(IMO) they are not worth the same...

SFR10

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin.

The latter part is quite confusing for me...

Quote from: Su-asa on March 26, 2024, 04:37:01 AM

Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

As others have mentioned, there's no such thing as a physical Bitcoin, but the different Bitcoin-related collectible coins you're referring to will always have a different value ^{[each design has its unique value as well]}.

Quote from: alastantiger on March 26, 2024, 05:18:34 AM

In physical bitcoin, the private keys are simply embedded into physical objects. A physical bitcoin without this embedding is useless.

It's worth noting that some people buy/sell unfunded collectible coins!

Quote from: pooya87 on March 28, 2024, 02:58:16 AM

(someone created that physical item and funded it, so it is somewhat centralized)

You have a point, but we can mitigate this problem by purchasing from manufacturers that sell unfunded DIY collectible coins.

Pi-network314159

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

It can't be possible. there are many reason to why Bitcoin cant be used physically. All those metal use to produce bitcoin is just to produce a Bitcoin lookalike for decoration and nothing more. So far as I no the reason behind Bitcoin not being possible to be used as a phulysical means of exchange is because
1 Bitcoin works in blockchain technology which all transactions passes through the blockchain and need many confirmation before arrival.
2 bitcoin only moves from wallet to wallet because of it digital nature.
3 Bitcoin is limited in supply and it's too expensive to be printed as a physical asset otherwise it will be painted above the numbers of circulation. someone might just duplicatethe exact amount needed to bankrupt a particular industry or firm.
4 Bitcoin works with privacy that is why it needs pass phrase to make sure it is safe for people not to accept. So having physical bitcoin is like endangering peoples life. Because the buyer and the seller may be in a big mess If they know you own a physical Bitcoin. Though there are many other reasons why Bitcoin can not be printed, but let me just use this few reasons.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

Bitcoin is always digital, and will always be. There isn't a physical version of Bitcoin. What you described sounds like a cool collector's item! Depending on the information it contains, and other factors, it can achieve a higher value than "regular", digital bitcoin. The value can come from a combination of factors: The value of the bitcoin it represents (if it contains a private key to access real Bitcoin) + the value of the material from which the physical coin is made (e.g., gold, silver) + the collector's value (limited edition, historical significance, overall coolness, etc.).

rachael9385

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

After watching this video on social media then I conclude to post it here for other people to take a good look at it and say their mind.
Bitcoin is an online currency which can be used for different purposes like buying, selling, trading, investing and you can use it as means of payments on your business.
Bitcoin was invested on 2009 and the value of 1 Bitcoin was too low. People that believed on it bought it when it was low price did buy the ones they can. Many people didn't buy Bitcoin because they thought Bitcoin is another Ponzi schemes project.
Today Bitcoin is @66k and people are looking for money to buy as much as they can because they have realized that Bitcoin is a legit project and it's almost bull time.

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

Reason for meriting the post is because you already know that the both can not be worth the same, but that's not real gold. IMO the creator of that design is a Bitcoin fan and nothing much.
Bitcoin is a decentralized currency and if it's physical it's won't worth the same till date and it's assistance won't be till date.
However I don't think it's safe to keep a physical bitcoin in your House because nowadays Bitcoin is worth people 1 year whole salaries and there are people that could do anything to have it. Even now robbers are attacking bitcoiners, so I don't consider keeping any physical bitcoin in your apartment if there's any physical thing gats called Bitcoin. The design that was made from the man is also a threat to him as there are lot of people that doesn't know what Bitcoin is.

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Quote from: Wexnident on March 28, 2024, 04:05:03 AM

Quote from: Su-asa on March 26, 2024, 04:37:01 AM

~

Why bother? Digitalization is something that the majority of the world would eventually adopt anyway. I don't see any reason for creating one to represent Bitcoin and even if it does happen, it's still being made under someone's jurisdiction. Someone linked about the cold key issue that happened before in the forum and that's exactly something people would fear that could happen if they ever wanted to buy a physical Bitcoin.

And if anyone actually does something like this, it's a collectible at most. It's not something that will be distributed like the physical fiat that we have. I see no reason why people would want to regress lol.

