If bitcoin was to be physical product?

justdimin

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Quote from: Z390 on June 12, 2023, 07:06:55 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.

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

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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

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Quote from: hugeblack on April 22, 2023, 08:32:22 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

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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.

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Quote from: irhact on June 11, 2023, 10:43:03 PM

Quote from: Godlovesyou on April 22, 2023, 10:59:10 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.

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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

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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

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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.

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Quote from: ilovealtcoins on June 11, 2023, 02:30:25 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

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

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Quote from: ilovealtcoins on June 11, 2023, 02:30:25 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.

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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.

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Quote from: Reid on May 02, 2023, 07:18:31 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

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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

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Quote from: Rupok on June 11, 2023, 12:45:47 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

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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

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Quote from: Reid on May 02, 2023, 07:18:31 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

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

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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.

mvdheuvel1983

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Definitely No. I won't involve my self with bitcoin if it were to be physical product because of the nature of
the investment and establishment unless maybe i found my self among the rich or the middle class.
Like you said earlier, it will attract more fraudsters, it wont be private anymore and the common man can not invest in it because the government will place a tax that
will be be so difficult for an ordinary man to afford and it will be only the rich man thing.

Kakmakr

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It is only "private" ..if you keep it "private".

There are a saying... How do you know a person is a Bitcoiner? Answer : He or she tells you. We Bitcoiners have the need to tell people that we are Bitcoiners and that paints a target on our backs for criminals to target us.

Yes, Bitcoin is not a physical object, but if criminals know that you own bitcoins.. then they will use physical force to get it from you. Angry

Hamza2424

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Haha, there are some side effects of it so follow the use with the prescription of the Experts. I would say If Bitcoin would be any Physical product then first of all the point in mind 😉 is Is would be easy to steal haha. Then it would be hard to diversify . There can be other outcomes as well I would like to mention a few of them one by one. It would be interesting to know abut the outcome we can face after getting the physical implementation of Bitcoin.

► compromised Security
► compromised Transparency
► No concept of Decentralization
► Limitation to the use case
► Zero Surplus in the Technology
► Trading would be limited
► Abolition of the core concept

fuguebtc

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Quote from: Fivestar4everMVP on May 02, 2023, 07:24:41 AM

To be honest with you all, if bitcoin was a physical product, it would have become heavily centralized, and it doesn't matter whether the network, that is its blockchain is decentralized, bitcoin on its own would have become heavily centralized by now, it is the same as it is with gold, silver and other precious stones, metals, even shares, landed properties, real estate and so on.

And again, let's not forget that central banks I've seen bitcoin as a threat from the onset of bitcoin going mainstream, and have on several occasions called for its ban, if bitcoin was a physical product, I believe by now, government would have seized it, either to take it out of the system completely, or make it their private owned project.

What sets bitcoin apart from other assets is that it is decentralized and privacy-focused. And if bitcoin being a physical product means that those advantages will disappear, then bitcoin will become useless. Even we won't need it, let alone the government that will care and take over it because the government can do something better than physical bitcoin. I never thought about physical bitcoin, that sounded trivial and turned bitcoin into a toy rather than a valuable asset as it is today.

Darker45

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That Bitcoin is digital has indeed some advantages. Coupled with its being decentralized, you can indeed stay pretty much private with what you have. You can have a million in Bitcoin without your family ever knowing about it. As a matter of fact, it can die with you. I mean, if you kept it in such a way that nobody else could gain any access to it, it will forever be yours even beyond your death.

Anyway, I don't think it is possible for Bitcoin to be a physical product. So, I can't answer whether I'd be involved in Bitcoin had it been a physical product. In the first place, digital and physical are like opposites.

bitgolden

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Quote from: Luzin on May 02, 2023, 06:48:29 AM

Bitcoin was created to provide transaction efficiency, so there is no need to have a physical form. I've heard it exists, but it's just a form of some kind of coin that contains a wallet address and key. So bitcoins remain in the wallet, not the physical one. If bitcoin is created in physical form then that's a setback. Digital money was created to create efficiency and today's metal or paper money has its drawbacks. That weakness is masked by crypto or bitcoin. And currently CBDC is formed and it mimics crypto technology, not metal or paper money.

