Imagine owning a Bitcoin note. | Bitcointalksearch.org

zaim7413

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

Bitcoiners will welcome the idea of changing the previously non-physical form of Bitcoin into fiat money like dollars and other currencies.
But the question is who will start this project?
The government cannot possibly be at the forefront of a project like this because it would threaten the existence of fiat money which has long been the identity of the country.

Bitcoin will be easier to receive in digital form, you can send any amount according to the agreed price when making a transaction using Bitcoin. This idea is very unlikely to be realized because there will be many parties who oppose it and the government will not change regulations on the status of Bitcoin, which has been considered a commodity asset.

Wakate

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

I think you are misleading your writeup which is not supposed to be so. Based on your definition of Bitcoin, you just explained that Bitcoin is an electronic currency and now you want to be in a form of paper money. I believe you are a fan of Bitcoin which is an electronic money so why do you want it to be in a form of paper money? Don't you know that any money that is in a form of paper would must be backed by the government not just individuals or group of people. You need to understand well what you just explained and I don't think this could be very possible at all. Maybe in the next future to come.

dzungmobile

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Quote from: avp2306 on May 19, 2024, 05:46:00 AM

A lot of people want to integrate cashless society since not all people like to bring some wallet and have something add weights on our pocket then here you are wanting to have a bitcoin note which defeat the purpose on why bitcoin created.

Cashless societies will be very long time in future.

If in societies, there are still people who use paper books, paper newspaper, there will still be people who use cash and don't want to use digital methods like bank transfers. The trend will shift towards more digitalized with younger people and future generations but to eliminate cash completely in societies, I think it will take a lot of time, many years from now.

avp2306

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

A lot of people want to integrate cashless society since not all people like to bring some wallet and have something add weights on our pocket then here you are wanting to have a bitcoin note which defeat the purpose on why bitcoin created.

If people really want to have bank note then we don't need bitcoin since fiat can serve its purpose. That's why bitcoin became famous since it gives people freedom to do p2p transaction in any parts of the world without going to any third party merchants and people can do transaction whenever they want because if they have balance then bitcoin could be use for that.
But if your purpose is to be accepted by physical merchants then provably we are going there. Bitcoin is already been recognized by some big institutions so provably after a big adoption will happen then maybe we can see this been accepted by even small merchant around us.

El Salvador already did this and this could also happen to other country including on which country we are currently residing.

Fiasem20

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First Bitcoin is a decentralized digital currency and can't be in the form of a physical cash.If bitcoin should appear in the form our traditional currency then it will definitely lose it's value.Decentralisation is what makes bitcoin so unique.If Bitcoin was in the form of fiat then the government will have to manage it as they manage and regulate the traditional currency.Bitcoin being in a decentralized form create a pace for it's users to be financial free from third parties.

hd49728

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Quote from: Saint-loup on May 18, 2024, 04:56:58 PM

It can't really happen, it wouldn't be a real note at least because Bitcoin works with addresses and private keys. You need to know the private key in order to be able to use the funds of the address. But if you print the private key onto the note anyone will be able to see it and to access the funds whenever they want. So the note would have to be very special using sophisticated mechanisms, most elaborated than current Bitcoin collectibles at least, otherwise it wouldn't be real Bitcoins, just some paper money you need to trust.

It is unrealistic idea because the core idea from Satoshi Nakamoto is with private keys, people will have their own Bitcoin banks.

Now, if there are entities like Collectible companies/ producers, central banks or commercial banks, to create private keys and release Bitcoin notes, it damages that core idea of Satoshi Nakamoto and it is very risky to use too.

The Collectible companies or banks will have private keys and they are actually owners of these coins, not anyone who have a Bitcoin note in hands.

Trust no one in Bitcoin (Coldkey story)

Saint-loup

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

It can't really happen, it wouldn't be a real note at least because Bitcoin works with addresses and private keys. You need to know the private key in order to be able to use the funds of the address. But if you print the private key onto the note anyone will be able to see it and to access the funds whenever they want. So the note would have to be very special using sophisticated mechanisms, most elaborated than current Bitcoin collectibles at least, otherwise it wouldn't be real Bitcoins, just some paper money you need to trust.

