If bitcoin was to be physical product?

justdimin

hero member

Activity: 2968

Merit: 670

www.Crypto.Games: Multiple coins, multiple games

Quote from: Z390 on June 12, 2023, 08:06:55 AM

Imagine calling something a true decentralize and it's physical, what do you think will happen next? It will be a total mess because the government will sit their asses on it, and ruined it for all those who believed in it.

Bitcoin was able to do well with decentralization because it's running on the internet through the blockchain and it's not a physical object.

You should be thankful that this was how Bitcoin was created, and it's why Bitcoin survived this long.

I think it's quite important to remember that we are not going to get around to finding a simple way of doing this, it would be digital forever because that's a lot better method and we should be happy about it, there is nothing wrong with bitcoin being digital. If we were to ever make it like out of paper, which is doable by the way if you want to do it, you can print paper versions of it, then it would make sense in theory and you can do it but how much would it make sense?

The only reason I can see this is to pay a place that accepts crypto without spending a fee, you print it on some paper, and give the rights and keys on that paper, so if someone asks you to pay 10 bucks in crypto, you give it to them and it would benefit face to face, that's it, nothing more.

Bitcoin_people

sr. member

Activity: 490

Merit: 309

Bitcoin Halving Year 🎗️🎭

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

Let me say, when the first time you heard about bitcoin, you begins to wonder what is it all about and finally you gets to see it as physical product like lands, cars, gold or diamonds that's instances. This products also people invest in it but not everybody probably the rich, I believe many people won't have had the money to buy bitcoin or even put interest even if you have the money.

People love privacy in business and bitcoin is one profound individuals investment business with the public necessary sees your progress. Physical business attracts enemies, hatred, criminals, stress and energy, even witchcrafts (enemies of progress). But bitcoin is cool private investment nobody knows what's going on, on your devices only you. That in many ways bitcoin is more advantageous to other business investments with lots of benefits, this is more reason why it should be encourage to be accepted as a global digital assets. Would you have involved if bitcoin is a physical product?

When I first heard about Bitcoin I thought it was a get-rich-quick thing with just money. Later when I better understand that Bitcoin is a virtual currency then it felt like a digital asset. Which people invest heavily in Bitcoin to brighten their lives in the future.
When people start a business there are many people who put a lot of effort into feeding the business back. As a person must have enemies and that enemy will never like him, if you do a business, it will surely hurt him. But similarly if bitcoin is invested nobody will know about this business it will not be traceable by second person except by yourself and digital device. and it is possible to make great profits by investing in Bitcoin. Bitcoin has contributed the most as a virtual asset to today's world, but I would never accept it as a physical commodity.

uneng

hero member

Activity: 2030

Merit: 777

Leading Crypto Sports Betting & Casino Platform

It wouldn't be possible for me to adopt Bitcoin if it were a physical asset. The success Bitcoin has made and the opportunities it has proportionated to many people were only possible due to its virtual, decentralized and proof of work nature. The operational costs of a physical Bitcoin would demand a central issuer agency, similar to central banks and their money printing. That would simply not work.

On the other hand, it's not possible to compare Bitcoin to physical businesses' concepts, because Bitcoin is just a currency, and not a business like a jewelry store, restaurant or bakery, which involve a process where products are delivered to the customer in exchange for a currency. So we could say Bitcoin could be part of the process as mean of exchange, but not the business itself.

Mame89

sr. member

Activity: 1512

Merit: 418

Quote from: hugeblack on April 22, 2023, 09:32:22 PM

Over time, most of us will not enjoy privacy when using Bitcoin due to the many restrictions imposed by the government, and with all the money that is invested in tracking transactions and the effort to close all services that enhance privacy, I do not think that the average user will be able to keep his currencies without disclosing them to the government.

In addition, Bitcoin is far from the high privacy that cash offers.