I think it wasn't created for transaction efficiency but for decentralized version of it. As in, the governments have fiat but they do whatever they want to do with it and that is the best thing about it, but at the end of the day we are talking about a crypto currency that is controlled by just us, and that is a lot better.

This is why I believe that it should not be considered as a bad deal, that is a good one and should be considered a great return without a doubt. However, the end result doesn't change and the paper version or any other physical version doesn't really worth anything, it doesn't really matter and should be considered as a good thing that we do not have any, we don't need anything like that and the digital version is good enough.

Mate2237

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I thought such thread has been created but that not withstanding. Bitcoin was not meant to be physical but to be digital so there was no assumption for that. Satoshi had given the possible analysis for the both side of the coin before implementing the digit asset.
If the asset was created as physical, I don't think you OP would have participated because there would been a central control system which would restrict people from it. And the rich people would have gotten allot themselves and leaving the poor to continue their suffer. But with the decentralized system on the digital world, bitcoin carry along everyone to itself.

Forever101

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If bitcoins become a physical asset , it will definitely fall to same category as other fiat Currency because it will be regulated by government and the Decentralization process will become impossible. Transaction will shift from peer to peer to traditional system. Bitcoins will loose its power and function and become totally useless. As a physical asset, it will definitely require a bank where it is kept and issued out. The truth is that Bitcoin can never be a physical asset. The world is rejoicing on what bitcoins is created for . To make a physical asset is a clear deviation from it's purpose. "When the purpose of a thing is not known defeat is inevitable"

Walesone

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Encourage Bitcoin as a global digital asset? Sorry, but that ship has sailed. Bitcoin is already a global digital asset, whether you like it or not. And while it may have its benefits, let's not forget that it's also incredibly volatile and risky. Not exactly a sure thing for investors.

Fivestar4everMVP

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To be honest with you all, if bitcoin was a physical product, it would have become heavily centralized, and it doesn't matter whether the network, that is its blockchain is decentralized, bitcoin on its own would have become heavily centralized by now, it is the same as it is with gold, silver and other precious stones, metals, even shares, landed properties, real estate and so on.

And again, let's not forget that central banks I've seen bitcoin as a threat from the onset of bitcoin going mainstream, and have on several occasions called for its ban, if bitcoin was a physical product, I believe by now, government would have seized it, either to take it out of the system completely, or make it their private owned project.

Reid

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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.

rby

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If Bitcoin was to be a physical product, it would have had more adoption than as it is today.
The majority of people that came to bitcoin, did not come because of privacy, they came because of the dividends of investment.
Also, some people came because bitcoin is cheap to afford. If bitcoin was to be as expensive as Real estate, people would also not be interested much except the rich.

Then, here comes the main matter which is, it proves difficult for people to understand the virtual nature of bitcoin. If bitcoin was to be a tangible product. Let's say a physical cash or coin like fiat, many more people would have been interested in bitcoin. So many people would not like to invest in something they do not understand.

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Quote from: CageMabok on April 23, 2023, 06:32:36 AM

Bitcoin is even better without being physical and apart from physical things that differentiate it from other assets such as gold, Bitcoin can also be stored more easily than gold which requires a safe. Actually I don't like to compare gold with Bitcoin because basically it's very different so the comparison won't really match between the two because each of them also has its advantages and disadvantages.

Bitcoin was created to provide transaction efficiency, so there is no need to have a physical form. I've heard it exists, but it's just a form of some kind of coin that contains a wallet address and key. So bitcoins remain in the wallet, not the physical one. If bitcoin is created in physical form then that's a setback. Digital money was created to create efficiency and today's metal or paper money has its drawbacks. That weakness is masked by crypto or bitcoin. And currently CBDC is formed and it mimics crypto technology, not metal or paper money.