Filippo Spina

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Oh..

I see.

Hmm. It's still dope, but we do want to respect bitcoin principles at the end of the day. It's always a shame when someone does something creative with bitcoin just to be a scammer with it when the sun goes down ;=;.

pooya87

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This idea goes against Bitcoin Principles.

Who is going to issue those bitcoin notes? A centralized authority?
Do you see how the idea fell apart so easily?

Bitcoin works and people adopt it because it is decentralized, and it is decentralized because it is designed to work digitally and using the blockchain technology the way Satoshi invented it. The moment you remove the decentralized principle, Bitcoin ceases to be useful.
In other words we already have fiat that is centralized and is in physical form.

Another danger with this idea that you may not notice at first is that it could lead to the same corrupt fractional banking we see in fiat world, where that centralized authority can print any amount of "bitcoin notes" as they want without having actual bitcoins.
In fact this is one of my concerns regarding these ETF craps and all these "investment" firms like Grayscale, etc. There is a chance all of these turn into scams of the type I mentioned.

Filippo Spina

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Quote from: dkbit98 on May 17, 2024, 10:40:29 AM

Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

There are several projects who already created Bitcoin notes with interesting designs, but they are mostly used as collectible items.
Someone could always create fake bitcoin paper notes and scam people, same way like we have fake fiat currency notes all the time.
Another alternative is to use something like Satodime cards from Satochip, they are open source, and you can easily preload them with any amount of coins and use them as offline payment.
You can also print your own design or buy blank cards and load code from Satochip.

Here is one of Satochip special halving edition cards that are now sold out:

Quote from: dkbit98 on April 16, 2024, 03:26:54 PM

https://satochip.io/

Thank you for the link, that card looks SO COOOOL. Cool

Gladitorcomeback

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How will Bitcoin be decentralized if it's going to be available in printed versions as well? Digital currencies, especially cryptocurrencies, can't have paper notes, one might become creative, make a paper note by using their graphics designing skills, and then get it printed, but it wouldn't have value because it wouldn't be identified as a currency or anything, it will only be a paper with no worth.

For a currency to be available in paper notes and be accepted, it needs to be a legal tender and besides, the government will need to be in charge of the currencies being printed and used. How do you think it will work with Bitcoin because they are spread all around? The government can't print and use extra notes for Bitcoins that aren't owned by them.

BlackBoss_

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You can create your own Bitcoin notes with your Bitcoin private keys.

Notes, paper or polymer, are not safest ways to store your bitcoins. Bringing your bitcoin around is not safe too.

We can use bitcoin with our devices, from smart phones, to laptop and desktop computers and it is very convenient to bring our bitcoin around with our device as a hot wallet. I don't actually see need to have physical Bitcoin notes to use.

Mr.right85

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

I think this would be by some means to ignore the technology and all that it stands for. How can you even hope to archive decentralization if there would be a body or group of persons that would be in charge of printing these notes.

If I may, what then would be the meaning of Bitcoin? Bitcoin would directly seize to have any meaning if there were to be any note attached to it. It’s a p2p digital currency. You can’t be talking about digital and your talking about having a paper print of Bitcoin. It just doesn’t go and can’t go. The best you could do is fancy yourself with collectibles and that’s about it.

Bitcoin is just okay as it is, no need having lots of fancy about what could be and should be.

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world,

As cash? Who gives value in it? Even if you engrave private key on that note that won't be called as cash and it doesn't make any sense.

Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

and I wonder who face would have been drawn to it?

Is this really necessary.

Search "physical bitcoin", some are made from gold, silver, copper... With a form of a coin, bar, some have precious stones in it.. And those are valuable even just the metal itself, but you can't call it as "cash" or any form, those are collectibles and the value increases overtime. Why i mentioned this? That's how you will see what is a physical bitcoin but not in a form of cash.

Queentoshi

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

Think ahead, not behind.