That's exactly a regress because no tangible asset can be decentralized, and if physical bitcoins were created, it would be no different than diamonds or fiat money, which are centralized and controlled by governments. government or any third party. Physical Bitcoin is a really bad idea and if anyone is suggesting it it is definitely the government because bitcoin is the only asset they have not figured out how to control.

I remember several times we discussed it and encountered strong opposition, I was sure this idea would never be accepted by the bitcoin community.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

~

Why bother? Digitalization is something that the majority of the world would eventually adopt anyway. I don't see any reason for creating one to represent Bitcoin and even if it does happen, it's still being made under someone's jurisdiction. Someone linked about the cold key issue that happened before in the forum and that's exactly something people would fear that could happen if they ever wanted to buy a physical Bitcoin.

And if anyone actually does something like this, it's a collectible at most. It's not something that will be distributed like the physical fiat that we have. I see no reason why people would want to regress lol.

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If physical bitcoins created and used have the same value as online bitcoins, will the bitcoins become centralized and controlled by the creator of the physical bitcoins? Physical bitcoins are only decorative, or there will be bitcoins made of gold, but they are just a form of auction to satisfy passion. No physical bitcoins will exist and will be pegged to the value of online bitcoins. Let bitcoin forever be a virtual currency that no one can control or manipulate.

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Unless that physical coin can be used like a cold wallet or something like that then you're totally right that it's not worth the same as a bitcoin (the digital kind), the only way that it's worth is it's weight since it's gold. Also, in the theory of bitcoin becoming a physical coin and the question of will it be worth more as a physical one, I don't think it will be because there's tangibility involved and there's no scarcity since there's no lost bitcoin in a sense that it won't be recovered forever. The only scarcity that would happen wouldn't influence the price of a physical bitcoin to go much higher would be the limit of how many is made, the maximum supply doesn't really dwindle since there's really no way it can't be lost forever.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

Hmm, it's quite interesting that if we have a physical Bitcoin Bitcoin. But it is not necessary.

OP Physical Bitcoin's value cannot be the same as online Bitcoin because physical Bitcoin requires both gold and the real online Bitcoin. Apart from this, an expert goldsmith will be required to give a gold shape to Bitcoin and label the private key of real Bitcoin on its backside with the help of a QR code.

But all these processes cost more than the online version of Bitcoin.

So I think it will not be a good way to spend extra money. It would be profitable to get more Bitcoin instead.

Physiological terminology means that if something becomes prominent in an industry, then a person considers him an expert in every field. So the online version of Bitcoin is only good, it is not made for physical shape. However, there is insecurity about physical Bitcoin. So it would be better that one thing does not belong to a field, why are you forcibly making it a part, Everything looks good in its own place.

CryptSafe

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OP, I was looking for the link to the video you were talking about on your post while reading through but I can not find any. If it were available I could have been able to get more facts and that could have been okay. I will advise you edit and include the link to the video so that people could access it.

I was having a thought over this topic after reading through comments and replies and I realised that creating a physical Bitcoin might be too risky and come to talk of it, Satoshi never made mention of creating physical Bitcoin in his white paper and I believe he never intended to do such. Although I understand that as time goes on there would definitely be am attempt to do such but would it be effective?

Bitcoin is a digital currency and not a physical one which makes the value more appreciable so therefore mimicking Bitcoin for physical gold would hold no much value because that is not amongst the reasons why it was invented. Bitcoin has already surpassed the value of gold so bringing it down to hold level would make no sense.

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The ONLY purpose a physical bitcoin can serve is as a collectible, which is what it is referred to in the Bitcoin Community too. I don't think they should be worth the same, the collectible should be worth more. For example if it holds 1BTC and price of 1BTC is $70k then the physical bitcoin should be worth something like $100k... because it's a collectible!

But it defeats the purpose of Bitcoin though since it goes against a lot of the principles. From the decentralization (someone created that physical item and funded it, so it is somewhat centralized) to the fact that you can not re-use it and you should only store it as something "pretty" on a mantle! Otherwise it is address-reuse and also changes the amount of coins inside of it.

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There is no physical bitcoin and even if a physical bitcoin is created it will never be compared to bitcoin and will never have the same value as bitcoin. Just to show the coins you usually see. Bitcoin is a virtual currency. Note that even if you have a hardware wallet and you transfer your bitcoins to it, the bitcoins are not actually in the wallet. The wallet only holds the private key and controls your bitcoins.

