Topic: Is the world ready to embrace physical bitcoin? - page 2. (Read 554 times)
I think that physical Bitcoin is backward thinking. Humans have had physical money for many centuries, but the digital world and the level of interaction in it is so high that it's no longer enough to only use physical money. So Bitcoin is actually a step forward, as it's a coin that has no physical realm because it's not needed anymore. Sure, there are places and conditions in which there's no stable internet access, electricity or the level of digital literacy is too low, but these people won't be interested in physical Bitcoin probably either. I don't mind projects that suggest physical BTC as a thing of art, a collectible of something like that. But otherwise, it's a waste of resources and space.
So they would be an extent of 'NTF' but at the physical level. Usually, after it is sold and the owner peels off the sticker to reveal the pvt key, what value it have? Yup, just another collectible.
Not really - You see, the Bitcoin on Casascius coins is actually quite "virgin" bitcoin. It has no large history or taint. In fact, some like to use BTC from historic coins like these to fund other items, for example OpenDimes and such...
Ofc, 1 BTC always = 1 BTC, but there is a difference to some people!
Also, peeled coins are valuable as well, and there is a large market for those in the collectible section as well..
One quality that sets bitcoin apart from other currencies and contributes to its widespread acceptance is its digital form. People won't adopt the use of it because carrying around an actual coin to make purchases will be burdensome.
Of course not, that's not why they were ever made - they were made to be cold storage wallets, but as you can see here, MANY have already been peeled, thus making the other non-peeled coins more valuable in the end.
Just... Stop. Have you ever heard of Lealana? Casascius? BitBills? Coldkeys? CrytpoArt? There are soooo many physical makers of loaded coins/items/artwork out there, some of them will be definitive historical artifacts - Check this - https://auctions.stacksbowers.com/lots/view/3-WWDXU/2011-casascius-1-bitcoin-btc-loaded-firstbits-1b2q7cyc-series-1-casacius-error-brass-285-mm-ms-67-pcgs
Do you see how much that sold for over face?
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Do you see how much that sold for over face?
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That's exactly why Oceat said physical bitcoins have value as collectibles. The coin from your example is so rare that its market value is therefore significantly higher than the nominal value.
One quality that sets bitcoin apart from other currencies and contributes to its widespread acceptance is its digital form. People won't adopt the use of it because carrying around an actual coin to make purchases will be burdensome.
Just... Stop. Have you ever heard of Lealana? Casascius? BitBills? Coldkeys? CrytpoArt? There are soooo many physical makers of loaded coins/items/artwork out there, some of them will be definitive historical artifacts - Check this - https://auctions.stacksbowers.com/lots/view/3-WWDXU/2011-casascius-1-bitcoin-btc-loaded-firstbits-1b2q7cyc-series-1-casacius-error-brass-285-mm-ms-67-pcgs
Do you see how much that sold for over face?
~
Do you see how much that sold for over face?
~
That's exactly why Oceat said physical bitcoins have value as collectibles. The coin from your example is so rare that its market value is therefore significantly higher than the nominal value.
Why would you push or support this kind of idea when Bitcoin supposed to be use in digital only because for an instance I'm thinking how would you send that kind of physical coin across the world? There's an easy way for transaction that's why Bitcoin is in digital form because of the internet and now people are thinking they could just change the idea of a digital into physical which doesn't fit to everything.
I agree that this should be use only as a collectibles because no matter what kind of idea you put into it this is not how Bitcoin supposed to be. Bitcoin is for online transactions only thus having a less interference with the government since it's decentralized.
I agree that this should be use only as a collectibles because no matter what kind of idea you put into it this is not how Bitcoin supposed to be. Bitcoin is for online transactions only thus having a less interference with the government since it's decentralized.
Just... Stop. Have you ever heard of Lealana? Casascius? BitBills? Coldkeys? CrytpoArt? There are soooo many physical makers of loaded coins/items/artwork out there, some of them will be definitive historical artifacts - Check this - https://auctions.stacksbowers.com/lots/view/3-WWDXU/2011-casascius-1-bitcoin-btc-loaded-firstbits-1b2q7cyc-series-1-casacius-error-brass-285-mm-ms-67-pcgs
Do you see how much that sold for over face?
Sold $50,400
Lot Is Closed Live Bidding began Jun 15, 2022 @ 10:00 AM PDT
Do more browsing, there is a market for everything. Ever heard of the Austrian crypto stamp for example?
[snip]
..just as a sort of collectible.
Well for physical bitcoin --this could be the real purpose, it is just a collectible with a small amount of bitcoin inside. ..just as a sort of collectible.
Possible that this physical bitcoin could be used as a payment soon, it seems like every physical coin or Casascius has a fixed amount of bitcoin, for example, 1 bitcoin, 0.5 bitcoin, or any amount that you can use to buy any product but not in online.
However, bitcoin is still good being a digital one, not a physical coin, if that happens, it is very easy to steal.
I agree that this should be use only as a collectibles because no matter what kind of idea you put into it this is not how Bitcoin supposed to be. Bitcoin is for online transactions only thus having a less interference with the government since it's decentralized.