FUCKBSVFUCK

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if bitcoin was to be a physical product, then no it will not be physical product. the only good thing for bitcoin is that when you want to buy, you sell with it and wait for it to make a profit.

the good thing about bitcoin is that no one knows what bitcoin is.

FUCKBSVFUCK

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yes, physical business is good, no doubt the internet is a big help, but some people like to play bitcoin in their gambling and they play bitcoin also when gambling they can get interest from people. that can help to make more money, and that has been proven many times in other industries and online casinos also give interest to many customers who can easily purchase bitcoin in the online casinos.

Weezenhofnar

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Bitcoin's intangibility and digital nature are among its unique features that make it an attractive investment option for many.

Unlike physical products, it can be easily stored, transferred, and secured without the need for intermediaries.

CageMabok

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Quote from: MoonOfLife on April 22, 2023, 11:39:46 PM

If bitcoin is a physical asset, it will not be able to surpass gold because bitcoin is man-made, so we can create as much as we want, and it will become useless. Your hypothesis is unrealistic, unreasonable, so there is not much to discuss. Bitcoin is a new technology in the world, and that is what makes it different, if it is a physical asset, it is too trivial to be mentioned.

Bitcoin is even better without being physical and apart from physical things that differentiate it from other assets such as gold, Bitcoin can also be stored more easily than gold which requires a safe. Actually I don't like to compare gold with Bitcoin because basically it's very different so the comparison won't really match between the two because each of them also has its advantages and disadvantages.

tjtonmoy

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

~Snip

Privacy should always be the first priority in our life. Physical assets are not the one that can assure you the privacy you need. Also, not those which are centralized. Bitcoin is the one that can assure you that, and all thanks to Satoshi and everyone else who have contributed to this cause.
I am not saying that bitcoin is immune to such things. But it is the only thing capable of doing it if you can use it in that way. It is totally up to the person who uses it and how they use it.

Freedom, decentralization, your personal asset. All this can be achieved through Bitcoin, which would never be possible if it was a physical asset.

Bazzu

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this is an interesting topic because sometimes I also like to think that way, namely what if bitcoin is made physically, but in the end my thoughts are interrupted because I think if bitcoin is made physically how do I transact buying and selling which is sure the transaction will be more complicated because we have to drive a car or motorbikes just to sell btc and deliver it to people who want to buy btc or the post office and so on.
so i think the current btc is the best.

Pmalek

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The first time I heard about Bitcoin, I didn't know what it was, but I certainly didn't have a physical asset in mind. I had already worked with some other electronic payment systems and thought it was something like that. A new trend that will soon the die just like everything else does. Fast forward several years later, and here I am.

The first sentence in the whitepaper tells you what bitcoin is. Any source that explains it used the words digital, virtual, electronic, etc. None of that should associate you with a physical asset. It wouldn't even make sense or make the global payment system more efficient. Me possessing physical bitcoins doesn't make it easier for me to pay someone in South America.

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

But bitcoin is cool private investment nobody knows what's going on, on your devices only you.

Bitcoin will remain private to you if you keep it to yourself to ensure your privacy. Many people especially newbies to bitcoin have the problem of not keeping their investment in bitcoins private, they go ahead to tell friends and family that they investing in bitcoins, and that breaches the idea of keeping it to yourself.

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

Would you have involved if bitcoin is a physical product?

It is difficult to imagine bitcoin as a physical product, but yes I would still be involved. If bitcoin did not start as digital, but had same benefits as it has currently somehow for investment and transactions, I will still have an interest in it.

