What a physical Bitcoin could look like? - page 2.

Gallar

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

Thoughts on this. Now at this time. It would be almost impossible to make a physical Bitcoin. But with advances in technology it could be possible. Maybe if you have just whole numbers of Bitcoin, eg 1 Bitcoin.
i am thinking its possible into a almost like a paper note format, with bar codes etc on it. It would be centralized in physical form almost, but i think it could be possible to actually have a physical aspect that could be moved in the real world.

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

In my opinion, bitcoin is not suitable if it is made into a physical form, because if bitcoin is used as a coin in physical form, I am sure that changes will occur to the existing bitcoin order and system. Besides, bitcoin is different from currency in general, currency usually has a fixed price and someone manages or regulates it, in essence, ordinary currency is centralized. While bitcoin is the opposite of the fiat currency, bitcoin is not centralized or decentralized, and bitcoin has a fluctuating price. So if bitcoin were to be taken into physical form, how would it work, like fiat money? I think it's not suitable. And in essence, the current bitcoin system must maintain its authenticity at any time, so as not to change its vision and mission.

ItsCrafty

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Very difficult to give any physical shape to BTC because Btc is available on Blockchain and from 2009 to today no one success to give physical shape. Satoshi Nakamota also failed to give any physical form.

If we want to allocate any physical form today then we should first imagine about Satoshi shape that how it will be look like because Satoshi is unit of Btc and not everyone can now buy whole btc because of huge price.

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

Thoughts on this. Now at this time. It would be almost impossible to make a physical Bitcoin. But with advances in technology it could be possible. Maybe if you have just whole numbers of Bitcoin, eg 1 Bitcoin.
i am thinking its possible into a almost like a paper note format, with bar codes etc on it. It would be centralized in physical form almost, but i think it could be possible to actually have a physical aspect that could be moved in the real world.

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

First of I think it wouldn't really be Bitcoin at all they are just going to copy the name, the price keeps on moving and each whole coin contains a 100M sats and every sats have a value, so if they would make a physical coin I think it would be Sats or Bits.
And if it would ever happen then I guess others would just see it as a collector's item, not as a currency.

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I guess the closest thing to a physical Bitcoin would be the hash of the block that was rewarded with the coin(s). But then, what is a physical number? That is another abstract concept, you can have a representation, but which is the correct one between "10" and "X".

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

i am thinking its possible into a almost like a paper note format, with bar codes etc on it.

Who is going to print and distribute these notes? Whosever is vested with that much power will be able to keep track of every note issued and that defeats the purpose of anonymity and decentralization.

Also if there are physical notes for bitcoins, what would they really mean? will it mean that just as our bank accounts where any money you withdraw from your account and turn to fiat is no longer available in your bank account. That is any of your bitcoins that you decide to turn to bitcoin note will no longer be Available on our wallets? Or will the notes just be a representation? It makes no sense to me. If the notes are just representation of what you have in your wallet, of what purpose will it be? why will someone want to get these notes?

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I always envision a physical btc to look like a shining gold coin, that seem to be more befitting for the number one digital currency. The color gold symbolize superiority and that's what btc should have.
But i think btc will best remain as digital currency than having a physical coin, carrying coins all about is not easy, one of the qualities of digital currency is it's convenience nature. I think the majority will like it more as a digital than the physical coin.

Wend

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I won't use it because if bitcoin is physical, it is no different from government controlled fiat. And if that idea happens, it's not bitcoin either because bitcoin is not centralized and isn't controlled by anyone. I haven't seen any man-made tangible assets that can become decentralized, and that goes against the ethos of bitcoin.
But your idea will most likely be used by the government because they are trying to control us, but I believe bitcoin lovers will not accept it.

Stella Mese

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In my opinion, what makes many people like and interested in investing in bitcoin is the convenience of transactions because bitcoin transactions use the internet, which of course provides convenience.

if bitcoin is made into a physical form I feel the sense of transaction convenience will be reduced.
so i think the current btc is the best.

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We have enough material things in life, and usage of the Internet and digital things is only getting more and more popular. So, honestly, I think it's safer and more convenient to have Bitcoin in its digital form, as you don't need to carry extra weight around, and you are thus less likely to lose it somewhere or to have it stolen from you.
If someone really wants a physical Bitcoin, some sort of Bitcoin coin with a chip for payments or just a Bitcoin physical wallet in a form of a coin could be created. I've seen versions of physical Bitcoin coins online, and that's exactly how I'd imagine it to look, but since Blockchain is online, a physical Bitcoin that isn't connected to the network won't really be Bitcoin.

Mame89

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

I never imagined that bitcoin would be printed in physical form. Because for me the security and transaction methods owned by Bitcoin are one of its main advantages. If Bitcoin is printed in physical form, then the profit will be lost, and that is not really possible. Bitcoin is a digital currency that is globally distributed, so it has no physical form. In contrast, Bitcoin is accessed via the internet network and stored on hardware.

After all, printing Bitcoin in physical form will also cause some problems. First, printing physical Bitcoins will cost a significant amount of money, and their physical value will not be the same as digital Bitcoins due to limited amounts and physical properties. Second, the minting of physical Bitcoins will require more complex issuance and management than fiat, because Bitcoins are not controlled by governments.

