Imagine owning a Bitcoin note. - page 2.

Skfox

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Quote from: Kelward on May 17, 2024, 05:43:51 AM

Quote from: _act_ on May 17, 2024, 05:11:08 AM

Bitcoin is not centralized electronic currency, it is a decentralized digital currency. Where did you see such wrong information that bitcoin is a centralized currency?

Bitcoin is possible in physical form like Casascius Bitcoin which contains the private key of an amount of bitcoin but government will not make such project to move forward.

Thanks for correcting the OP, Bitcoin is a decentralized digital currency, that is not owned by any country, and it doesn't have any central office, if it becomes a physical currency, then the purpose of it's creation, would be defeated. If Bitcoin becomes a physical currency or cash, then it must submit to a central bank that will regulate it's printing, meaning that it'll them become centralized and that privacy that comes with holding it will not be possible again. I think that Bitcoin is better off being a digital cash than a physical one, the only thing that we need is massive adoption, so we can carry out transactions anywhere in the world.

I will agree with you, in as much as bitcoin have the potential of being a main currency or note for transactions, the reflection of it's decentralized nature can give us another thought. For bitcoin to be a hard currency, certain process needs to be considered. It will be controlled by central banks and government, it must be generally accepted worldwide, bitcoin price will be stable due to high rate of adoption etc.

All we need is to know more about bitcoin, knowing how well to use it easily and also create awareness in educating others with insufficient knowledge about bitcoine.
One uniqueness of bitcoin is it's decentralized nature so making it a hard currency will rather ruin bitcoin, It is better off a digital cash.

Filippo Spina

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The bitcoin paper wallet project comes to mind.

I think something happened to it but my memory is faulty on that one?

Anyhow, I feel that a bitcoin notes are definitely something we might see in our future, but to onboard older people. Older people today, and maybe even 20 years from now, still might like using paper because of the way it feels, the way you can count it with your bare hands, etc. Digitally native people that are born today look at fiat and laugh, they think it's stupid because of tap to pay with their phones lmfao.

Helena Yu

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Let's imagine if someone create many physical coins and each coin funded 0.0005 BTC, currently 0.0005 BTC worth $33, so you can trade something that worth for $33 with your physical coin. But this raise a concern since every address you created in that physical coins, you already know the seed phrase or private key... and the receiver can't verify how safe is the address.

So having physical coins will ruin the security.

tabas

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There is no need for that although we've got the collectibles section where you'd see those notes or actual coins that are preloaded with BTC. Getting a Bitcoin note is just embedding a private key or seed there and you'll still need to use a device for you to input it and then load the wallet. We've got wallets already and as simple as scanning qr codes will save our time. But if for collection purposes, they're actually good and that's why the forum is the best place to have that kind of deal if you ever plan to have one.

Amphenomenon

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Just as stated before Casascius bitcoin is similar, though is no longer being produced but they may be still be available for purchase, though its been long I saw a thread about someone selling here Selling a Casascius Bitcoin

Quote from: SatoPrincess on May 17, 2024, 05:32:59 AM

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

Bitcoin is a centralized electronic currency that is accepted on practically every continent in the world.

Bitcoin is a decentralized currency, that’s one of the main reasons why bitcoin is so popular. Your fundamental understanding of bitcoin is wrong. I think you should read the bitcoin whitepaper. After reading this, I’m sure you will understand why there is no need for bitcoin be in cash form.

Op already corrected his mistake here. I guess you were affected by network issue to see this earlier.

Kelward

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Quote from: _act_ on May 17, 2024, 05:11:08 AM

Bitcoin is not centralized electronic currency, it is a decentralized digital currency. Where did you see such wrong information that bitcoin is a centralized currency?

Bitcoin is possible in physical form like Casascius Bitcoin which contains the private key of an amount of bitcoin but government will not make such project to move forward.

Thanks for correcting the OP, Bitcoin is a decentralized digital currency, that is not owned by any country, and it doesn't have any central office, if it becomes a physical currency, then the purpose of it's creation, would be defeated. If Bitcoin becomes a physical currency or cash, then it must submit to a central bank that will regulate it's printing, meaning that it'll them become centralized and that privacy that comes with holding it will not be possible again. I think that Bitcoin is better off being a digital cash than a physical one, the only thing that we need is massive adoption, so we can carry out transactions anywhere in the world.

un_rank

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- Jay -

Quite simply, we do not need a bitcoin physical note. There are representations of UTXOs and addresses as well as collectibles but nothing that is widely adopted or used. Bitcoin does not need a physical note, those asking are trying to make it look like something familiar to them: cash. But it is far more efficient and useful than that.

If you want a bitcoin note, get one, but do not expect it to go mainstream.

Quote from: Churchillvv on May 17, 2024, 05:13:11 AM

One of the reasons why bitcoin can't be in a physical format is the fact that it cannot be used to purchase some goods and services that are below a dollar or those goods that cost a cent plus.

Lightning network makes that possible.

- Jay -

SatoPrincess

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

Bitcoin is a centralized electronic currency that is accepted on practically every continent in the world.

Bitcoin is a decentralized currency, that’s one of the main reasons why bitcoin is so popular. Your fundamental understanding of bitcoin is wrong. I think you should read the bitcoin whitepaper. After reading this, I’m sure you will understand why there is no need for bitcoin be in cash form.

Ethan151

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Quote from: _act_ on May 17, 2024, 05:11:08 AM

Bitcoin is not centralized electronic currency, it is a decentralized digital currency. Where did you see such wrong information that bitcoin is a centralized currency?

Bitcoin is possible in physical form like Casascius Bitcoin which contains the private key of an amount of bitcoin but government will not make such project to move forward.

Its a mistake from the typo and thanks for the correction

Churchillvv

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Eloncoin.org - Mars, here we come!

Practically it's never possible.

A lot of people have imagined this but at the end they have realised that bitcoin can never be in a physical format, it's a digital currency.
One of the reasons why bitcoin can't be in a physical format is the fact that it cannot be used to purchase some goods and services that are below a dollar or those goods that cost a cent plus.

The only physical bitcoin in the world is not necessarily bitcoin but a physical structure that was created and a private key to a wallet is encoded on it, so the value attached to it is only for the asset in the wallet.

Since it's not possible for bitcoin to be in a note or physical format then the image to be drawn on each note is not necessarily to be imagined. Wink

Edit: Additionally, bitcoin is 21 million limited in total and it can not be enough to handle a nations transactions, we all know how fiat is being printed frequently and bitcoin cannot be printed as fiat, I don't even think the 21 million bitcoin would be enough to handle a countries transactions not even the whole world.

_act_

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Lightning network is good with small amount of BTC

Bitcoin is not centralized electronic currency, it is a decentralized digital currency. Where did you see such wrong information that bitcoin is a centralized currency?

Bitcoin is possible in physical form like Casascius Bitcoin which contains the private key of an amount of bitcoin but government will not make such project to move forward.

Ethan151

member

Activity: 97

Merit: 20

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?

Topic: Imagine owning a Bitcoin note. - page 2. (Read 251 times)