Magic-Money

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Bitcoin business deal with privacy and online digital currency that work online with a less stressed of paying shop rent or other bills attached, which many institution and individual enroll Bitcoin business which no one can see each other quantity of Bitcoin holding on like other traditional business doing physical knowing how many good's has in the shop. Hence Bitcoin business is limitless business which is the way you present your self we determine you're partner your worth net in the Bitcoin business.

karabiber

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Societies are more curious about the things they cannot see and touch but they also have difficulty in understanding something they cannot see. We need to get Bitcoin to more people. If Bitcoin were a physical product, i would definitely own it and that would be cool.

Of course, there will be difficulties in Bitcoin being a physical product. Storage cost is one of them. But if we want to establish a new currency or exchange system, we no longer have to do it physically but digitally. The world population is increasing and the cost of fiat money is causing inflation.

davis196

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Quote

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?

You could buy stocks, trade on the FOREX markets or put your money in an index fund. Nobody would know that you are doing this, unless you are open about it. Isn't this the same as Bitcoin/cryptocurrency trading/investing?
The government and many centralized crypto exchanges(that require KYC) know who you are and what you are doing. When you buy BTC/crypto most of the time you are required to verify your identity. This is quite the opposite of complete privacy.
I would never be involved with Bitcoin, if BTC was a physical product, because physical products require shipping and handling. Grin

summonerrk

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

Let me say, when the first time you heard about bitcoin, you ...
...
...physical product?

We are used to the fact that jewelry and money have a physical embodiment. Gold, diamonds, then coins and paper money. The world quickly got used to plastic cards, although we can only see the balance of our money on the screen.
Nevertheless, we have cards that have a completely physical embodiment. But bitcoin is a thing that we cannot touch or feel. Nevertheless, it is there.
It, like other cryptocurrencies, cannot have a physical embodiment, because it works on the blockchain. And distributed all over the world.
Accepting bitcoin is a matter of habit.

GeorgeJohn

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Quote from: hugeblack on April 22, 2023, 08:32:22 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.

It's obvious that while people continue maintain the frequency of having bitcoin is due to its security status, because its obvious that if bitcoin happens to be physical government would have change it narrative and by now it wouldn't be valid again, so when you check the turn up bitcoin since its wasn't a physical product, its what gives bitcoin the temerity to maintain its value even though it falls today or neither tomorrow. But from another perspective, do you know that if assume bitcoin wasn't a digital currency that has privacy government won't have not disturb the existence of bitcoin to such length, but nevertheless since Bitcoin has survived government throughout the day it was launched and till now, I don't think government have any effect on bitcoin existence and even the restrictions is not longer holding water over the restrictions on some any other countries.

avikz

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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?

If Bitcoin was issued as a physical asset, the most prominent features of Bitcoin wouldn't have existed - privacy and anonymity. So I guess, then Bitcoin would have become any other assets like gold, land etc. etc. So Bitcoin wouldn't have become a revolution. It would have been treated like any other normal investment or currency system. It wouldn't have anything radically different than the current system and it would have been much easier for the enforcement agencies to stop the spread of Bitcoin.

In a nutshell, Bitcoin has survived and thrived, because it is an internet-based currency system that is controlled by none.

landheer

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If bitcoins were to become physical goods I think that would destroy bitcoins and the point of destruction here is that no one is going to want to invest in btc.

just try to imagine who would want to buy 1/2 piece of bitcoin if bitcoin is in physical form, and in my opinion what makes people interested in investing in btc is because bitcoin is a digital currency that cannot be touched.

Despairo

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@OP you're just saying if most people who buy and invest Bitcoin are care with their privacy, you're wrong because most of people bought their coins through centralized exchange and they don't mind to share their holdings to their social medias in order to let anyone know if they're rich.

Quote from: MoonOfLife on April 22, 2023, 11:39:46 PM

If bitcoin is a physical asset, it will not be able to surpass gold because bitcoin is man-made, so we can create as much as we want, and it will become useless.

Do you think gold and other mineral resources aren't scarce? if Bitcoin was a physical product, it's not always the product can be produced freely as much as you want.