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1. Bitcoin wasn't invented (not invested) in 2009. It was launched in January of 2009. Satoshi released the whitepaper in 2008.

2. If you refer to Bitcoin's price value, it didn't have any the day it was launched. 1BTC wasn't just too low, it was worth nothing, at least as far as fiat equivalent is concerned. USD price was only assigned to it several months later.

3. There's no such thing as physical Bitcoin. There are, however, physical coins that carry with them private keys tucked underneath a hologram. So they're supposed to be loaded not with Bitcoin but with private keys, access to a coin. They're not safe to use as a currency, though. There is so much trust involved.

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Bitcoin is a digital currency and making it into a physical form wouldn’t give it the same exact value, I think. Why? Because the physical value would be worth whatever is the worth of the material used. If for example you used gold for it then the value would depend on how many ounces of gold was used. Even if it was some cheap material, I don’t understand how bitcoin could be physical. Yes there could be an embedded address but if you were to give that physical coin to someone, how would that reflect on the blockchain? Which just defeats the whole purpose of bitcoin in itself.

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As others have already said: It's BTC value is whatever the address (and private key) that are inscribed on it is loaded with when the coin is bought. Value of the physical material it's made of be it paper, plastic, or metal is what the material itself is worth. Beyond that there may or may not be a 'collectable premium' as well that some idjits may be willing to pay for.

Physical coins and yes also paper/plastic bills loaded with x amount of crypto and of course also inscribed with the private key needed to access the crypto have been sold for many many years. Yes, If you bought one in say 2014 that was loaded with 1BTC it probably would have cost just a few hundred dollars. Today that 1BTC is of course worth a helluva lot more.

HOWEVER:
The main problem with these physical crypto currency is of course the fact the buyer has NO assurance that the maker of said physical coins/bills has not also kept a copy of the private key. It is far too easy for someone to play the long game of issuing them for several months/years then later check the preloaded addresses and using their copies of the keys to empty the addresses that still hold something.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

Today Bitcoin is @66k

It is $69,871 on me as of typing this through coinmarketcap.

Quote from: Su-asa on March 26, 2024, 04:37:01 AM

people are looking for money to buy as much as they can because they have realized that Bitcoin is a legit project and it's almost bull time.

They are looking to invest because they can see the profitability of it. But then, when they realize that it's getting more expensive, they can't afford it anymore and they don't want to buy it any longer.

Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

Nope, if it's minted just like what are being sold in the collectibles that it has a private key and with Bitcoin inside then it is. But if it's just a gold plated coin and designed as Bitcoin, it's more of a commemorative coin and it's far from the actual value of Bitcoin.

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When talking about the value it will definitely not be the same because after all when making physical bitcoin sometimes it only capitalises on brass and i don't think it is to be used as a debate because the value is definitely not the same because it is definitely cheaper considering that the goal is also only as a collection or as a souvenir.
If we talk about value then surely it will be valuable its just that we know it won't be the same when compared to bitcoin on the blockchain because after all it is only a form of collection and the price will not be that expensive .

IMO everyone must know and of course it will not be considered the same because in terms of value it is clearly very different even for now I also have a few pieces that I bought from an online shop but I don't think that it will be of high value because in the end it is just a display.

Dr.Bitcoin_Strange

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

OP, the simple answer to your question is that Bitcoin is not a centralized asset and it is not a cryptocurrency that is pegged to any physical asset or property; it's only a digital currency, and I don't think there's any way a physical gold, bras, or diamond-designed coin can be pegged to the value of Bitcoin.

Take this discrimination.

The price of gold, brass, and diamonds is not the same as the price of one bitcoin. Gold is measured in troy ounces and Bitcoin in SATs. At present, 1 troy ounce of gold is $2,165. With the current price of gold, if someone wants to make a design of a Bitcoin coin right now, he will need about 32.5 troy ounces of gold to make that coin.

Secondly, we know that the price of gold doesn't have the same volatility as Bitcoin, so if the price of Bitcoin gets volatile and reaches $80k while the price of gold is not volatile, the 32.5 gold coin design in Bitcoin shape will not be equivalent to 1 Bitcoin any longer.

So, it will be very difficult to make this equation balanced because Bitcoin doesn't have the same volatile level as gold and is not also centralized.

