Topic: Bitocin will be a BitPaper Money? (Read 96 times)
you can create something like that, as there are currently paper wallets changing hands (mostly in form of giveaways to someone) which you can even consider a form of "paper bitcoin" as OP is talking about. but in the end it will be the least secure way and as i said it is mostly used as a giveaway kind of thing. like those people who gave away some bitcoin around Christmas this year to their friends and relatives.
Just Imagine in future like dollars..... BITCOIN will be in a paper note form ?
Bitcoin can not become paper money. Because it is an electronic currency. Just Imagine in future like dollars..... BITCOIN will be in a paper note form ?
Why would we use this? Advantage of bitcoin is that you can send money anywhere around the globe without needing the bank. With cash you can transfer value, tho cash is governments currency, but it has its own limitations and that is the fact that you can only trade with people that are close to you. Bitcoin was designed to be only "computer" aka digital money or whatever you wanna call it. I don't see any paper btc in future.
Just Imagine in future like dollars..... BITCOIN will be in a paper note form ?
No and never. Bitcoin is decentralized and no one actually own the network. There is not central authority for bitcoin. In countries we have a central bank who overlooks the monetary policy of a country and controls the paper money circulation. In bitcoin, we don't have any such authority so printing a paper money is not an option in any way. It is good at its virtual form where the denomination can go up to 8 decimals. In paper money we will not have the facility for micro transaction. So that;s not an option for bitcoin or any other crypto currency for that matter.
That would only happen if governments over took the Bitcoin network and issue notes. But the Bitcoin exsits on internet and blockchain, this is most likely to overcome the fiat drawbacks. Issuing notes would be like going back to old technology. It sounds a good idea, but price is high, volatile, and needs some authority in Bitcoin community who can mint Bitcoins. Too complex procedure for a decentralised Bitcoin network.
That is not possible, i mean it would be against everything that blockchain technology are and represents. For blockchain to work properly you need internet access, so you could share informations with other participants from that blockchain network. Not to mention trust issue that would come with something like that (paper bitcoin). People support blockchain technology because it gives possibility for decentralized cryptocurrency, so by printing bitcoin you are making it like any other paper money out there. At least that is what i think.
I can't imagine that because having bitcoin on "paper note form" means going off-chain and offline and that is impossible to do with bitcoin. because it needs a private key and the person creating those "notes" will also always have the keys with him and unless you spend them on-chain you can never be sure if he spends it at some point or not.
not to mention how that will centralize things because you need to trust an entity that is printing those "bitcoin paper notes" otherwise it is worthless if anyone could create them.
not to mention how that will centralize things because you need to trust an entity that is printing those "bitcoin paper notes" otherwise it is worthless if anyone could create them.
Just Imagine in future like dollars..... BITCOIN will be in a paper note form ?
Jump to: