No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
yes i am also not in favour of paper bitcoin. i think paper bitcoin will decrease the originality of bitcoin. bitcoin is built as crypto currency and it should remain as crypto currency and no need to change it into paper currency.
Topic: Paper bitcoins (bitnotes). Is it worth it? (Read 3837 times)
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
yes i am also not in favour of paper bitcoin. i think paper bitcoin will decrease the originality of bitcoin. bitcoin is built as crypto currency and it should remain as crypto currency and no need to change it into paper currency.I have a minor correction, not credit cards but payment cards
Since not all payment cards are credit cards. Personally, I have a dozen payment cards (actively using only one, though), and none of them is a credit card. Regarding the denominations of paper bitcoins, I think bigger ones would actually be quite popular given that many governments are going to retire their biggest denominations (e.g. 500 Euro bill). You would most certainly put a 1 bitcoin dollar in a safe, not in your pocket. And these high denomination bitnotes can be used to pay for rather expensive items like houses by ordinary people and yachts by whales
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
yes i am also not in favour of paper bitcoin. i think paper bitcoin will decrease the originality of bitcoin. bitcoin is built as crypto currency and it should remain as crypto currency and no need to change it into paper currency.It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...
I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future
I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future
It's an interesting idea, since it would allow anonymity. It would take transactions off the blockchain, onto a non-recorded "sidechain".
The bank has to make money to survive. It wouldn't collect transaction fees, so what would be the source of revenue? Would a bitcoin bank be able to create BTC (i.e. issue loans in BTC) similar to fiat banks? If so, the value of the bitnotes would not be fixed precisely to the price of BTC, but would include a risk discount based on the perceived riskiness of the loan portfolio unless there were backing by a third party such as the government. This was the case with private banks issuing gold certificates.
But do BTC advocates really want to recreate a fiat monetary system, just denominated in BTC? It defeats the purpose of BTC...
Issuing loans is not equal to creating new bitcoins as long as loans match deposits, at least as far as I can see. That's how banks are earning money in general (through the difference between deposit and loan interest rates). Indeed, to earn more banks would be interested in loaning more too, likely creating bitcoins out of thin air (just like banks did with gold certificates which were not fully covered by gold kept in their vaults). But as I said above, Bitcoin banks would be interested in making this system transparent as well as providing a mechanism that would restrict them from doing that...
Otherwise, people just won't trust such banks
It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...
I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future
I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future
Interesting idea but I think it would be more trouble than good in this situation.
First banks or bitcoin bank would do the same as they do, give what you dont have as you said and then what, they would give more then they have. They need to have some good back or money reserve for this to come reality.
OK some of the transactions fee could be used for financing but it is nothing compared to how much they have given over the odds ratio.
It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...
I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future
I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future
It's an interesting idea, since it would allow anonymity. It would take transactions off the blockchain, onto a non-recorded "sidechain".
The bank has to make money to survive. It wouldn't collect transaction fees, so what would be the source of revenue? Would a bitcoin bank be able to create BTC (i.e. issue loans in BTC) similar to fiat banks? If so, the value of the bitnotes would not be fixed precisely to the price of BTC, but would include a risk discount based on the perceived riskiness of the loan portfolio unless there were backing by a third party such as the government. This was the case with private banks issuing gold certificates.
But do BTC advocates really want to recreate a fiat monetary system, just denominated in BTC? It defeats the purpose of BTC...
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
yes i am also not in favour of paper bitcoin. i think paper bitcoin will decrease the originality of bitcoin. bitcoin is built as crypto currency and it should remain as crypto currency and no need to change it into paper currency. The government can not prohibit release Bitcoin in any form. If it is produced in digital form and this government can not influence, and then release it in paper form will not prevent
It is just a matter of time
Till Bitcoin sinks into oblivion on its own or governments take measures against it if it doesn't. Right now, it is too insignificant, and issuing paper bitcoins (say, by web wallets) may not make any sense since there is no demand for them. But if Bitcoin gets universal adoption and acceptance, issuing bitnotes might make sense after all, just as it might make sense for governments to begin fighting with bitcoins in earnest, including but not limited to banning the issuance of these Bitcoin bearer notes
That will possibly happen if bitcoin is independent from dollars. If bitcoin is already declared the official legal tender in the world then a bitnote is needed so it can be used even in the farthest areas of the earth where there is civilization but cannot be reached by internet. There are many poor people in the world that doesnt know what internet is and doesnt have the luxury of having accessories or any electronic devices and can only eat once a day and the only way for bitcoin to reach them is through bitnotes.