Quote from: Mr.corol on April 22, 2023, 11:10:49 PM

If Bitcoin was a physical currency instead of a digital currency, there would be many problems. There were various problems including buying and selling. No one would be interested in investing in Bitcoin.

What problems? how you can sure no one will interest to invest in Bitcoin when there are many people want to buy precious metals? many people also trade Bitcoin through direct P2P.

MoonOfLife

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If bitcoin is a physical asset, it will not be able to surpass gold because bitcoin is man-made, so we can create as much as we want, and it will become useless. Your hypothesis is unrealistic, unreasonable, so there is not much to discuss. Bitcoin is a new technology in the world, and that is what makes it different, if it is a physical asset, it is too trivial to be mentioned.

Mr.corol

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

. Would you have involved if bitcoin is a physical product?

If Bitcoin was a physical currency instead of a digital currency, there would be many problems. There were various problems including buying and selling. No one would be interested in investing in Bitcoin. First of all, what do you make bitcoin physical currency with? Think if Bitcoin was equal to a currency if it was made of any precious metal, gold, silver, would it be worth so much. Then the price of the precious metal will not rise above it. Due to the digital currency has gained recognition all over the world. A physical currency would not have created such a stir in the whole world.

Similificator

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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?

Had Bitcoin been in a physical form, then it would probably have a lot more owners than how much people own Bitcoin today since people feel more at ease with investing on things that they can actually see or physically touch. That is to say, if the physical Bitcoin we are talking about is still able to fully offer the same utility it has today as a virtual asset when on its physical form. If not, then it would hardly be able to gather a couple of eyes to even take a look at it. Remember that the main reason why we all are drawn into this industry is because of what Bitcoin and most of the good utility coins in this industry has to offer to us investors. And a physical form of Bitcoin just can't offer such utility. Hence, Bitcoin as a physical product is a big no for me.

Gallar

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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?

Bitcoin is indeed an incredibly good asset, all crypto investors know that. I'm sure almost all the members in this forum really admire the quality that bitcoin has, including me too. Bitcoin is indeed superior in terms of maintaining privacy, good potential in the future, and its market price is always stable.

But that doesn't mean that other businesses that exist today are not good or unsafe. any business always has advantages in their respective fields, we must think realistically. Don't think there is no good business besides investing in bitcoin, if you think like that, it means you have never experienced business in other fields. because right now, I'm investing in bitcoin, while running a business even though it's still not big. And from my personal experience, I can conclude, that if you want to do business in any field, there will definitely be advantages and disadvantages.

For privacy matters, not only in business,
Even outside of business, when it comes to privacy, everyone also wants their privacy to be very well maintained, so when it comes to privacy, I don't think it lies in a job or business, but it has become a natural human trait.

And if bitcoin exists in physical form, and still remains decentralized, I will still invest in bitcoin.

Lorence.xD

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If Bitcoin would be physical then I think people would rather invest in gold since they already know gold investment which is not too complicated for them. And it would be hard to analyze it's value since Bitcoin is volatile, without it's volatility it would be hard for Bitcoin to reach it's current price. Plus the transactions would be hassle as people would like meet up to trade Bitcoin and that would be risky since it's a decentralized system there could be criminals that you can see in the movie. But it would be cool if that happened like Bitcoin came to life not only digital.

OcTradism

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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.

It was not designed to be something like a physical asset. It is designed as a digital asset or virtual asset as some people called it like that.

Quote

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.

You don't have to be rich or millionaire or billionaire to buy Bitcoin. Satoshi Nakamoto thought about it so he designed bitcoin with satoshi as the smallest unit. You can buy some satoshis, hundreds of satoshis or more and of course you don't have to be billionaire to buy a fraction of bitcoin.

Some people don't know about that and think they have to buy 1, 2, 3 bitcoins only. It's misinformation and misunderstanding.

CryptoBuds

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

...
Would you have involved if bitcoin is a physical product?

