Topic: Paper bitcoins (bitnotes). Is it worth it? - page 2. (Read 3837 times)
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.
If the OP is right then eventually these bitnotes will just replace btc and thus sort of kill it. I think it is not a good idea to connect btc to paper, because it just wasn't supposed to end this way. Btc can only exist in a digital state and it is totally fine. The banks should stay away from btc and not try to spoil it with their own problems.
This is a possible scenario, though an unlikely one
It is an unlikely scenario just because the Bitcoin banks themselves wouldn't be interested in killing Bitcoin. Really, why would they want to kill a goose laying golden eggs? The only way in which they could potentially harm Bitcoin is through printing bitnotes not backed by real bitcoins, but if people learn about that, they will just refuse to accept these paper bitcoins, and no Bitcoin bank will be able to force this acceptance. That's why such banks would be themselves vitally interested in developing a system which would allow to independently control over how many paper bitcoins they issued (or rather if every paper Bitcoin issued by them matches a real one)
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.
If the OP is right then eventually these bitnotes will just replace btc and thus sort of kill it. I think it is not a good idea to connect btc to paper, because it just wasn't supposed to end this way. Btc can only exist in a digital state and it is totally fine. The banks should stay away from btc and not try to spoil it with their own problems.
On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
to me i think it will be better if it is available in both options, but first the most important thing is that it should be accepted by all the countries of the world as legal currency and only then they will allow bitcoin in the form of paper in their country. If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular.Bitcoin is unique because of it unseen and untouchable.
And another thing why paper bitcoin is far from plausible is because it will be very easy to counterfeit a paper bitcoin because no authority will handle the printing and distribution because it's decentralized plus you cannot recycle a paper bitcoin like a normal fiat because it will cause the double spending problem.
Why we need paper bitcoin. It is not practicaly for use. Also I do not see any advantage of paper bitcoin, I preffer like to use bitcoin in virtual transaction.
On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
yes you're absolutely right im putting all my money on bitcoin because of its security and uniqueness and it has a lot of features that other currency dont have so if it become paper im gonna pull all my money on bitcoin because that will be the reason of bitcoin price to disappear. its growing because many users investing on bitcoin because we can send and received and evenly go trading without any hassle when it comes on receiving and sending money.
i think its not worth it the reason why i used bitcoin because of its advantages when it comes to fiat system because theres no need to always bring it on your pocket because you can easily access your wallet when you're online and i can easily send and received money too without any fees than using fiat system which i need to go to remittance center before i can send it.
On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
What makes you think so?
First, as I see it, no one would be forcing you to accept these paper bitcoins even if you choose to open a deposit account in a Bitcoin bank (which no one forces you to do either). You can just stay with what you already have with web wallets right now (with interest added). Second, if you, nevertheless, decide to receive a deposit certificate, security will remain absolutely the same as it is now. Unless you lose this certificate or someone steals it from you, your bitcoins will be as safe as they are today in any web wallet out there
On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular.Bitcoin is unique because of it unseen and untouchable.
And another thing why paper bitcoin is far from plausible is because it will be very easy to counterfeit a paper bitcoin
I'm inclined to think you are not very familiar how such issues are prevented in real life
And they were prevented even hundreds years ago by using endorsements in bills of exchange. Since paper bitcoins are always personalized, i.e. issued in favor of a certain depositor, they can be just as easily protected as you claim the opposite by a lot of measures starting from a simple handwritten signature by the depositor on the bitnote (good luck to you counterfeiting it) and continuing with the state-of-the-art technologies making counterfeiting next to impossible due to the nature of these bitcoins
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
If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular.Bitcoin is unique because of it unseen and untouchable.
And another thing why paper bitcoin is far from plausible is because it will be very easy to counterfeit a paper bitcoin because no authority will handle the printing and distribution because it's decentralized plus you cannot recycle a paper bitcoin like a normal fiat because it will cause the double spending problem.
If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular. Bitcoin is unique because of it unseen and untouchable.
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
Εverywhere in the world banks are looking for ways to reduce the circulation of banknotes and try force people to use e-banking and debit/credit cards. So why they could takeover the operating costs of such a process as we know that there are credit card users can buy it with bitcoins funded by bitcoins and use it as fiat currency?
To earn more profits through Bitcoin
You seem to somehow forget that Bitcoin is not fiat, it is not as widespread yet, and there are no Bitcoin banks so far. Obviously, to attract more Bitcoin users (and thus earn more profits), they would need to offer services that would facilitate Bitcoin adoption. Issuing paper deposit certificates might help further Bitcoin adoption since these could potentially work like cash in offline transactions. In other words, people love cash and don't love credit cards in general
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
Εverywhere in the world banks are looking for ways to reduce the circulation of banknotes and try force people to use e-banking and debit/credit cards. So why they could takeover the operating costs of such a process as we know that there are credit card users can buy it with bitcoins funded by bitcoins and use it as fiat currency?
i am sure there are people that would like such thing, as they like many other things like gold note or paper gold (or whatever the hell they are called in English) but i would never go near it. because one of the reasons why bitcoin is interesting to me is that it is all digital and without any interference from a third party.
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
Paper bitcoins worth it only if theare are merchants who accept them like cash.
Otherwise it`s pointless to print paper bitcoins.
You seem to forget what these paper bitcoins essentially are
They would be issued by Bitcoin banks as a document attesting that someone has opened a deposit account in such a bank in such a way that any person will be able to withdraw the bitcoins later from the bank. Naturally, the depositors themselves should be free to choose if they want paper bitcoins or want their deposits to remain totally digital (like in a web wallet nowadays). Whether these will be accepted by merchants, and whether people will put their money into these banks are two separate questions. And if the answer to the first question still remains to be seen, the answer to the second one is already known for at least a couple of years. I refer to web wallets and millions of people using them on a daily basis today
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
Paper bitcoins worth it only if theare are merchants who accept them like cash.
Otherwise it`s pointless to print paper bitcoins.
In its nature Bitocin is virtual currency so I don't actualy see the sense of making paper money out of it. Another reason is that not in all countries bitcoin is defined as money or payment method. My opinion is that there is no need to convert digital currencies in paper money, that is why they are digital in first place. Maybe just for souvenir reasons.
You view is rather shortsighted
The establishment of Bitcoin banks and issuance of paper bitcoins if done properly and without abuse would massively contribute to Bitcoin popularity. Bitcoin banks would be essentially the same web wallets but raised to an entirely new level. If you disagree with that, you should have to prove, first, that web wallets themselves didn't further Bitcoin adoption, and, then, paper bitcoins wouldn't push the adoption rates even higher. Otherwise, your point remains only that, namely, an unsubstantiated personal opinion
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