Yes, that's right, I am happy to get into crypto when I do because it is an inflection point for me financially, this is my best decision so far. Fiat money is unsecured money whose use is forced upon society. Bitcoin is honest money freeing the world from the fakes of fiat currency.
Bitcoin is not a physical form. If bitcoins were physical then many companies could generate billions of bitcoins and sell them all on the market for a high price.

It is in their computer program which is controlled by the bitcoin owner. Bitcoin can also be play money if Satoshi Nakamoto intends to change the bitcoin consensus algorithm and cause a loss of trust for bitcoin holders. Therefore bitcoin will never change in physical form, because it will eliminate bitcoin's original purpose.

hannahB4

member

Activity: 532

Merit: 13

There are two sides to a coin and you have looked at a side, if bitcoin were to be a physical product many people would have been eager to invest in it, especially unlearned people who love to see what they want to invest in and trade. If bitcoin possesses both attributes of being a digital asset and a physical asset it would have met both sides criteria.

Yatsan

legendary

Activity: 2394

Merit: 1231

Leading Crypto Sports Betting & Casino Platform

Quote from: irhact on June 11, 2023, 11:43:03 PM

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

People love privacy in business and bitcoin is one profound individuals investment business with the public necessary sees your progress. Physical business attracts enemies, hatred, criminals, stress and energy, even witchcrafts (enemies of progress). But bitcoin is cool private investment nobody knows what's going on, on your devices only you. That in many ways bitcoin is more advantageous to other business investments with lots of benefits, this is more reason why it should be encourage to be accepted as a global digital assets. Would you have involved if bitcoin is a physical product?

If Bitcoin was a physical product like coins then it would had been easily controlled as there has to been a centralized office where Bitcoin will be produced and this would had gone against the ideas Bitcoin was introducing to us about decentralization. If Bitcoin was a physical coin then it would be a rare one and coins collectors who had bought all and it won't had been as popular as it is today, giving the poor hope.

The government would had been successful in banning Bitcoin but since it isn't physical but digital then it's not easy to make laws against Bitcoin since nobody can control it not even the miners as they're not centralize either and we'll have those standing against such act.

Also it would make no difference in comparison with fiat. Being decentralized, anonymity, and convenience won't be at edge for this technology. Therefore its price might not be as in demand as it is at the present for that reason. Actually, in some instances, Bitcoin is being regulated through third party wallets or exchanges wherein tax in form of transaction fee is present. But unlike with total regulation, there is an alternative which is thru hardware wallets and decentralized platforms. Bitcoin being in physical form would create changes with its current 'stand' in our lives to both investors and users of it. Added risk is to not be recognized by majority of countries as an offical currency on the same instance.

Z390

sr. member

Activity: 714

Merit: 296

Cashback 15%

Imagine calling something a true decentralize and it's physical, what do you think will happen next? It will be a total mess because the government will sit their asses on it, and ruined it for all those who believed in it.

Bitcoin was able to do well with decentralization because it's running on the internet through the blockchain and it's not a physical object.

You should be thankful that this was how Bitcoin was created, and it's why Bitcoin survived this long.

Aeroplanino

newbie

Activity: 14

Merit: 2

We wanted to have something digitally and Bitcoin is digitally.

Have it and we want to have physical Bitcoin, is it a right willingness?

Like we want to have something worse than Bitcoin.

irhact

hero member

Activity: 602

Merit: 749

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

People love privacy in business and bitcoin is one profound individuals investment business with the public necessary sees your progress. Physical business attracts enemies, hatred, criminals, stress and energy, even witchcrafts (enemies of progress). But bitcoin is cool private investment nobody knows what's going on, on your devices only you. That in many ways bitcoin is more advantageous to other business investments with lots of benefits, this is more reason why it should be encourage to be accepted as a global digital assets. Would you have involved if bitcoin is a physical product?

If Bitcoin was a physical product like coins then it would had been easily controlled as there has to been a centralized office where Bitcoin will be produced and this would had gone against the ideas Bitcoin was introducing to us about decentralization. If Bitcoin was a physical coin then it would be a rare one and coins collectors who had bought all and it won't had been as popular as it is today, giving the poor hope.