Aanuoluwatofunmi

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

Today Bitcoin is @66k and people are looking for money to buy as much as they can because they have realized that Bitcoin is a legit project and it's almost bull time.

And as we speak now, bitcoin is worth $71,000 the value can change and increase at anytime, ours is to ensure we are part of those to go on ride with the market bullrun.

Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

For the fact that the man only uses gold to construct a physical bitcoin doesn't make it bitcoin, that is gold and can only be sold of the market value the same size of that gold worth in their centralized market, this is unlike the bitcoin value in which you can discover it been $66,000 in the morning and after an hour or more, it turns $71,000 as we had already.

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It's never going to be worth the same as one bitcoin if you create a physical one unless of course, that coin is really a wallet and it's got a bitcoin in it and you can store it there then yes a physical bitcoin can be of equal value to a bitcoin although it's just a pseudo value since it's just a wallet that made to look like a coin. I don't get what point you're trying to deliver to us OP but bitcoin can never be replicated so if by some miracle that someone made a physical bitcoin, it's going to be a fork since the supply of bitcoin is fixed, meaning that it's just another bitcoin copy that's trying to capitalize on bitcoin's fame, that's all there is to it.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

With Bitcoin, what do you need to control your bitcoin and actually own it?

Private key or another form of it mnemonic seed of your wallet.

Bitcoin is a digital asset so if anyone, any company that produces what can be called as Physical bitcoin, you see high risk here.

They can print a poster, mint a physical item, and attach Bitcoin private key to that item, then sell it to buyers as Physical Bitcoin Collectibles. But they are the entities that get Private Keys at beginning.

You must trust that person, that company that they don't redeem your bitcoins later with private key they have.

Nightmare with yogg.

My Cold Keys Just Got Swiped! All Cold Kuntz!! It can happen with other people, other companies.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

In physical bitcoin, the private keys are simply embedded into physical objects. A physical bitcoin without this embedding is useless. Physical bitcoins has a hologram feature. Underneath the Hologram it contains the private key so your Bitcoin is actually held at a address and the private key is needed to get the Bitcoin off that address so the private key is affixed to the coin and placed under the Hologram. I couldn't watch the video but if what is in the video doesn't have this feature describe, then it is just a piece of art with no use.

Churchillvv

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It amaze me to know that a lot of us still imagine bitcoin being in a physical format, it's absolutely impossible to see bitcoin in a physical format. It's a digital currency as you said hence it's flaws doesn't permit it to being a like our daily fiat or coin.

Perhaps a lot of people have made their physical bitcoin but here in the forum and outside but it can't be considered bitcoin in any way rather it's see as collectables. I could remember someone if I'm correct @cryptoevangelista created a physical bitcoin too it's not been too long ago but he understood the fact that it cannot be a real bitcoin so he made it as a collectable for himself with an encryption of his forum username. So any one can do same but we can it would only have a value for decoration but not a value of bitcoin.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

That's not gold, but brass.

Each physical coin worth the same like the real Bitcoin (if you fund it with 1 BTC, nothing less nothing more).

Based on the description, it's just a badge, so it must be cheap.

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Quote from: Su-asa on March 26, 2024, 04:37:01 AM

Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

The physical bitcoin that I know of and which are the physical bitcoin casascius. They are somehow worth more than the price of bitcoin if you sell it physically without tampering with it.

It is worth knowing that bitcoin is digitally created. What makes the coin to be recognized as physical is because it has bitcoin private key which its address has been funded with the amount written on the coin.

Su-asa

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After watching this video on social media then I conclude to post it here for other people to take a good look at it and say their mind.
Bitcoin is an online currency which can be used for different purposes like buying, selling, trading, investing and you can use it as means of payments on your business.
Bitcoin was invested on 2009 and the value of 1 Bitcoin was too low. People that believed on it bought it when it was low price did buy the ones they can. Many people didn't buy Bitcoin because they thought Bitcoin is another Ponzi schemes project.
Today Bitcoin is @66k and people are looking for money to buy as much as they can because they have realized that Bitcoin is a legit project and it's almost bull time.

However, I commend you all to take some time and watch how this man made a physical bitcoin with gold and it looks exactly like Bitcoin. Question is will the physical bitcoin worth the same rate like the online Bitcoin? or another design?

Topic: (IMO) they are not worth the same... (Read 268 times)