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Topic: Physical bitcoin - Is this the future? (Read 3394 times)

sr. member
Activity: 628
Merit: 276
BTC, ETH, XMR, LTC
September 15, 2018, 05:38:47 AM
The beauty of the bitcoin is digital figure and its use through online purchasing and payments against services etc. So, I think we should have to provide internet for to make it common and I think there may not be a single country who do not have the facilities of using internet, even internet is almost present everywhere.
Sure for online payments, you wouldn't use physical form, obviously. But what if you are paying at a restaurant? Will you wait approximately 1 hour because they want 6 confirmations? What if you just happen to be in a store and there is no internet access? Will you wait until the internet comes? I never said we should go 100% into physical form. But it still brings some advantages. Actually, it brings a lot. I think adoption would also be a lot faster if BTC would also be represented in some secure/fair/transparent etc. physical form.

No restaurants I have been to have waited for even 1 confirmation.  Remember they also serve you food before you even pay, so if your intention was to be an asshole and not pay you already could have done that without bothering to prepare a Finney attack.

As to offline payments, there are a few forms of paper "bitcoin check" which one can prepare in advance.  The simplest is probably the check which has on it a private key containing some sum, of course the proprietor can't check or transfer until they go online but this is how cheques have always worked.  Another is to prepare a signed transaction,  very similar in practice as the proprietor can't check that it's valid or will clear until they go onilne. 

Physical forms aren't going to help you with this stuff. 
Don't you think they would need some kind of "safety switch" if the use of BTC would widely increase? They just can't afford to lose money if tx does not get included in longest chain. Yes, they serve you food before you pay, but imagine you "pay" go home and see the other day that tx was not included in BC. How big is a chance that you'll resend it? I think a lot smaller then paying for food while you're still there.
Got any links of this? Haven't seen it yet. Making tx offline would also work well yes. But again there maybe a way to exploit it. I.e. use fake app. I think the ownership exchange of money must be instant, with minimal to no chance of exploit.
I am 95% that an old person (50+) who is not very familiar with computer would listen to you easier if you can hand him a paper before starting talking.
legendary
Activity: 1066
Merit: 1050
Khazad ai-menu!
September 14, 2018, 09:22:57 PM
The beauty of the bitcoin is digital figure and its use through online purchasing and payments against services etc. So, I think we should have to provide internet for to make it common and I think there may not be a single country who do not have the facilities of using internet, even internet is almost present everywhere.
Sure for online payments, you wouldn't use physical form, obviously. But what if you are paying at a restaurant? Will you wait approximately 1 hour because they want 6 confirmations? What if you just happen to be in a store and there is no internet access? Will you wait until the internet comes? I never said we should go 100% into physical form. But it still brings some advantages. Actually, it brings a lot. I think adoption would also be a lot faster if BTC would also be represented in some secure/fair/transparent etc. physical form.

No restaurants I have been to have waited for even 1 confirmation.  Remember they also serve you food before you even pay, so if your intention was to be an asshole and not pay you already could have done that without bothering to prepare a Finney attack.

As to offline payments, there are a few forms of paper "bitcoin check" which one can prepare in advance.  The simplest is probably the check which has on it a private key containing some sum, of course the proprietor can't check or transfer until they go online but this is how cheques have always worked.  Another is to prepare a signed transaction,  very similar in practice as the proprietor can't check that it's valid or will clear until they go onilne. 

Physical forms aren't going to help you with this stuff. 



sr. member
Activity: 628
Merit: 276
BTC, ETH, XMR, LTC
September 14, 2018, 02:51:37 PM
The beauty of the bitcoin is digital figure and its use through online purchasing and payments against services etc. So, I think we should have to provide internet for to make it common and I think there may not be a single country who do not have the facilities of using internet, even internet is almost present everywhere.
Sure for online payments, you wouldn't use physical form, obviously. But what if you are paying at a restaurant? Will you wait approximately 1 hour because they want 6 confirmations? What if you just happen to be in a store and there is no internet access? Will you wait until the internet comes? I never said we should go 100% into physical form. But it still brings some advantages. Actually, it brings a lot. I think adoption would also be a lot faster if BTC would also be represented in some secure/fair/transparent etc. physical form.
newbie
Activity: 45
Merit: 0
September 14, 2018, 06:39:51 AM
The beauty of the bitcoin is digital figure and its use through online purchasing and payments against services etc. So, I think we should have to provide internet for to make it common and I think there may not be a single country who do not have the facilities of using internet, even internet is almost present everywhere.
newbie
Activity: 57
Merit: 0
September 12, 2018, 01:43:44 AM
If in the future Bitcoin will become a widespread currency, someone will notice that being digital can be a downside, because it makes Bitcoin 100% tied to the Internet, electricity and electronic devices, unlike fiat money that can exist in many forms. Physical Bitcoin already exists, but mostly for collectible purposes. If someone will decide a physical Bitcoin for payments, they will probably get a lot of Bitcoins (lets's say 10 000), lock them in and release paper currency that will be backed by those Bitcoins. It will work just like current cash, but backed by Bitcoin instead of gold, and it won't have any problems with private key ownership that you have described in your post.

