Will Bitcoin ever exist in currency notes? - page 3.

tisoysoy

copper member

Activity: 362

Merit: 1

Quote from: Myown55 on November 11, 2018, 08:51:20 PM

It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.

The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.

If that ATMs was really existed in some parts of US I think it will automatically convert into fiat once somebody attempted to withdraw it. We all knew bitcoin is a form of digital money and just a alternative money that can only perform in online trsnsaction.

coinnumber

jr. member

Activity: 504

Merit: 5

Quote from: Myown55 on November 11, 2018, 08:51:20 PM

It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.

The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.

There's no plans of making bitcoin a paper currency, I think that can cause devaluation to bitcoin. The Bitcoin ATM Machines are own my companies not banks and the function is to covert bitcoin to fiat and fiat to bitcoin. This is to make transaction easy for their customers and add more liquidity to bicoin.

Msworld83

copper member

Activity: 448

Merit: 0

StableDex | Decentralized, Secure & Cost Effective

Having bitcoin in paper note will be a damage to its value as that alone will affect it safety and mining purpose for which the same coin will be in someone wallet and having the note doesn't state the owning of the coin , so I see no reason to have a currency note in bitcoin why sending and receiving is what generate the new coin .

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Quote from: hakertajniak on February 09, 2019, 10:51:37 AM

If bitcoin exist in currency notes, then it will be no different from fiat money.
I guess bitcoin better stay in digital form than in currency notes because bitcoin is a digital currency.
You will have a higher chance to lose your bitcoin if it is not on the digital form.

It's not only the paper forn that differs Bitcoin from fiat money so with having Bitcoin notes they will not become equal. But no matter to that I really don't think there is any need for Bitcoin to get currency notes. Bitcoin is cryptocurrency, digital money and we are having towards digital world and era so the smaller amount of paper forms we use, the better. To my opinion Bitcoin should stay fully digital.

hakertajniak

member

Activity: 504

Merit: 10

YOUC | John McAfee Supports

If bitcoin exist in currency notes, then it will be no different from fiat money.
I guess bitcoin better stay in digital form than in currency notes because bitcoin is a digital currency.
You will have a higher chance to lose your bitcoin if it is not on the digital form.

trader34

member

Activity: 434

Merit: 38

Quote from: MonaLeeTracy on February 08, 2019, 04:57:41 PM

Quote from: Myown55 on November 11, 2018, 08:51:20 PM

It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.

The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.

I think exchanging our coins in a bitcoin ATM is certainly fiat money, not in the form of bitcoin anymore. because bitcoin atm is also not widespread yet. so it's still rare. Moreover, our goal sometimes to use a bitcoin atm can make it easier for us to exchange our coins into fiat currency.

Yes, Bitcoin ATMs can be useful to buy more easily bitcoin with fiat money. However, you will pay higher fees for the service. Much higher fees in many cases. If one isn't really a newbie, exchanges are always the best way.

MonaLeeTracy

sr. member

Activity: 1092

Merit: 269

Quote from: Myown55 on November 11, 2018, 08:51:20 PM

It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.

The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.

I think exchanging our coins in a bitcoin ATM is certainly fiat money, not in the form of bitcoin anymore. because bitcoin atm is also not widespread yet. so it's still rare. Moreover, our goal sometimes to use a bitcoin atm can make it easier for us to exchange our coins into fiat currency.

Ezenwanyi

copper member

Activity: 336

Merit: 1

From my point of view, I understand that bitcoin is only but a decentralized virtual currency.
If bitcoin would be in paper form, I think Natoshi would have seen to that long ago.
Ido not think that bitcoin will becone paper money in The nearest future as that would defeat the purpose of it's creation.

Triwiyono

full member

Activity: 504

Merit: 100

in my opinion this bitcoin atm will attract money in the form of fiat and also in the form of transactions. for example, like withdrawing fiat money, the system will directly sell the bitcoin that the customer has at that time, or they can easily pay to use bitcoin through code or transfer like on a typical atm machine.

Kelvinikke

member

Activity: 350

Merit: 10

A Blockchain Mobile Operator With Token Rewards

I don't think so. Bitcoin is a digital currency and not a fiat currency so what is the point in making a physical representation of it. One of the main reasons why bitcoin was created was to create a fast mode of payment system without the use of physical money. So why on earth do you want to have a physical bitcoin currency.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

Quote from: hxtop on January 29, 2019, 02:01:23 PM

As a result of the high interest in bitcoin ATMs, banks may have wanted to take advantage of this trend and keep their customers by offering alternatives to their customers. Maybe, they are too late to do that and missed their chance. Since bank ATMs are widely available around the world, banks have a moderate advantage and if they allow bitcoin transactions to be made at these ATMs in a short period of time, they can recover their lost time.