That would require adoption rates not comparable with what we have today. I don't think that Bitcoin will ever become a world-wide legal tender, so that you could pay, say, taxes either in your local currency or Bitcoin, but it may be just me and I may be wrong after all. But that's not my point. There are a few small countries that are using the US dollar as legal tender (e.g. Panama, Honduras, Zimbabwe of Zimbabwean dollars' fame), and they or similar countries might eventually accept Bitcoin as legal tender on par with other currencies...
But as I said, Bitcoin is not there yet in terms of adoption and expansion
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
that's true. paper money can't just distributed without the agreement of the government even it's bitcoin if government don't agree with its existence then they will take them all from their people and most likely to be banned and then lost its value. bitcoin was created to be digital currency and that's the only thing bitcoin need to focusThe government can not prohibit release Bitcoin in any form. If it is produced in digital form and this government can not influence, and then release it in paper form will not prevent
It is just a matter of time
Till Bitcoin sinks into oblivion on its own or governments take measures against it if it doesn't. Right now, it is too insignificant, and issuing paper bitcoins (say, by web wallets) may not make any sense since there is no demand for them. But if Bitcoin gets universal adoption and acceptance, issuing bitnotes might make sense after all, just as it might make sense for governments to begin fighting with bitcoins in earnest, including but not limited to banning the issuance of these Bitcoin bearer notes
That will possibly happen if bitcoin is independent from dollars. If bitcoin is already declared the official legal tender in the world then a bitnote is needed so it can be used even in the farthest areas of the earth where there is civilization but cannot be reached by internet. There are many poor people in the world that doesnt know what internet is and doesnt have the luxury of having accessories or any electronic devices and can only eat once a day and the only way for bitcoin to reach them is through bitnotes.
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
that's true. paper money can't just distributed without the agreement of the government even it's bitcoin if government don't agree with its existence then they will take them all from their people and most likely to be banned and then lost its value. bitcoin was created to be digital currency and that's the only thing bitcoin need to focusThe government can not prohibit release Bitcoin in any form. If it is produced in digital form and this government can not influence, and then release it in paper form will not prevent
It is just a matter of time
Till Bitcoin sinks into oblivion on its own or governments take measures against it if it doesn't. Right now, it is too insignificant, and issuing paper bitcoins (say, by web wallets) may not make any sense since there is no demand for them. But if Bitcoin gets universal adoption and acceptance, issuing bitnotes might make sense after all, just as it might make sense for governments to begin fighting with bitcoins in earnest, including but not limited to banning the issuance of these Bitcoin bearer notes
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
that's true. paper money can't just distributed without the agreement of the government even it's bitcoin if government don't agree with its existence then they will take them all from their people and most likely to be banned and then lost its value. bitcoin was created to be digital currency and that's the only thing bitcoin need to focusThe government can not prohibit release Bitcoin in any form. If it is produced in digital form and this government can not influence, and then release it in paper form will not prevent
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
that's true. paper money can't just distributed without the agreement of the government even it's bitcoin if government don't agree with its existence then they will take them all from their people and most likely to be banned and then lost its value. bitcoin was created to be digital currency and that's the only thing bitcoin need to focus
No i dont think that paper bitcoins is even worth it .bitcoins main motive is to make it digital and decentralized .with paper bitcoins into existence there will be involvement of government and parties which is not accepteble at all.