It is a great concept and smart way to convert Bitcoin into paper currencies for necessary people in essential scenarios and of course today Bitcoin is entirely depending on the Internet and electricity and still many areas and regions in the world doesn't have those facilities properly and even have most retail and other payment options desire paper currencies over digital currencies so in such situations converting Bitcoing paper currency might be very valuable 
copper member
Activity: 34
Merit: 10
ICOHOLDER SUPPORT
September 11, 2018, 07:54:28 AM
Now, it seems to me, the probability of the appearance of physical bitcoin is not very high. At least batch production.
newbie
Activity: 49
Merit: 0
September 11, 2018, 07:44:14 AM
Some prefer paper Bitcoin because most currencies today used as paper currencies and that is the common way but this common way is digitizing rapidly and as an example print out papers that we used in our offices are not used often that much to save money and carbon so instead of that we use an electronic mail system which is very convenient and cost effective than a paper so it is the same for Bitcoin in paper form and digital from so even paper form is preferred today in the future digital from will be accepted as better
legendary
Activity: 3430
Merit: 1280
English ⬄ Russian Translation Services
September 10, 2018, 12:53:04 PM
I don’t believe that a physical existence of bitcoin is necessary. I mean after all the whole concept of the currency is that is it completely online and decentralized.

But you can't deny that in certain cases and under specific conditions (for example, when there is no Internet access in some hole), paper bitcoins could be quite useful - if we assume there is no more fiat sticking around. In fact, we don't even need physical bitcoins as such (though they would be perfectly legit) since depositary notes of some Bitcoin bank would do just fine, especially if you can at any time check their validity using a block explorer, that a certain note is actually linked to a certain amount of bitcoins on the blockchain. If I recall correctly, some company had already tried something like that in the past

It was BitNotes, if I'm not mistaken
jr. member
Activity: 86
Merit: 1
September 10, 2018, 07:42:53 AM
legendary
Activity: 1582
Merit: 1031
August 31, 2018, 02:23:24 PM
i also think that a bitcoin coin will bring some good benefits like the fees.
But we would also loose some good points like the security ....maybe it will be easy t print out that coin like fake money XD



kind regards
member
Activity: 98
Merit: 10
win
August 31, 2018, 02:20:03 PM
I don’t believe that a physical existence of bitcoin is necessary. I mean after all the whole concept of the currency is that is it completely online and decentralized.
newbie
Activity: 266
Merit: 0
August 31, 2018, 02:06:54 PM
newbie
Activity: 59
Merit: 0
August 31, 2018, 01:10:24 PM
The main difference between fiat and crypto is fiat has physical existence but crypto is virtual and if crypto also make physical subject then what will become the difference between them.
newbie
Activity: 152
Merit: 0
August 31, 2018, 10:29:49 AM
lol obviously not, answering bitcoin in the form of fiat is the future he is a fool. what's the use of the blockchain system if it ends up being the same as paper money today.
sr. member
Activity: 628
Merit: 276
BTC, ETH, XMR, LTC
August 31, 2018, 10:22:58 AM
No if bitcoin becomes physical then whats the difference between flat and crypto... Everything will be same then... everyone likes online transaction because they are not gonna take any space in our pocket. So better to be digital.
You do know that digital/physical form is not the only difference between cryptocurrencies and FIAT money? If I remember correct 97% of FIAT money is in digital form.
If we would develop good system every physical BTC would be backed by digital BTC hence all properties stay the same. And I hope you know that BTC has limited supply. And this is just one of the many differences between FIAT and cryptocurrencies.
member
Activity: 336
Merit: 10
August 31, 2018, 09:42:44 AM
No if bitcoin becomes physical then whats the difference between flat and crypto... Everything will be same then... everyone likes online transaction because they are not gonna take any space in our pocket. So better to be digital.
newbie
Activity: 59
Merit: 0
August 31, 2018, 09:18:40 AM
Bitcoin gain its popularity only because of its virtual form and if it released as a solid currency then I think it will lose its popularity and also users and hope it will never going to happen.
jr. member
Activity: 168
Merit: 1
August 31, 2018, 07:52:29 AM
physical bitcoin will never be because it is fundamentally wrong with respect to technology
sr. member
Activity: 628
Merit: 276
BTC, ETH, XMR, LTC
August 31, 2018, 06:08:51 AM
If Bitcoin goes physicalized, the high fee problems will be solved well. Physical Bitcoin is simple enough and requires no fee for each transaction. People who are tech-dumb can easily to approach Bitcoin. But meanwhile, legistration will be an obstacle. Governments will definitely intervene or crack down on it.
We must keep in mind that governments are nothing without it's people.
Same goes with FIAT money. It is worth nothing if world population don't trust in it's value. So if people would make this transition quickly richest FIAT people would lose all their power.
But of course those people are smart - meaning if they won't be able to win against they will use it to generate even more value. So be smart, outsmart wealthiest people and you will definitely win.
full member
Activity: 546
Merit: 100
August 31, 2018, 03:25:24 AM
We know that bitcoin is now using for internet purposes but if the value of bitcoin is stable and it has a physical shape so it will be more valuable and it will be a universal currency but i don't think so it will possible in the coming 10 years.
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