Topic: Bitcoin Banknotes - page 4. (Read 15259 times)
This is what makes them different to other hardware wallets the original owner has no access to the funds. I became more excited again to invest in bitcoin.
From this response, it's clear that you are not prepared to help out a beginner.
I'm more than prepared to help a beginner but after I've already done that if they keep coming back with the same nonsensical arguments I tend to get a bit short of patience with them. Especially when it was clear from the beginning you didn't even spend a few minutes reading at least the start of the thread to where your misunderstandings were already cleared up.
How is it not relevant to the topic in question? I am not saying that one is more prone to be scammed by buying one of these. What I'm saying is that the hardwallet is like a giftcard that has been loaded with 'money' already and someone can decide that they don't want to use it anymore, and therefor sell it.
Good grief what are you on about now? That is exactly what you were saying.
On that note, the flaw with these "Bank notes" is that they are still handled by human beings, so there will always be the human element to take into account and, as I'm sure you're aware, throw a stick in the wind these days, you're going to hit a scam or someone trying to take advantage of a lack of education. This is a problem; a very serious one.
There's a smartphone app that you can verify the card with. The keys are inaccessible and you need to have physical possession of the card to redeem it. This is a system that makes it next to impossible to get scammed if you buy one of these.
The online wallets that are used in Crypotcurrency are secure only because it is keyed to you and only you. No-one else can access it without your private key. Also, with cold wallets, like the Ledger Nano for example, there are various conditions that one has to meet before accessing anything on the wallet. That being said, if one decided to sell their Ledger Nano as second hand, my previous argument would then come into effect. What would stop the person selling the Ledger Nano from accessing the wallet after selling it to you, as the private key on that cannot be changed after initiation? This would further emphasize my point of a lack of education, as anyone who is sufficiently educated in using hardwallets, would never buy a second-hand wallet anyway.
It's totally irrelevant but you can reset the seed on a Nano S and if you buy a second-hand one it is essential you do so. These devices are completely different as the key is encrypted inaccessable
There are various website to facilitate the buying and selling of unwanted gift cards already, so what's stopping those websites from adding these "hardwallets" to their database and facilitating the buying and selling of these?
Why would anyone buy one online when they could make a blockchain transaction? These are only designed to be exchanged face to face. There's nothing to stop these sites advertising $100 bills and then sending out fakes ones. Is that a flaw in the concept of cash?
From this response, it's clear that you are not prepared to help out a beginner. Your
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Good grief what are you on about now?
comment has really put me off this topic completely. I feel like I've been talking to this guy this whole conversation: https://www.youtube.com/watch?v=g-zIbVEjVpQTo other members: there are other newbies out there looking for help, advice, or guidance without wanting to be told that they're stupid, if you know what I mean.
I am very happy to hear this news. Hopefully with the presence of bitcoin banknotes are making my country more open with bitcoin so I can enjoy the benefits of bitcoin freely. I am sure if this is soon realized then countries will reconsider to give legal status to bitcoin. I became more excited again to invest in bitcoin. This proves that bitcoin will eventually be owned by everyone. Hopefully there is no polemic that prohibits this great technological innovation. In my opinion, this is one of the efforts so bitcoin can be a legitimate world currency like the dollar.
Wow, this is a great technological innovation. With the presence of this technology then the transaction with bitcoin will be easier. I'm sure if bitcoin continues to make technological innovations to simplify human work, bitcoin will still lead the crypto currency in position number one. I'm sure bitcoin will not lose its existence. With the existence of this bitcoin banknote can be more accepted by a country. I am sure sooner or later, one by one the country will accept this bitcoin in order not to lag behind in technology. Hopefully, this will soon be realized and more bitmin atm that spread all over the world.
Bitcoin does not need banknotes! They are reviving the old problem, the fact that the organization must ensure that the value of this banknote.
Can't you read? No institution needs to verify these, that's the whole point of them.
Bitcoin does not need banknotes! They are reviving the old problem, the fact that the organization must ensure that the value of this banknote.
How is it not relevant to the topic in question? I am not saying that one is more prone to be scammed by buying one of these. What I'm saying is that the hardwallet is like a giftcard that has been loaded with 'money' already and someone can decide that they don't want to use it anymore, and therefor sell it.
Good grief what are you on about now? That is exactly what you were saying.
On that note, the flaw with these "Bank notes" is that they are still handled by human beings, so there will always be the human element to take into account and, as I'm sure you're aware, throw a stick in the wind these days, you're going to hit a scam or someone trying to take advantage of a lack of education. This is a problem; a very serious one.
There's a smartphone app that you can verify the card with. The keys are inaccessible and you need to have physical possession of the card to redeem it. This is a system that makes it next to impossible to get scammed if you buy one of these.
The online wallets that are used in Crypotcurrency are secure only because it is keyed to you and only you. No-one else can access it without your private key. Also, with cold wallets, like the Ledger Nano for example, there are various conditions that one has to meet before accessing anything on the wallet. That being said, if one decided to sell their Ledger Nano as second hand, my previous argument would then come into effect. What would stop the person selling the Ledger Nano from accessing the wallet after selling it to you, as the private key on that cannot be changed after initiation? This would further emphasize my point of a lack of education, as anyone who is sufficiently educated in using hardwallets, would never buy a second-hand wallet anyway.
