:
- bc names the network: Bitcoin’s main network.
- 1 is a separator.
- q is the version: version 0, native SegWit. A p here would mean version 1, Taproot.
- The next 32 characters (ar0srrr7…re59gtzz) encode a hash of the owner’s public key.
- wf5mdq is a 6-character checksum that lets wallets catch typing errors.
An address is safe to share, because it only lets people send bitcoin to you. Addresses and amounts are public, though, so bitcoin payments can be traced.
What does bitcoin look like in a wallet?
In a wallet, bitcoin looks like a number: your balance, shown in BTC or in satoshis (sats), often with an estimate in your own currency. One bitcoin is 100,000,000 sats, so 0.0025 BTC is the same as 250,000 sats. See what a satoshi is and how bitcoin units work.
Most wallets also show a list of incoming and outgoing transactions, a Receive screen with your address and its QR code, and a Send screen where you paste an address and an amount.
The wallet does not hold coins. At its core it is a collection of private keys, and the balance it shows is read from the blockchain. That is why a backup of your recovery phrase can restore your balance on a new device. Learn more in what a crypto wallet is and public keys vs private keys, or follow how to send bitcoin to a wallet.
What does a bitcoin transaction look like on a block explorer?
It looks like a receipt that anyone can read: an ID, the coins going in, the coins going out and the fee. A block explorer is a website that lets you search the public blockchain by transaction ID, address or block. A transaction page usually shows:
- Transaction ID: the TXID, 64 characters made of the digits 0 to 9 and the letters a to f.
- Status: unconfirmed while it waits in the mempool, then confirmed, with its block number and its number of confirmations.
- Inputs: the earlier payments being spent, with their amounts.
- Outputs: the receiving addresses and amounts. One output is often “change” going back to the sender, because earlier payments must be spent in full.
- Fee: the difference between inputs and outputs, which goes to the miner.
For example, the transaction in block 170, from 12 January 2009, has one input of 50 BTC and two outputs: 10 BTC to another key and 40 BTC back to the sender as change, with a fee of zero. No names appear anywhere, only keys, addresses and amounts. If a payment seems slow, see why blockchain confirmations can take longer.
Sources
- Casascius: Casascius Coins (the maker’s site: tamper-evident hologram, sales of loaded items suspended 27 November 2013) (checked September 2026)
- Bitcoin Wiki: Casascius physical bitcoins (checked September 2026)
- CoinDesk: Bitcoin mint Casascius shut down by US regulators (13 December 2013) (checked September 2026)
- Unicode Consortium: Unicode 10.0.0 (released 20 June 2017) (checked September 2026)
- Unicode Consortium: Unicode 10.0 code chart, Currency Symbols (U+20BF BITCOIN SIGN) (checked September 2026)
- Bitcoin Wiki: Promotional graphics (the Bitcoin logo) (checked September 2026)
- Bitcoin Wiki: Invoice address (address formats and examples) (checked September 2026)
- BIP 173: Base32 address format for native SegWit outputs (Bech32) (checked September 2026)
- BIP 350: Bech32m format for SegWit version 1+ addresses (checked September 2026)
- Bitcoin Optech: Taproot (activation at block 709,632) (checked September 2026)
- BIP 21: URI scheme for Bitcoin payments (QR codes) (checked September 2026)
- BIP 39: Mnemonic code for generating deterministic keys (recovery phrases) (checked September 2026)
- Bitcoin.org: Frequently asked questions (100,000,000 satoshis in one bitcoin) (checked September 2026)
- Bitcoin Wiki: Satoshi (unit) (checked September 2026)
- Bitcoin developer documentation: Wallets (checked September 2026)
- Bitcoin developer documentation: Transactions (inputs, outputs, change and fees) (checked September 2026)
- mempool.space: the transaction in block 170 (block explorer) (checked September 2026)
- FTC Consumer Advice: What to know about cryptocurrency and scams (checked September 2026)