If bitcoin were a physical asset, it would be no different from assets like gold or real estate...No physical asset is decentralized, private, anonymous, and not subject to government control...In the end, it will make no difference and won't get as much attention as it does now. As for investing in bitcoin, assuming it is a physical asset, but as long as it brings great profits, I believe people will still participate because the human need is to earn a lot of money. Today, every market participant is more concerned with profit than with technology.

omoniy1

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If Bitcoin could be a physical product, it'd rely on different factors including its utility, marketplace demand, and price. It could be much like every other commodity, and person funding choices could rely on private chance tolerance and funding desires and also Bitcoin is already a widespread of a global digital assets, it has already won sizeable reputation and adoption as a virtual foreign money and keep of value, and its decentralized nature and stable blockchain era make it a famous preference for people and corporations across the world.

Stella Mese

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Indeed, if you invest physically, there are many dangers, for example investing in gold, it will be at risk of being stolen and so on, but of course everything will not be free from risk.
as well as investing in bitcoin, of course there must be risks, for example the price falls to a low while we buy it at a high price.

but in my opinion if btc is changed to physical goods in my opinion it is the same as changing the purpose of btc.

lizarder

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What makes people choose bitcoin because of its advantages that are not owned by other forms of investment, we are not tied to anyone and we are the sole owner of full control of the assets we own. So considering bitcoin to be the same as any other product has no basis in that it functions very differently and as far as I can see the power to maintain its value long term is one of its main strengths.

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

Would you have involved if bitcoin is a physical product?

It never crossed my mind that bitcoin would be a physical product and it never could be because it goes against what it does. If bitcoin was like any other physical product then today we don't see any power from it and many people would think of bitcoin just like any other physical product.

Where did this idea come to your mind? have you read the White Paper? To be honest, the level of rationality people believe in bitcoin because other products don't have the advantages like you mentioned, that basis will refute all your ideas about bitcoin as a physical product, even if you say if If possible.

hugeblack

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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.

mk4

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First things first — how would you even make a physical version of bitcoin with it being decentralized and trustless? Someone has to physically mint the coins. The closest thing to physical bitcoin is obviously gold, but you can't really replicate gold's sort of 'natural' supply distribution.

Sarah Azhari

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

Would you have involved if bitcoin is a physical product?

No, I wouldn't involve in it because I am really happy if Bitcoin is only to be like now, I am very comfortable that Bitcoin doesn't have development as your suggestion. Because it would be very confusing, and that is the old way which does fit with fiat. I don't know where you got the idea. But, if you still think it would happen, better to own just like physical Bitcoin like Casascius.

SamReomo

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Bitcoin was designed to be a virtual payment system that no centralized body can control and that can be traded easily via P2P route without any restrictions. Such thing was only possible in software form, if something like Bitcoin was physical by nature then the inventor of that product might not be able to hide himself from centralized bodies. The nature of Bitcoin is decentralization, and purposefully Satoshi set the Hard limit at 21 million bitcoins. And, that genius guy gave this world a gift, especially to us in this tech world.

Physical products are different from virtual products in many aspects. Let's still guess that if something like Bitcoin was physical then it must have to be made out of physical elements. How would volatility like this could ever be achieved with a physical product, and how would others transfer that product anonymously? The answer to those questions is simply not possible at all. No body can trade a physical product without any interference from centralized bodies. That's the reason Bitcoin was made as a virtual product and it will remain in same state, it will never be released as a physical item.

romero121

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Myself hadn't got any thoughts on whether it had got physical presence or not, simply I believed in it and tried with a transaction and I enjoyed it. Further started to understand well about the interesting things associated, along with the goodness of growth. At the beginning while hearing about it everyone will have a question how does it can hold value without have its physical presence. Slowly we'll understand and the best things will happen further. Very important thing then only we'll find what additional expenses every government is going through with the printing of currencies. Anyhow the need of physical currency lasts forever as everyone can't go digital as the people aren't prepared for it. Maybe after generations things might change.