Paper bitcoins=you have no control over the private key. Also by doing this the centralized issuers will have chance to create more paper bitcoins than what they actually own (as in the case of fiat - they're just debt notes). Finally there'll be more than 21M bitcoin debt notes in circulation and will grow. Then inflation will occur. That's what we're against to
In fact, everyone would be against it
But as I said above, everyone as well will be free to deposit their bitcoins into such banks, there is no government to force anyone to open Bitcoin accounts. If you can't stand the idea of Bitcoin banks, you can safely forget about them. Banks, on the other hands, would be interested to induce Bitcoin users to deposit their bitcoins there. Since it is obvious that banks could and most likely would issue paper bitcoins, bitcoin users will not go to these banks unless they develop and implement a mechanism which would reliably prove that they won't issue more paper bitcoins than they actually attracted to deposits
I personally dont have any and think that i wont have any i will go for storage them on wallet or exchange depend from situation, but this should be backup with bitcoin. Think that original idea was to print from home on some template and back this copy on paper with you balance from wallet.
Still lot of issues are involved and think this is good concept but it wont have wider support and usage.
Still lot of issues are involved and think this is good concept but it wont have wider support and usage.
Paper bitcoins=you have no control over the private key. Also by doing this the centralized issuers will have chance to create more paper bitcoins than what they actually own (as in the case of fiat - they're just debt notes). Finally there'll be more than 21M bitcoin debt notes in circulation and will grow. Then inflation will occur. That's what we're against to.
plus you cannot recycle a paper bitcoin like a normal fiat because it will cause the double spending problem.
Could you expand more on that, I can't quite get what you mean to say
deisk, he means that for example if your paper money is halfly cutted by some occasion (I mean another meaning of word rent) than you can to go in bank and they will give you new and same rate money. So as we know that bitcoin is limited supply and when 21 million bitcoin will be mined, mining process will stop so in paper bitcoin situation, if some similar occasion will happen, it will cause many problems. Hope you understand.
No, I didn't understand anything
the idea of paper bitcoin throws me off easily. it makes everything about it centralized because you have to trust a third party like a bank for creating them and issuing them to you and guarantee their price because they are not bitcoin and only the bank can deal with the price of these pieces of paper. i would stay away if that happens some day.
Millions of people are trusting web wallets, and so what? It can't possibly get more centralized than that, but somehow I don't see crowds of people crying across the forum that these are evil and people don't need them or they should stay away from using web wallets altogether. In respect to your other point, I have explained it a few times that Bitcoin banks themselves would be interested to let people see that every paper bitcoin is matched to a real one held by such a bank, since otherwise people simply will won't agree to these pieces of paper...
This is not fiat after all, which use can be forced by the government
plus you cannot recycle a paper bitcoin like a normal fiat because it will cause the double spending problem.
Could you expand more on that, I can't quite get what you mean to say
deisk, he means that for example if your paper money is halfly cutted by some occasion (I mean another meaning of word rent) than you can to go in bank and they will give you new and same rate money. So as we know that bitcoin is limited supply and when 21 million bitcoin will be mined, mining process will stop so in paper bitcoin situation, if some similar occasion will happen, it will cause many problems. Hope you understand.
Why do we want paper bitcoin, the idea of bitcoin first was a cashless world so why bother we are better off with real money, bitcoin is a way to deal on the internet without having to physically give anything, sure if the internet will go down so as bitcoin but I don't think that is possible that we so attached to it nowadays.
Yes I agree with you. One of bitcoin advantage is becouse it can be use digitaly in internet. So I think we do not need paper bitcoin. Also peoole loves and interested in bitcoin becouse it is different with paper money. People think many different things
But the thing is that Bitcoin is often blamed for not being able to participate in offline transactions. Paper bitcoins make it possible in the same way cash does. Thereby, other people who think they might not need paper bitcoin should remember that, first, no one is going to strip Bitcoin off of its advantage as a means of electronic payments across the world, and, second, there are quite a few people who might in fact want that option. In any case, Bitcoin banks issuing paper bitcoins will be adding substantially to Bitcoin popularity, at least as long as they don't abuse the system. Why they themselves wouldn't be interested in abusing it I explained before
Why do we want paper bitcoin, the idea of bitcoin first was a cashless world so why bother we are better off with real money, bitcoin is a way to deal on the internet without having to physically give anything, sure if the internet will go down so as bitcoin but I don't think that is possible that we so attached to it nowadays.
Yes I agree with you. One of bitcoin advantage is becouse it can be use digitaly in internet. So I think we do not need paper bitcoin. Also peoole loves and interested in bitcoin becouse it is different with paper money. Jump to: