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.

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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.

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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.

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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.

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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

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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.

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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/

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.

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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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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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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

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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. (Read 247 times)