Bitcoin to physical paper cash or even metallic coin will never happen, who is going to be in charge of its production and distribution?

The Only advancement for Bitcoin is to progress further into the digital world.

Stalker22

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One of the main reasons Bitcoin even exists is because it was designed and built to be a digital alternative to physical cash. It would not make sense to regress and go back to create a clunky, dying physical version from a digital source.

EL MOHA

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Quote from: Mia Chloe on May 17, 2024, 12:55:45 PM

Firstly Op I think this post is one for Bitcoin discussion board and not beginners and help so I suggest you kindly move it.
Anyways Bitcoin is fully digital and also decentralized now if you think about it we are actually headed towards a digital future which we are already in fact stepping into already. Bitcoin is more like a definition of how an independent and decentralized dynamic digital banking system should be.

The main reason your reason would be difficult is because of the fact that since Bitcoin has Been soo progressive over the years, just like dkbit98 mentioned, physical items related to it will definitely be regarded as collectibles.

Exactly a physical printing of bitcoin will definitely kill off most of the benefits or advantages that people have for this bitcoin. First thing is who print bitcoin? The organization that print or Mint this note will then be the central authority of the coin and choose when to print more or reduce it,
So it kills decentralization.

Another is the status as an hedge against inflation will be ruin because the more they print more bitcoin there won’t be any limited supply and also inflation might kick in.

Also the money normally used for printing any coin or currency is usually huge which is why most countries self are hoping out of the physical cash policy to cashless policy because of the cost effectiveness of it

Mia Chloe

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

Firstly Op I think this post is one for Bitcoin discussion board and not beginners and help so I suggest you kindly move it.
Anyways Bitcoin is fully digital and also decentralized now if you think about it we are actually headed towards a digital future which we are already in fact stepping into already. Bitcoin is more like a definition of how an independent and decentralized dynamic digital banking system should be.

The main reason your reason would be difficult is because of the fact that since Bitcoin has Been soo progressive over the years, just like dkbit98 mentioned, physical items related to it will definitely be regarded as collectibles.

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Quote from: dkbit98 on May 17, 2024, 10:40:29 AM

Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

There are several projects who already created Bitcoin notes with interesting designs, but they are mostly used as collectible items.
Someone could always create fake bitcoin paper notes and scam people, same way like we have fake fiat currency notes all the time.
Another alternative is to use something like Satodime cards from Satochip, they are open source, and you can easily preload them with any amount of coins and use them as offline payment.
You can also print your own design or buy blank cards and load code from Satochip.

Here is one of Satochip special halving edition cards that are now sold out:

Not sure of how successful Bitcoin note project can be, since Satoshi's idea was something far from the fiat currency note. The very moment we start to have counterfeit in relation to Bitcoin due to the implementation of Bitcoin note, then Bitcoin won't give us that true value it was designed for in the first place.

I am quite familiar with Casascius Bitcoin and not the satochip. But since the both of them still observe the protocols of Bitcoin, then they are worth using for very small transactions. For the satochip, it would make more sense to load it with a Bitcoin whenever necessary. I think I buy the idea of these two instead.

dkbit98

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Quote from: Ethan151 on May 17, 2024, 05:02:41 AM

Consider having bitcoin as hard currency for transactions or the purchase of commodities. Bitcoin is a decentralized electronic currency that is accepted on practically every continent in the world. The bitcoin note is going to be the most elegant and simple-to-identify physical cash in the world, and I wonder who face would have been drawn to it?

There are several projects who already created Bitcoin notes with interesting designs, but they are mostly used as collectible items.
Someone could always create fake bitcoin paper notes and scam people, same way like we have fake fiat currency notes all the time.
Another alternative is to use something like Satodime cards from Satochip, they are open source, and you can easily preload them with any amount of coins and use them as offline payment.
You can also print your own design or buy blank cards and load code from Satochip.

Here is one of Satochip special halving edition cards that are now sold out:

Quote from: dkbit98 on April 16, 2024, 03:26:54 PM

https://satochip.io/

Topic: Imagine owning a Bitcoin note. (Read 247 times)