The government would had been successful in banning Bitcoin but since it isn't physical but digital then it's not easy to make laws against Bitcoin since nobody can control it not even the miners as they're not centralize either and we'll have those standing against such act.

Bazzu

member

Activity: 476

Merit: 60

Quote from: ilovealtcoins on June 11, 2023, 03:30:25 AM

Remember that bitcoin became famous for its decentralization and scarcity. And if it becomes a physical product, that means it will lose those properties, and the government will turn bitcoin into trash and won't get as much attention as it does now. Honestly, this topic and question don't make sense when things are very different now, Bitcoin is a virtual currency, and no one controls it yet.

yes, I agree with your opinion, because I also think that if bitcoin becomes a physical form, of course bitcoin will definitely fall and surely no one will use it anymore, because what I know from its initial creation, Satoshi Nakamoto made digital currency, namely bitcoin, not in the form physique. so if bitcoin is made physical in my opinion it is tantamount to destroying Satoshi Nakamoto's vision and mission.

loopes

sr. member

Activity: 952

Merit: 323

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

Let me say, when the first time you heard about bitcoin, you begins to wonder what is it all about and finally you gets to see it as physical product like lands, cars, gold or diamonds that's instances. This products also people invest in it but not everybody probably the rich, I believe many people won't have had the money to buy bitcoin or even put interest even if you have the money.

if bitcoin is those physical products then there are more people who interest to invest but as you said that only rich people who can afford. this is because if bitcoin is physical product, it will not be divided into tiny part as like 0,000..

in one side bitcoin seems more trustable so people who doubted bitcoin will change to trust in bitcoin
but in other side that not all people except rich people who can buy because bitcoin should be bought 1 whole bitcoin as much as +/- 25.800 USD.

Myleschetty

member

Activity: 1155

Merit: 77

Quote from: ilovealtcoins on June 11, 2023, 03:30:25 AM

Remember that bitcoin became famous for its decentralization and scarcity.

Maybe but that's the only reason Bitcoin became famous cause Bitcoin become famous is due to its unique combination of decentralization, security, accessibility, scarcity, and investment potential. Besides, if most Bitcoin investors could to provide an honest to the reason why they invested in Bitcoin you will see that 75% invested in it because of the investment potential.

Agbe

hero member

Activity: 854

Merit: 1246

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

Would you have involved if bitcoin is a physical product?

But Bitcoin is not like that so all these thinkings are just for saying sake. Satoshi Nakamoto create bitcoin only for digital purpose and not for physical asset. Even the assets you made mentioned on the OP are totally different from bitcoin. Land and car are not having any association with bitcoin but assets like diamond and gold can have some association with bitcoin and not land or car. And if bitcoin was a physical asset and the value is remain the same, I would still involved in it.

DoverDoane

jr. member

Activity: 156

Merit: 7

Quote from: Reid on May 02, 2023, 08:18:31 AM

I am glad you think that way. There are people who dislike Bitcoin because they think it's a mere number in the computer and doesn't have a physical attribute which could be lost anytime. I understand them, you could not please everyone and some people just like the tradition kind of thinking where they should feel it to say it is their property.

If Bitcoin is physically available?
I was not asked this type of question before, but I may not buy it. I don't see why I should buy it instead of gold. That precious metal could increase its value in time and that's not even doubtful. Its demand keeps on increasing everyday so competing against that is too hard.

One drawback of Bitcoin is that it lacks physical presence. To strengthen its value, it would actually be better to have a physical form of currency. However, implementing such a policy would be highly cumbersome as it would involve the government of a particular country and require approval from multiple stakeholders. Therefore, Bitcoin as a cryptocurrency benefits from its decentralized nature, as its policies are less complicated compared to a physical currency. Although the value of Bitcoin has soared, it remains a dream for quite some time before it can be widely accepted by everyone.

ilovealtcoins

sr. member

Activity: 1246

Merit: 263

SmartFi - EARN, LEND & TRADE

Remember that bitcoin became famous for its decentralization and scarcity. And if it becomes a physical product, that means it will lose those properties, and the government will turn bitcoin into trash and won't get as much attention as it does now. Honestly, this topic and question don't make sense when things are very different now, Bitcoin is a virtual currency, and no one controls it yet.