Up until now, the physical bitcoin is indeed more on collectible items category rather than being used as regular currency.
Because the components are expensive itself as compared to regular coin.
And because transactions are all online. Would be hard to know the tx id if you will use actual bitcoin coin.
So don't know how a physical btc coin will participate in the crypto market if in case it will find its way to trading market.
Because the components are expensive itself as compared to regular coin.
And because transactions are all online. Would be hard to know the tx id if you will use actual bitcoin coin.
So don't know how a physical btc coin will participate in the crypto market if in case it will find its way to trading market.
This is mostly true, however, when you say the txid would be hard to know, that is [mostly] wrong - for example, all Casascius coins have the first bits of the public key showing, additionally there are tracing sites that track the fulllist.txt of coins out there - This means you can look up the physical bitcoin on the blockchain using walletexplorer.com.
There are plenty of demand for physical Bitcoin loaded items, just look here for a bit...
https://bitcointalk.org/index.php?board=217.0
[snip]
..just as a sort of collectible.
Well for physical bitcoin --this could be the real purpose, it is just a collectible with a small amount of bitcoin inside. ..just as a sort of collectible.
Possible that this physical bitcoin could be used as a payment soon, it seems like every physical coin or Casascius has a fixed amount of bitcoin, for example, 1 bitcoin, 0.5 bitcoin, or any amount that you can use to buy any product but not in online.
However, bitcoin is still good being a digital one, not a physical coin, if that happens, it is very easy to steal.
Physical Bitcoin can soon exist but not for the purpose of like fiat/paper money but just as a sort of collectible. In fact, Bitcoin isn't designed to be a physical currency but indeed in a form of digital. Perhaps, we moving to digitalization were to see that Bitcoin and cryptocurrencies are fit for that situation.
Fiat money will still be the only legal physical currency adopted by the people and given support from the government, nothing else. If to find our there is, that for sure it will be seized by the authorities and considered illegal.
Fiat money will still be the only legal physical currency adopted by the people and given support from the government, nothing else. If to find our there is, that for sure it will be seized by the authorities and considered illegal.
I really do not see any use for a physical representation of digital currency other than as a collector's item. It also seems like the coin would be of questionable value to anyone using it. They would still have to be connected to the blockchain in some way to verify its value. Not to mention that physical representations of bitcoins are much more susceptible to theft.
Up until now, the physical bitcoin is indeed more on collectible items category rather than being used as regular currency.
Because the components are expensive itself as compared to regular coin.
And because transactions are all online. Would be hard to know the tx id if you will use actual bitcoin coin.
So don't know how a physical btc coin will participate in the crypto market if in case it will find its way to trading market.
Physical Bitcoins have more downsides than advantages in my opinion, using Bitcoin digitally offers all the advantages Bitcoin gives without having to get worried about damaging it physically.
Having said this, it does not mean physical Bitcoins are completely useless, they hace their market among collectible enthusiasts and perhaps some people may find off-chain transaction appealing for the sake of privacy. So I assume it is not the direction Bitcoin should go while becoming mainstream, beyond some niche uses.
Having said this, it does not mean physical Bitcoins are completely useless, they hace their market among collectible enthusiasts and perhaps some people may find off-chain transaction appealing for the sake of privacy. So I assume it is not the direction Bitcoin should go while becoming mainstream, beyond some niche uses.
I really do not see any use for a physical representation of digital currency other than as a collector's item. It also seems like the coin would be of questionable value to anyone using it. They would still have to be connected to the blockchain in some way to verify its value. Not to mention that physical representations of bitcoins are much more susceptible to theft.
No 😂
We already have paper wallets, do you see people giving them around? I am aware of some instances where people did give paper wallets to waiters etc.. but how usual it is ?
It is not safe, not tradable, can't be converted easily to online version, does need valid third party on the go to make it happen. The current system does need KYC you think that won't? That won't be governed by a body? You do have fiat to exchange, what would you even do with it? The coffee is 4.50$.. here have a physical Bitcoin! Np keep the change. Sorry sir the value just went down ! You gotta pay more.
^ Definitely right and that Casascius Coin is just a wallet, not a BTC, physical coin is nothing if the wallet is empty, it could be decorative probably or a souvenir but that it, nothing more. There is no physical BTC, BTC is a digital currency and it has been proven so many years that digital cryptocurrency like BTC is always good and ready to dominate physical money. You can create as many as you can a Casascius Coin in different precious metals if you want but BTC you cant create in your own. We already have paper wallets, do you see people giving them around? I am aware of some instances where people did give paper wallets to waiters etc.. but how usual it is ?
