Topic: Will Bitcoin ever Become Physical coin ? - page 2. (Read 755 times)
It already is in the form of casascius and others that followed but that is more art than a real use scenario. More than likely, bitcoin will be used like apple pay soon, you load your phone with btc, then tap at the register and have it converted to fiat.
If you're really that interested though, the best we have right now is a paper wallet or an Opendime[1]. It's probably just a good idea to swipe the funds at the moment you receive them.
[1] https://opendime.com/
[1] https://opendime.com/
I like this one the best, I'm waiting for an update to when it uses segwit addresses.
Bitcoin is created to get rid of physical coins (FIAT) so why do we have to go back to using physical coins.
If we are going to exchange bitcoins manually, how transactions are going to be recorded on the blockchain?
Some physical coins have been minted but they are used mainly to store bitcoins for long time not to exchange them.
If we are going to exchange bitcoins manually, how transactions are going to be recorded on the blockchain?
Some physical coins have been minted but they are used mainly to store bitcoins for long time not to exchange them.
Cryptocurrency Become Really Big, Bitcoin is king of crypto world. in Future any chance physical coin manufactured ?
Not in the way as in fiat cash that represents value, bitcoin doesn't need that because it is valuable itself, it doesn't represent it.
And they are trying to get rid of fiat cash as well. Not because counterfeit bills but because they want to track the owners of cash.
But as people have pointed out, there are physical coins as in gifts containing the private key, so you can either store them or empty them. I am guessing that many physical coins has been emptied by now.
Cryptocurrency Become Really Big, Bitcoin is king of crypto world. in Future any chance physical coin manufactured ?
Physical coin manufactured by means as collectibles(there are lots of them already), bitcoin doesn't have a central bank that mint a coin from a machine/
Did not like the concept at all. If BTC becomes a physical currency then what about the decentralised and anonymous properties 
As a collectible coin or a memorabilia yes, why not. But if you expect to carry bitcoins in your pocket and pay with them like you do with fiat currencies it wont happen. It is digital money, you don't need to touch it or physically carry it with you. All the protection is in the private keys that let you spend it.
Yes there is no need of having a physical coin as this goes against the concept of bitcoin creation but as you have rightly mentioned it can be just created as a collectibles just like medals, trophies but cannot be used for real life transaction as it will make go against the government and their will be legal consequences as well.
I see no point in this besides it being a collectible. Physical Bitcoins are fetching high prices, especially if they belong to a limited edition that is no longer produced.
It's difficult to confirm the coin is real right away. It may work for fiat currencies because fiat coins are usually of low value. It wouldn't be worth it for someone to make a 2 EUR coin because the metal needed for that process is worth almost 1 EUR by itself. It's different with Bitcoin. It would be very profitable for people to try to counterfeit a coin worth 5k EUR, or something of that sort.
Who would make these coins? Who would pay premium for them to make it worthwhile for the manufacturer? Would you?
It's difficult to confirm the coin is real right away. It may work for fiat currencies because fiat coins are usually of low value. It wouldn't be worth it for someone to make a 2 EUR coin because the metal needed for that process is worth almost 1 EUR by itself. It's different with Bitcoin. It would be very profitable for people to try to counterfeit a coin worth 5k EUR, or something of that sort.
Who would make these coins? Who would pay premium for them to make it worthwhile for the manufacturer? Would you?
Cryptocurrency Become Really Big, Bitcoin is king of crypto world. in Future any chance physical coin manufactured ?
Why do you need a physical coin when the whole purpose of the cryto currencies is digital ?
If you still like the physical coins better find a coin of your choice from the fiat market as there are many different coins available. Let the bitcoin be the way it is.
As a collectible coin or a memorabilia yes, why not. But if you expect to carry bitcoins in your pocket and pay with them like you do with fiat currencies it wont happen. It is digital money, you don't need to touch it or physically carry it with you. All the protection is in the private keys that let you spend it.
I doubt it. The whole idea behind cryptocurrencies for being digital is for the sake of convenience and regulation on the internet through the blockchain technology. In addition, there should be a country representing the value of bitcoin as being a physical coin means dealing with transactions all over the world. If some countries do not recognize it as a legitimate currency, it would only create future problems especially on its transactions.
