Topic: Paper Bitcoin eth, ltc and others - page 4. (Read 2582 times)

If we implement this, we should just stick to the current system.  Why spend billions of dollars just to do the same thing?  Besides it is not worth doing given the risk stated by gentlemand.  If the monetary system needs to advance, then just advance and leave the obsolete way behind.  That way, we can avoid confusions and contradictions.

It technically is already happening. I'm not sure if you follow the collectibles section on this forum, but there have been various initiatives in form of people issuing their own physical coin or paper'ish wallet, either directly loaded or they can be loaded by the buyer. They're used as currency too without anything even moving on-chain, which means that this form of money is fungible too.

In the end, it does depend on trust because the issuer of these physical means *could* have a copy of the keypairs or used an unsecure system to generate them, but it works. We have that evidence. Currently it's still a niche market, but it wouldn't surprise me if we get to see an attempt to get these to go mainstream eventually. The best thing of all, nothing the government can do about it.

That would disrupt the whole concept of cryptocurrencies mate and it would even worsen the situations in the financial industry mate. It's best if we stick with the digital form of cryptocurrencies as pioneered by Satoshi Nakamoto.

I think you misunderstood the operation of cryptocurrency. It doesn't work like digital fiat currency, it works on the concept of Proof Of Work (PoW). Whenever you make cryptocurrency transaction, it is broadcasted on blockchain and verified by the miners. So even if we create physical copy of cryptocurrency, only way to transfer it to others is transferring the whole ownership with private keys. It is not possible to transfer part of your cryptocurrency without rooting it through blockchain. So it is not feasible.

It will not be a scam since the shop owner has to verify if the papers contains money and has to transfer it immediately to avoid being scammed by the customer who already has the private keys and so on for everyone having this paper before!
Governments cannot still control it since they have to acquire bitcoin first which is different than just printing money..
Anyway, i don't see any point in the future for the usage of papers whether in education, administrations, currencies...

Then it will become a scam money too in the future because the government will start controlling cryptocurrency and we will go back to the old system. Having a cryptocurrency online is the best for us, its convenient and very high in value and a super fast transactions compare to fiat money.

The goal of a well designed economy, is to allow consumers to make transactions as efficiently, safely and conveniently as possible. And to expand the number of options consumers have, making it easier for them to create value, start businesses, save, travel, etc.

Paper money has advantages over digital money in that regard. Consumers do not need phones, merchant support or bank accounts to utilize cash. Paper money being an entry level, barebones, method of transaction opens certain doors and empowers business & consumers in ways that we sometimes take for granted. We've witnessed this in nations like india banning paper money, with severe negative effects on consumers and their economy.

I would 100% love if a form of paper based deflationary crypto were devised. It wouldn't necessarily have to be a serious big time venture. It could yield value even as a small social experiment, in terms of being an educational tool, while challenging traditional views and ideas people have about money.

Of course, printing your own paper currency or minting your own coins is illegal in practically every nation on earth. Governments hold monopolies over those markets and deter competition.

There could be loopholes around those restrictions. Rather than a direct paper currency, it might be possible to print a paper voucher which can be electronically exchanged for crypto. Vouchers may then be exchanged to make transactions. There may not be laws against that! Although I can't say its something I've put time or energy into researching.

Cryptocurrency paper? if you mean paper wallet we already have it and many people already use it to store their wallet as their freeze wallet. but if what you mean is crypto based on paper coins with real goods I think it's quite strange and can be controversial. because it could be considered to rival the flat. except that it was made by the government. and for what ? whats the difference with flat ?

Cryptocurrency was created to be a digital based currency and means payment away from the traditional fiat system. Creating a paper Bitcoin or other cryptos will just idea and nature of cryptocurrencies in the first place.
Printing Bitcoin in paper won't provide a means for the total supply not to be exceeded and at same time make it cease to become bictoin but just another fiat currency out there.

Tangible/Physical cryptocurrency isn't not that necessary. It is very dangerous and not secured enough. Cryptocurrency has its private transaction and maintaining quality trading. It should be always digital for its purpose will become ineffective anymore. We should stick at using digital crypto to ensure our security.

Technology is evolving very fast and we don't need to go back on the old days where we only use tangible currency just to pay for food, clothes, shelter and etc. We need to use technology wisely because we're now a digital society.

What is the point of regressing back to a centralised system that requires trust, when you have blockchain which is supposed to circumvent these problems in the first place? Seems a bit counterintuitive to me, at least.

Someone has to be issuing these paper currencies, and despite the ledgers that cryptos operating on being decentralised, there will be a factor of centralisation of power as a result. You'd essentially have to trust that the private key written within the paper can actually access the funds in the address.

It's not worth it. Nor should it be done.

I do not think it would be useful. For this to be valid, there must be a private key on the paper (maybe another system that can replace it, but it is not worth the effort for something small) and also it will be too risky. Stealing money will be very easy. Also, imagine that you buy something from the store and the price is 0.03561 BTC , how will seller give you the remaining money when you give 1 BTC.

It oppose the crypto functions intended for. Paper cryptos will be no different in paper currencies of each countries that determines and controlled by one state. The idea of having crypto is for a decentralised transaction, to secure one's identity. It's impossible to see it for circulation. Maybe like what BTC and other tokens have now for some coin collection can be possible for paper too in the future as paper collection with seals and encrypted crypto details.

I totally disagree with you on this point, Paper or printed BTC, ETH, and other cryptocurrency are against the crypto format, If it will happen then the uniqueness of this platform will be no more, then Blockchain system will get less worthy. so paper and printed based cryptocurrency will not match with the actual blockchain system. Not only that but also you can't get any security measures which you are getting by this system like your own private keys, the decentralized system will also not exist if paper BTC will come, Governmental regulation will come to this platform very easily. one thing you have to consider that day by day our technology is being developed so there is no way to look back anymore, so look forward and think outside the box.

It wouldn't change anything if there's a paper cryptocurrency. What's the difference of it with fiat/cash that we use for our daily lives? Bitcoin was created mainly focusing as a digital currency and although your idea looks good but it doesn't fit its feature.

Banks won't work if there's no electricity.

Then use a generator or UPS.

If there is a temporary power failure, then you won't be able to pay with cash either, since the shop's cash register/POS won't function.

IMO the argument for paper/coins/barter should be about remote areas, where there are no electricity or internet coverage. But still, isn't it better to develop those areas instead?

Nah I don't think so. It defeats the sense of what cryptocurrency really is. Crypto was made when technology was advancing forward AKA most of the transactions were made through online management. Creating a physical appearance or existence for the representation of crypto is degrading its status as cryptocurrency. Besides, it's a waste of trees and other resources which could have been used in a lot more useful applications rather than using them to create paper and coins.

Government Can do that

Who will go to print the paper or created the metal of bitcoin? There will be a big question, and I think they can interfere with the process and I am sure that the government will want to do this. I don't agree if bitcoin has a paper like a fiat. The digital money is not like paper money that we use. Cryptocurrency can send to anywhere without any borderline. But paper money will have a border to send to a different country because we need to convert it into their country currency.

While asking about the electricity problems you should also think that without electricity it isn't possible to print physical currencies.

Technology is always tricky, and it always have alternate ways to make some evolution. One such example is our bitcoin and the blockchain technology.