GideonGono

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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?

This is also one of my reason why I love crypto, people don't really know what is happening with you if you wouldn't tell them, the only negative side is that most of the time people tend to get crazy ideas when they see you being successful in life or buying things that you once couldn't afford.
I know some people who had been accused or rumored to be doing something illegal like selling drugs Cheesy

.
Some of my family members also suspect me before that I was doing something like that since I am earning a lot even though I am not leaving the house.

death69

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If bitcoin took on a tangible guise, like real estate, autos, gold, or precious stones, it would indisputably be among the most coveted goods out there. However, as you astutely emphasize, the true allure of bitcoin springs from its privacy and the liberty it grants to individual investors. As a crypto-enthusiast for ages, I can vouch for bitcoin's awe-inspiring potential and perks as a confidential investment. The capacity to deal anonymously and securely, minus intermediaries or middlemen, revolutionizes the financial landscape.

But such liberty entails immense responsibility. As individual investors, it's crucial we stay alert and become prudent wealth custodians, shielding our private keys and defending our investments against ill-intentioned actors and external hazards. Although bitcoin isn't a physical product per se, its ethereal character and the influence it embodies hold the power to reshape finance and empower people like never before.

DoublerHunter

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Quote from: serjent05 on April 22, 2023, 04:09:11 PM

Quote from: bosede1 on April 22, 2023, 03:05:45 PM

You will be surprised that people will invest in Bitcoin as a physical product, it may take a while just like it did also as a digital currency but it will gain recognition in the years that roll by.

Obviously, there will be people investing to this kind of scheme but it doesn't make sense because it beats the purpose why Bitcoin is created. Remember Bitcoin is a kind of electronic transfer, not physical transfer.

^If OP read the Whitepaper of BTC and why it was created, you never think about this physical product. The reason BTC was created is just to become and peer-to-peer cash electronic payment system, nothing else was stated in the Whitepaper, it also does not state there that have a promise to anyone to make a profit. I cannot just imagine how to cross the borders in every country if that is a physical product.
Remember that BTC's unique properties, such as its decentralization, immutability, and digital nature, are what make it valuable and attractive to users. These properties would not exist if Bitcoin were a physical product, and it would lose its potential as a decentralized digital currency.

serjent05

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Bitcoin in physical products will defeat its purpose. So I don't ever think or imagine Bitcoin as a physical product. There may be coins that are created to serve as a physical wallet for BTC but its proven to be risky just like what happened recently where the creator sweep the Bitcoins on its released loaded physical coins.

Quote from: bosede1 on April 22, 2023, 03:05:45 PM

You will be surprised that people will invest in Bitcoin as a physical product, it may take a while just like it did also as a digital currency but it will gain recognition in the years that roll by.

Obviously, there will be people investing to this kind of scheme but it doesn't make sense because it beats the purpose why Bitcoin is created. Remember Bitcoin is a kind of electronic transfer, not physical transfer.

bosede1

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You will be surprised that people will invest in Bitcoin as a physical product, it may take a while just like it did also as a digital currency but it will gain recognition in the years that roll by.

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Quote from: Godlovesyou on April 22, 2023, 10:59:10 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.

Physical products like lands, cars, gold are multi-billion dollar establishments with investments from the rich and middle class and sometimes the poor even. Every investment cannot be virtual as each serves their different purposes, I for example would definitely not buy a virtual car or a virtual land in the metaverse, but as a transaction method and a store of value, being digital and private has its advantages.

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

Would you have involved if bitcoin is a physical product?

Bitcoin as it is designed cannot be a physical product. This would limit its ease of transfer or it's ease of storage meaning it loses somebody it's features. I can be interested in Bitcoin collectibles.

Godlovesyou

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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?

Topic: If bitcoin was to be physical product? (Read 525 times)