If the bank does an extradition of the use of bitcoin then it will make a very big change. true as you say that ATMs can make very big changes. when there is an ATM it will make bitcoin more real and get closer to the lives of many people. we should wait for what will happen in the future. we wait for all that with patience and we will seize the opportunity to get multiple benefits in the use and investment of bitcoin.

hxtop

hero member

Activity: 1071

Merit: 500

As a result of the high interest in bitcoin ATMs, banks may have wanted to take advantage of this trend and keep their customers by offering alternatives to their customers. Maybe, they are too late to do that and missed their chance. Since bank ATMs are widely available around the world, banks have a moderate advantage and if they allow bitcoin transactions to be made at these ATMs in a short period of time, they can recover their lost time.

miner32342

full member

Activity: 599

Merit: 100

PointPay.io

Quote from: ?? on ??

nope, that's not possible, it's against the bitcoin Whitepaper.

Why not? I think some cryptobanks are already working on it. Once they create an instrument of implementing this idea and solve the legislature issue in particular jurisdiction, they will be able to place such securities on the balance of the bank account. Thus, bitcoin will be more attainable to general population.

It's not a question of bitcoin's Whitepaper - it's likely a legal question.

Blocktopian88

jr. member

Activity: 80

Merit: 1

Coincidently, I've read an article about half a month ago, it said you can now buy Bitcoin at some grocery stores in the US. Bitcoin ATM company Coinme is partnering with coins-to-cash converter Coinstar to allow bitcoin purchases through Coinstar kiosks. The kiosks will only accept U.S. dollar bills, with a $2,500 limit. To purchase bitcoin, users would have to input their phone number to the kiosk and insert their paper bills. They would then receive a code, which the customer would be able to use to redeem bitcoin by creating a Coinme account online.

Pattart

hero member

Activity: 1190

Merit: 500

Quote from: Dondisimo on January 25, 2019, 02:40:38 PM

What for? Digital currency on the contrary invented to get away from these extra pieces of paper. Then why turn the bitcoin into cash? This is unnecessary, and it is unlikely to happen.

Thats right, I don't think technology will go backwards. although cash is still a lot of users but bitcoin will never be paper,
digital will be increasingly used, this only takes time, because the process of becoming a mainstram takes a long time you know.

FUD Expert

full member

Activity: 434

Merit: 100

Maybe a souvenir or for display in a museum would do but for daily use then that is merely impossible. What's the point of blockchain when we'll just go back using fiat that we are trying to dispose in the first place? I just know that bank can issue a commemorative just like that one but it's just a possibility.

Screamshot

jr. member

Activity: 140

Merit: 2

FUTURE OF SECURITY TOKENS

Bitcoin existing in a currency note will go against it's purpose of creation. Bitcoin was created to break all boundary and that can only be achieved through digital currency. Making it into note will give it same disadvantages the fait currency we have today has. Fait currency are old news bitcoin is the future.

Onuohakk

member

Activity: 672

Merit: 29

Bitcoin is not like every other currency it's backed by the blockchain system.
And this makes it unrealistic of it becoming into a fiat note

marjil

member

Activity: 454

Merit: 13

Quote from: Sawadekub on January 25, 2019, 09:45:26 AM

Quote from: ?? on ??

maybe in the future it will happen that we can withdraw our bitcoin into a fiat or deposit our fiat into deposit instantly using Bitcoin ATM, but fir right now it will not happen, because of the policy in all country in the world

What are you talking about? Already there are many bitcoin ATMs in different countries across the globe. With their help, you can buy bitcoins (like some other crypto currencies) and withdraw your bitcoins (and some other crypto currencies) to fiat. So this is not a ghostly future this is the real reality.
Here is a link where you can find more information on this issue.
https://coinatmradar.com
As well as a quick visual hint:

This is so spot on. I was also going to say that there are all over the world many ATMs already available. They operate on the same basis as transferring cryptocurrency via the blockchain the only difference being that you use a card for the transaction. There is no such thing as bitcoin notes or physical bitcoin coins and there wouldn't be because cryptocurrencies are based on code on the blockchain with the transfers being enabled via a combination of a public key and a private key.

BennyK

member

Activity: 672

Merit: 14

I don't think Bitcoin will ever be printed out as currency notes. One of the main goals for the creation of Bitcoin was to make money handling very handy and to also avoid all the wear and tear features associated with paper currencies. Where lies the uniqueness of Bitcoin if it is printed as paper currency?

Topic: Will Bitcoin ever exist in currency notes? - page 3. (Read 19874 times)