It's totally irrelevant but you can reset the seed on a Nano S and if you buy a second-hand one it is essential you do so. These devices are completely different as the key is encrypted inaccessable
There are various website to facilitate the buying and selling of unwanted gift cards already, so what's stopping those websites from adding these "hardwallets" to their database and facilitating the buying and selling of these?
Why would anyone buy one online when they could make a blockchain transaction? These are only designed to be exchanged face to face. There's nothing to stop these sites advertising $100 bills and then sending out fakes ones. Is that a flaw in the concept of cash?
So, in conclusion, I am looking for a constructive conversation, not a one sided view on the matter. I understand you have your view and opinions, but they aren't the gospel, and I hope you see that...
Your previous reply had been there sometime and nobody came along to agree with you.
I fail to see how any of that is relevant to the product in question. Tell me why someone is more likely to be scammed buying one of these than they are a Casascius coin on eBay? These aren't even collectable so there isn't even a reason someone would attempt to buy one of those other than from physical outlet. Your example of someone selling the card to 3 people just doesn't make any sense.
On that note, the flaw with these "Bank notes" is that they are still handled by human beings, so there will always be the human element to take into account
Any wallet is handled by humans. Scams can happen in any form. Describing that as a flaw is ludicrous. The fact that they can be physically checked makes them more not less secure.
How is it not relevant to the topic in question? I am not saying that one is more prone to be scammed by buying one of these. What I'm saying is that the hardwallet is like a giftcard that has been loaded with 'money' already and someone can decide that they don't want to use it anymore, and therefor sell it.
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Any wallet is handled by humans. Scams can happen in any form. Describing that as a flaw is ludicrous. The fact that they can be physically checked makes them more not less secure.
The online wallets that are used in Crypotcurrency are secure only because it is keyed to you and only you. No-one else can access it without your private key. Also, with cold wallets, like the Ledger Nano for example, there are various conditions that one has to meet before accessing anything on the wallet. That being said, if one decided to sell their Ledger Nano as second hand, my previous argument would then come into effect. What would stop the person selling the Ledger Nano from accessing the wallet after selling it to you, as the private key on that cannot be changed after initiation? This would further emphasize my point of a lack of education, as anyone who is sufficiently educated in using hardwallets, would never buy a second-hand wallet anyway.
There are various website to facilitate the buying and selling of unwanted gift cards already, so what's stopping those websites from adding these "hardwallets" to their database and facilitating the buying and selling of these? All one has to do is register the card on the website and post the add. Most of the time, payment is needed before delivery, so, as I've said before, one can collect payment from multiple people interested in buying the 'hardwallet' and send copied versions to the buyers, which are then only verified (or, in this case, not verified) upon delivery. People are willing to buy just about anything online these days in order to save the time and the effort of having to leave their homes.
That's quite another revolution in the crypto world; i would just about love to have some BTC bills in my literal wallet, probably pay my tithes with it. Its a welcome innovation for me.
WELL thats a good attempt, but the main concern is which business will be accepting the bitcoin notes and how valuable will it be,. Printing another currency note which is not the legal tender is in itself illegal and will be met by governmental repercussions, it the government allows circulation of these notes then its okay, but i doubt it they will there are way too many logistics involved, and the institution which will take the task to print the will have to go through way too much process to get it legalized
I think it would be a great step and i'm very glad.
Due to the fact that this new technology will appear on the market, this may affect the increase of awareness about btc for more people.
If it happens then bitcoin will get its physical id and it is really good.
I don't think though that many people would take it since cashless transaction especially this is bitcoin's feature and convenience but still it is good to have an alternative currency when you are short on fiat money as long as the stores accept bitcoin as payment.
With this new tech item introduced to the market it may have an effect on helping to raise awareness of btc to more people. Because these physical records can handle issues such as transfer fees and from online to offline we can expect more demand in btc for the coming years if it is adopted by public users and crypto and Interesting in themselves and worth noting is Singapore banknotes with par value of 0.01 and 0.05 bitcoin. Although it is difficult to imagine how these bills will be used as a means of payment, but how they can be used as bonds. Organizations that publish it must guarantee their redemption at face value in terms of presentation for payment.
Bitcoin bank accept notes is really amazing idea which is very effective in crypto currency world. When all countries accept bitcoin as their trading system, then it could be possible.
This is a Bitcoin application that is popular. If Bitcoin wants to become a mainstream currency, more applications are needed.
In Singapore, issued the first "smart banknotes" bitcoin. The developers of Tangem presented bills of 0.01 and 0.05 BTC denominations. They can be used as an alternative means of payment and physically transferred from hand to hand. In fact, these are miniature hardware cold wallets into which the S3D350A chip, created by Samsung Semiconductor, is integrated. Developers call their product a "noncopable cold wallet."
If the BTC is operating on a technology platform and is working outside like paper money, this is very complicated. And gradually lose the original features of the BTC, in my opinion if the BTC converted into paper money should use the national currency will be better. Use BTC only for cross-border payments.
Another advantage of banknotes before online transactions is the developers call the instant payment and the absence of commissions. However, they also adopted all the shortcomings of other physical media, including the potential risk of theft and limited transmission range.
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