Well those coins are purely collectibles and do not hold any value at all (except for its price on the market) as it does not represent bitcoin completely.
Actually there are already bitcoin coins circulating though there are minimal like casascius coin that have value same or more than BTC currently prize. But if having bitcoin coin like our fiat coins is not needed as it will not perform it's purpose of being decentralised, so it's better to have btc in our wallets than actual coins.
Well those coins are purely collectibles and do not hold any value at all (except for its price on the market) as it does not represent bitcoin completely.
Cryptocurrency Become Really Big, Bitcoin is king of crypto world. in Future any chance physical coin manufactured ?
Possible but fully contrary on why bitcoin being created.Its a digital currency and making it as a physical coin isnt really that something should really be think of.We have seen some physical coins with had some embedded amounts of btc on it.Yes its a cool idea but it would just remain to be like that and going further isnt
really that something that can be implied globally.
Physical as itself not will become, here regulate very serious organizations
The problem with physical coins or also called Casascius coins is the fact that minting your own currency is illegal in most countries. Governments
are the only entity that are allowed to print or mint physical currencies. The other problem is that something like this goes directly against what
Bitcoin stands for. No central entity should have control over the creation of the currency, because that entity can manipulate the supply and it
will influence the value of the coins that were already created in the past. Bitcoin's value is purely based on Supply & Demand and the supply is
not determined by a single entity.
are the only entity that are allowed to print or mint physical currencies. The other problem is that something like this goes directly against what
Bitcoin stands for. No central entity should have control over the creation of the currency, because that entity can manipulate the supply and it
will influence the value of the coins that were already created in the past. Bitcoin's value is purely based on Supply & Demand and the supply is
not determined by a single entity.
Cryptocurrency Become Really Big, Bitcoin is king of crypto world. in Future any chance physical coin manufactured ?
Already forum members given in what ways a physical bitcoin could be made.But Why do you think we are in need of a physical coin in this modern world,bitcoin coin was created for security purpose so its not for the physical transactions.
If we talk about usable physical Bitcoin, this means that paper wallets and collectible coins are out of the question, as they don't provide any security. So, there's 2 choices left - either use some small tamper-resistant devices like Opendime, or have a centralized company that issues Bitcoin backed notes. The first option is more decentralized, but it's not suitable for smaller transactions and there's always the risk that someone will learn how to tamper with the device in order to cheat. The second option is very centralized, and there may be even risks of them running fractional reserve.
Short Answer: Yes. But why we need it?
Why do we need a physical currency as long as all transactions must be conducted digitally?
Such an adjustment would be at the end of the currency and therefore would only constitute a further burden in its circulation.
I'm thinking the same thing too. I mean, Bitcoin was made to be a digital currency. It's meant to be anonymous and without having the need of a third party. Why do we need a physical currency as long as all transactions must be conducted digitally?
Such an adjustment would be at the end of the currency and therefore would only constitute a further burden in its circulation.
If it is to have a physical coin, I'm afraid that the essence of anonymity and decentralization might be lost, don't you think?
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Bitcoin is digital currency and if ever it will convert into physical coin not the physical coin we all know since that is BTC wallet. Then it will kill the decentralisation of BTC since BTC transaction will not be listed on blockchain because people will buy and sell using the physical coin itself. And also miners will have less profit on mining fee.
Most importantly we are already upgraded to digital which is fast and reliable. So why we will go back again to physical payment?
Most importantly we are already upgraded to digital which is fast and reliable. So why we will go back again to physical payment?
Here is a picture of one of the Casascius coins that people have mentioned:
They can be traded in the collectibles forum: Economy > Marketplace > Goods > Collectibles
They can be traded in the collectibles forum: Economy > Marketplace > Goods > Collectibles
There are physical coins being held by some people. There are private keys engraved on it but it’s not an official currency nor the coin has its value. It just like a piece of paper where you put your private key with a small amount of satoshis in it. Can be used as souvenir though.
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