No, not really: if you take a picture of something, it won't have the exact same pixel values every time you take it. A QR code would be way easier.
Nonetheless, yes, using this to create security keys would probably be a good way to lose your bitcoin. :D
Maybe some kind of marker in the image that is used for cropping and scaling?
Being able to see a particular image, and at a particular time of day (or indoors I guess), would definitely be an interesting security key.
(Hollywood: feel free to take this idea and do it badly :)
I guess it could change the whole image if the last pixels are "000...000", which happens when the top-left corner has an opposite color to the bottom-right one.
This image can't be "primed" correctly, for example: https://i.imgur.com/ms3sXtF.png