In this case, the best advantage offered by Bitcoin is the security and convenience of transactions over the internet network. So, it's better to maintain these advantages and not change the main characteristics of Bitcoin by printing it in physical form.

Bazzu

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if bitcoin is in physical form, in my opinion, it fits like fiat metal money, I think yes ... and that's all that is pictured in my mind.

but in my opinion bitcoin is suitable as it is now because if it is made in physical form I think the value of bitcoin will decrease.
and also what I know is that the purpose of Satoshi Nakamoto in making bitcoin was not to be made into a physical form but bitcoin is a digital currency that cannot be touched.

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If Bitcoin were issued in physical form, the key consideration would be the absence of usage restrictions, such as storing Bitcoin in a wallet. Although I am uncertain about the possibility of Bitcoin existing in a physical form, I have previously contemplated this notion, and the concept I envisioned for physical Bitcoin would be a compact object with a chip inside, secured with fingerprint authentication.

However, I remain skeptical about the practicality of using Bitcoin in physical form, as I believe it would be more challenging to facilitate transactions. Therefore, the most suitable form for Bitcoin remains digital, stored in a digital wallet as it currently exists.

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I thin BTC in physical already exist, I've already seen some and it looks like actually a coins. Of course I'm not sure if it was made by legitimate people but they are selling it not that expensive unlike the digital value of BTC. It can't be used in any transactions as people doesn't acknowledge BTC as payments in here some even think of it as a token in some amusement park which is very funny. Maybe it can be use for collections for people that love to collect things and can be use for trading some stuff like " i have btc on hand for your plant" for fun since internet nowadays is very random.

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Making a physical Bitcoin will not serve its purpose it would be the same with physical fiat, no matter how printed it is or if it would be coin it wouldn't be the same Bitcoin for sure as the one controlling it is those who printed it. Though lets just say that it will be a physical one it would be for sure a coin the same with those collectible items as it a coin. There are couple peoples making a coin with Bitcoin logo which for display purposes and it is cool to see but it has no value

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

Thoughts on this. Now at this time. It would be almost impossible to make a physical Bitcoin. But with advances in technology it could be possible. Maybe if you have just whole numbers of Bitcoin, eg 1 Bitcoin.
i am thinking its possible into a almost like a paper note format, with bar codes etc on it. It would be centralized in physical form almost, but i think it could be possible to actually have a physical aspect that could be moved in the real world. What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

Humans have sound reasoning skills that make them come up with ideas that are beneficial to society. Sometimes these ideas are not available or may have little or no benefit. A physical Bitcoin will be less attractive to many people because it will be highly prone to theft. Presently people don't even like moving around with physical fiat because it is risky and burdensome. A physical Bitcoin might also be expensive to create because it will have both technological and physical costs. It might also need extra effort to preserve or care for just like gold and other precious stones. For me, Bitcoin is okay the way it is currently because it is unique and operational.

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

I imagine it must be like the butt of a 20 year old woman sunbathing on a Hawaiian beach. The way it works is quite easy, leave it under the hot sun for a while without applying any sunblock cream then look at the men around. I'm sure they were tempted at first sight.

And see if this post will sufficiently meet the unique post criteria, lol.

fuguebtc

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But the question is, what is the benefit of this? And I don't see any benefit to using physical bitcoins. Moreover, this will break the original purpose of bitcoin, bitcoin is a decentralized currency, and no one has control over it. But if we are to create physical bitcoin and let it have value and circulate, it needs to be issued and recognized by the government. That will make bitcoin centralized, and the government will be the ones achieving the goal of controlling us rather than benefiting us. This idea is impractical and not much to discuss.

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

Although physical Bitcoins do exist but they are not used for day to day transactions , instead they are often collected as novelty items. Using Bitcoins as mode of payment will require a central authority to issue and regulate it, which goes against the core concept of decentralization, which is the foundation of bitcoin network. Therefore use of physical Bitcoins for daily transactions could potentially compromise the integrity and decentralized nature of digital currency.

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

for collective purpose , then there are so many of them in the market now as there are also some copies that created to have a look like for bitcoin.
but this is just a looks thing , but to be a in use as physical one?am not sure if this is possible because how can you handle a online currency?
and this will not be different from fiat and gold once implemented so what is the sense of this being created?

MarjorieZimmermanGinger

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Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

Thoughts on this. Now at this time. It would be almost impossible to make a physical Bitcoin. But with advances in technology it could be possible. Maybe if you have just whole numbers of Bitcoin, eg 1 Bitcoin.
i am thinking its possible into a almost like a paper note format, with bar codes etc on it. It would be centralized in physical form almost, but i think it could be possible to actually have a physical aspect that could be moved in the real world.

If it's not possible why are you trying to ask about something that is impossible and I believe that you know this is something that is impossible to happen, nothing can be trusted from a centralized entity if it involves a physical form, what distinguishes bitcoin because it has nothing in common with another.

Making bitcoin in physical form, what does it do? and what is it made for? and I also don't understand what you mean almost centered in physical form and to me this doesn't make any sense at all.

Quote from: worldtraveller321 on April 26, 2023, 05:15:56 PM

What are your thoughts on what a physical Bitcoin could look like and an idea on how it would work?

Again this kind of question is like slapping someone's ass, physical form and the idea of how it works have nothing to do with it.

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