Will it make sense if someone turned bitcoin into paper money?

odolvlobo

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To everyone that says it can't be done:
It has already been done.

It is called a "physical bitcoin". It is not practical to use them as currency because they are expensive to manufacture, so they are made for collectors mostly.

ben-iyieke

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This kind of system would only be effective if and only all countries in the world have the same state of technology and economy. Having one currency would mean same prices for the same goods all over the world, but what would that do to third world countries? Make it poorer and no more chance of development, a good idea but terrible for the World economy.

swscowods

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Quote from: ellabanana on February 25, 2018, 08:35:05 AM

No, it doesn't. If it will happen, cryptocurrency will lose its essence. Bitcoin was created hoping to have a transaction with no paper money.

It is quite an illogical thing and that there is no way that such kind of thing will ever happen. The thing is bitcoin is a digital currency which actually means that it is an online currency having its own specifications and characteristics. It cannot be converted into paper money or anything like that as it is quite different from other regular currencies. Bitcoin is and will remain the way it is now.

jeffer8035

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I think it would be more of the same, therefore it would not be advisable since it would lend itself to tranpas and big scams is better to keep it virtual since you can see it in the chain of blocks and so it is more auditable and safe on paper would not be what your wallet can be any electronic device and it is safer and nobody will know where you keep it in the banknotes if

Coin12

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Quote from: mezzaluna on February 25, 2018, 04:26:55 AM

A good idea but terrible for the World economy. You see, foreign exchange (the trade for fiat) has been develop as an investment too. This kind of system would only be effective if and only all countries in the world have the same state of technology and economy. Having one currency would mean same prices for the same goods all over the world, but what would that do to third world countries? Make it poorer and no more chance of development.

I think this is not good idea and its also very hard to realize in real world.
Every country has their own fiat which is proud being used by their citizens and the fiat money become tools as unifier between all citizens.

KesoNie

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Quote from: FrueGreads on February 25, 2018, 03:48:51 PM

Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

I don't think so, simply because of the implications that would bring to the currency. How would you prevent that those paper replicas would not be counterfeited? Banks do that for us, but they are centralized, and we need them to do so. Bitcoin allows for trustable transactions without the need for third parties to verify them, because of its blockchain system. If introduce a paper representation we will just lose that feature, and we will be dependent of a third party method of verification, and not just the bitcoin network.

I don't think so also because as what i have knew bitcoin was made for digital currency purposes only. Maybe those whom planning to make bitcoin into a paper money should consult first satoshi gor he is the one who craeted it. And since bitcoin is not accepted in most countries so it would probably be impossible to happen.

Ahimoth

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Quote from: carlisle1 on February 25, 2018, 08:05:37 PM

Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

theres no need spending time and effort creating the paper money,since bitcoin is convertible into physical money..so youre question is will it make sense?no actually it's nonsense,the next time some idea crosses your mind.make sure your mind working before putting this nonsense post lol.

If that will happen then bitcoin will no longer be different from the traditional fiat currency. It will not be a cryptocurrency anymore. Bitcoin's sytem is different from fiat money in some ways. It a currency on the Internet uncontrolled by a sole authority. It's sytem is what makes it advantageous over fiat currency.

carlisle1

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

theres no need spending time and effort creating the paper money,since bitcoin is convertible into physical money..so youre question is will it make sense?no actually it's nonsense,the next time some idea crosses your mind.make sure your mind working before putting this nonsense post lol.

sabine80

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

without blockchain the paper money is not protected and how and who will print it? who will have control over it? if you print paper money and call it bitcoin, you have no other thing than another fiat currency. think about it and try to understand bitcoin. it is better than printed paper money, i think.

An0nyMoose

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No. It just can't work like that. You could put a private key on a note and consider it money but the moment someone reads the privatekey with some scanner they can just empty it immedietly.

vincentong17

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Bitcoin in a printed paper yes it's possible then they will just scan it where ever or when ever we go. If bitcoin is a form of cash then forget decentralization and a blockchain. Technology will remain stable or lower community.

wxa7115

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

No, governments will do the same trick they did to gold if that happened, they will have some bitcoin in cold storage and they will print their currency representing an amount of bitcoin in store but they will keep inflating their currency until the day the governments realize they have too much currency in circulation and then they divorce gold from their currency and create fiat in the process, they will try this with bitcoin but since bitcoin is easier to use and carry than gold they will fail.

muhammedb

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I don't think so, because turn bitcoin into paper money will automatically affect it price and value and it will also move it away from blockchain which will cause it many crises,

FrueGreads

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

I don't think so, simply because of the implications that would bring to the currency. How would you prevent that those paper replicas would not be counterfeited? Banks do that for us, but they are centralized, and we need them to do so. Bitcoin allows for trustable transactions without the need for third parties to verify them, because of its blockchain system. If introduce a paper representation we will just lose that feature, and we will be dependent of a third party method of verification, and not just the bitcoin network.

yamete kudasai

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

Well, I think it won't make sense. Bitcoin is a cryptocurrency under the category of digital currency so giving it a physical form like fiat, won't be helpful given that Bitcoin is volatile and its market value changes a lot. It will be a problem to do such thing lso because Bitcoin is decentralized and it won't be easy to use if you are not familiar with it.

audrey12

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

That's possible only if bitcoin will be having a fixed value, but in the current situation bitcoin has today it would be difficult ti established a paper money equivalent to bitcoin besides the idea and concept of bitcoin will be lost. The reason why it was created and introduce is to eliminate the use of paper money and to have a new era of payment method, digitalized, fast and reliable.

Dvach

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It's quite hard to imagine this. The concept of bitcoin is decentralized, secure and anonymous payment method. It would be hard to implement all those features in paper money. Maybe it could be possible to implement it in the future.

Yakamoto

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

You can't make an equivalent for Bitcoin with paper money, though. There's nothing that would work with something like that because you would either quickly run into governments looking for a blanket ban on whatever it would be that you're creating, or it would be subject to the whims of counterfeiters that would almost definitely be able to get around your security features if you don't develop the design around government-tier security. Then you also have no computing power that can make sure the transactions are being confirmed in the same way, among a ton of other things as well. A complete mess for the designer if it is supposed to go beyond what it has detailed.

buytheeffinD

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Quote from: kjnfmplm on February 25, 2018, 04:19:07 AM

Just crossed my mind today. Will it make sense if someone will create a paper money equivalent of bitcoin? And the coins will be the smallest unit of bitcoin, Satoshi? Like the currency today? I think it is okay if it became a globally accepted currency. And it will serve as a payment for everyday goods. What do you think?

Don't know why you would want to go from the most secure money network the world has ever seen to the type of money that has been corrupted in history a thousand times over. Hmm, not too tough of a decision anymore now is it? Roll Eyes

avadonne

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It doesn't make any sense. Why would be? The purpose is to become cashless society. Digital era is now we are and digital cash will come one day. So making Bitcoin equivalent to paper money is not good for me.

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