Latviand

full member

Activity: 1540

Merit: 219

Quote from: Rupok on June 11, 2023, 01:45:47 AM

In the beginning no one thought much about Bitcoin, because very few people knew about Bitcoin. But maybe there were many people who knew about Bitcoin but didn't know how to access it.Bitcoin is currently considered by people as an asset. It is very important that at one time many people did not have the money to buy Bitcoin, although they were interested in Bitcoin. You are right Bitcoin is a great personal investment to manage on your own.Bitcoin is for virtual money, if Bitcoin is to be converted into gold then it has to live with the virtual world.

I knew some people who knew about bitcoin as far as 2011, but they don't know where to get it and back then, online transactions is not as trustworthy as the present so they have a hard time getting their hands in one. One probable reason why there's so few people that have the money to buy bitcoin back then was that most of them was probably young people who doesn't have their own money or the appeal of bitcoin isn't there yet.

If bitcoin were a physical product, it wouldn't reach what it has reached so far as a virtual currency because of logistics, there won't be a lot of people that will be able to get their hands on it and not to mention that they will shelved together with other fad like pet rock except that there's a notion that it will increase in value. Bitcoin will become a coin collectible if it was a physical product.

Rupok

full member

Activity: 882

Merit: 100

In the beginning no one thought much about Bitcoin, because very few people knew about Bitcoin. But maybe there were many people who knew about Bitcoin but didn't know how to access it.Bitcoin is currently considered by people as an asset. It is very important that at one time many people did not have the money to buy Bitcoin, although they were interested in Bitcoin. You are right Bitcoin is a great personal investment to manage on your own.Bitcoin is for virtual money, if Bitcoin is to be converted into gold then it has to live with the virtual world.

Games.Bitcoin

member

Activity: 322

Merit: 11

Tontogether | Save Smart & Win Big

Quote from: Reid on May 02, 2023, 08:18:31 AM

If Bitcoin is physically available?

I think it is never possible. Because Bitcoin is for virtual money. If you want to buy it instead of gold, you must stay with the virtual world because it looks like gold is available in reality but Bitcoin is not available in reality. Overall, virtual currency Bitcoin design and value lies its digital natural and blockchain technology. Although physical representations of bitcoins do not exist, they should not be confused with the actual currency or its functionality.

CryptoHeadlineNews

hero member

Activity: 896

Merit: 653

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

People love privacy in business and bitcoin is one profound individuals investment business with the public necessary sees your progress. Physical business attracts enemies, hatred, criminals, stress and energy, even witchcrafts (enemies of progress). But bitcoin is cool private investment nobody knows what's going on, on your devices only you. That in many ways bitcoin is more advantageous to other business investments with lots of benefits, this is more reason why it should be encourage to be accepted as a global digital assets. Would you have involved if bitcoin is a physical product?

And that's the beauty about Bitcoin, because you can own even a million dollar in Bitcoin and yet nobody will know you have such wealth, unlike in the case of land, real estate business and several other physical businesses that could attract enemies into suspecting and targeting you. But that in the other way round doesn't mean if you have such huge sum of money not to invest in all, that is Real estate and land, while the rest left in Bitcoin, because the beauty about this three is that with time it's price value will definitely appreciate.

crunck

legendary

Activity: 1176

Merit: 1005

crunck

Quote from: Godlovesyou on April 22, 2023, 11:59:10 AM

Would you have involved if bitcoin is a physical product?

Definitely not, look at all the other physical products being controlled by the government, and they become fully centralized. If bitcoin is physical, then it is no different than other assets such as fiat money, and gold... are all centralized and controlled. So what is the benefit in this case? So I will never be involved.

Topic: If bitcoin was to be physical product? (Read 456 times)