It is not safe, not tradable, can't be converted easily to online version, does need valid third party on the go to make it happen. The current system does need KYC you think that won't? That won't be governed by a body? You do have fiat to exchange, what would you even do with it? The coffee is 4.50$.. here have a physical Bitcoin! Np keep the change. Sorry sir the value just went down ! You gotta pay more.
thinking about some physical bitcoin is the most useless thing that could exist, I'm sorry but how would someone like me who lives in a third world country buy these physical bitcoins? let's see:
1 - I would have to go to the website where they sell physical bitcoin
2 - I would have to pay the physical bitcoin (I have to give my real address)
3 - when the physical bitcoin arrived in my country I would have to pay taxes
Now think that on every physical bitcoin I would have to pay tax which is very high in my country, and if I wanted to have a lot of physical bitcoins I would have to pay a lot of money just with taxes, so even if I wanted to buy it to make Hodl at the end of the day I wouldn't have much profit and if I wanted to buy something in my country then I would be crazy, because it wouldn't make sense to buy a physical bitcoin and wait days, pay high tax and then take the physical bitcoin and go buy something that costs 10$ at my parents' store
1 - I would have to go to the website where they sell physical bitcoin
2 - I would have to pay the physical bitcoin (I have to give my real address)
3 - when the physical bitcoin arrived in my country I would have to pay taxes
Now think that on every physical bitcoin I would have to pay tax which is very high in my country, and if I wanted to have a lot of physical bitcoins I would have to pay a lot of money just with taxes, so even if I wanted to buy it to make Hodl at the end of the day I wouldn't have much profit and if I wanted to buy something in my country then I would be crazy, because it wouldn't make sense to buy a physical bitcoin and wait days, pay high tax and then take the physical bitcoin and go buy something that costs 10$ at my parents' store
If you think about this statement a little while looking at the world around you, it is obvious how silly it sounds. Forget about bitcoin for a moment, you can see that the world is moving towards become more digital and the physical form of money is slowly fading away. So why should bitcoin, the currency that was created to be digital from the start, go backwards and have a physical form?!
I think the OP just misunderstood how he should understand the meaning of developing a financial system that now more people are adopting digital systems than physical ones. Even if it is fiat, many people are starting to use online payment systems and that is an expected development.Of course we are not talking about how money circulates in traditional markets but it is more of a global market which is expected to be more developed. So the physical financial system and physical money circulation will now be much less so that Satoshi really knows how bitcoin will be a good pioneer as a decentralized digital financial system development. If in 2009 I couldn't pay for cigarettes and coffee digitally, then now I don't have to move to pay for anything from my smartphone.
This makes no sense at all. The target of bitcoin was not only to cut down fiat but also to make transactions easier and less bulky. If eventually we are creating a physical coin that is going to contain bitcoin and we will have to carry it in order to make transactions it defeats the purpose of bitcoin itself. The question itself, therefore, is wrong. The question shouldn't be that is the world ready to embrace such a thing. Moreover, the problem that was there in 2013 will still persist as eventually, some private company will have to do this thing which means chances are it will have a lot of control over it's creation and usage.
Wouldn't that be nonsense if ever? As the world is already minimizing the usage of physical cash with the use of credit/debit cards and mobile applications, here we are reintroducing the old system to the modern people. Casascius coins are a thing of beauty, no doubt, and IMO they should be use more as a collector's item or a thing of novelty rather than a means to pay/get paid. Also, who would be the one who'd issue these physical coins anyway? They won't do it for free that's for sure, so aside from the loaded amount on the coin, you have to pay for the coin itself as well.
I'll stick to paper wallets if ever, thank you.
I'll stick to paper wallets if ever, thank you.
Certainly, the fact and provenly discussed, Bitcoin is not a thing and will never have a physical form. But what if the world suddenly change and opt to in physical form, are we ready to embrace it?
Sources:
https://phemex.com/academy/what-is-physical-bitcoin
https://www.cnet.com/culture/are-physical-bitcoins-legal/
https://www.analyticssteps.com/blogs/what-casascius-coin
So who is going to be doing the printing of the physical Bitcoin? or is everyone with some Bitcoin be able to make their own physical copy? Is this just going to be for Hodlers with on full Bitcoin or satoshis owners too should be able to make their own satoshi physical copies too? This is not going to work as I see it regardless of what it will solve. Sources:
https://phemex.com/academy/what-is-physical-bitcoin
https://www.cnet.com/culture/are-physical-bitcoins-legal/
https://www.analyticssteps.com/blogs/what-casascius-coin
The world is already embracing "physical" bitcoin on a smaller scale that seems to be significantly increasing. Of course bitcoin is digital but the "physical" bitcoin is the physical manifestation of the digital, sort of like the reverse of an NFT where the digital is representing the physical. They have proven to be popular collectibles with general collectors and numismatics alike. Links below for your viewing pleasure.
https://www.greatcollections.com/kb/Casascius-Bitcoin-Sells-for-169-million-at-GreatCollections-t437-4.html
https://www.stacksbowers.com/News/Pages/PressReleases.aspx?ArticleID=physical-lealana-bitcoin-sold-at-stacks-for-large-premium
https://stacksbowers.com/news/pages/pressreleases.aspx?ArticleID=physical-cryptocurrency-june-2022
https://www.greatcollections.com/kb/Casascius-Bitcoin-Sells-for-169-million-at-GreatCollections-t437-4.html
https://www.stacksbowers.com/News/Pages/PressReleases.aspx?ArticleID=physical-lealana-bitcoin-sold-at-stacks-for-large-premium
https://stacksbowers.com/news/pages/pressreleases.aspx?ArticleID=physical-cryptocurrency-june-2022
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