Topic: Will it make sense if someone turned bitcoin into paper money? - page 3. (Read 440 times)
February 25, 2018, 06:02:02 AM
Am agree with all here who said it doesnt make sense at all.. I cant imagine if it happen, moreever in my country bitcoin forbiden to be exchange Only allow for investment..
February 25, 2018, 05:51:36 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 think you are saying that if someone prints a Bitcoin paper wallet and use it as a fiat currency, will it work? yes but it doesn't make sense, lets say you purchase something and you want to use that paper wallet that contains Bitcoin to pay for it, I don't think it's a good idea for a seller to receive a paper wallet as payment because the one who printed those paper wallet knows the private key, so he can just use the paper wallet to pay for things and just import the private key to a wallet and send all the Bitcoin to another address. Bitcoin was designed to be a digital currency and intangible, and for you to have a secure transactions, all transactions should be broadcast to its network and gets confirmed. February 25, 2018, 05:46:41 AM
Like somebody else said we buy bitcoin with our paper money and then sell it back to get more paper money, so no this wouldn't make sense, also then the controls and authenticity of it would be much harder to follow as there would be no algorithm preventing more being printed, also the name itself is BitCoin not BitPaper so no i definitely do not see that happening there is no reason why somebody cant just print their own replica though i guess
February 25, 2018, 05:41:48 AM
No, it does not make sense at all. Why make a paper equivalent of bitcoin where bitcoin is an electronic cash. If you will see Satoshi Nakamoto's white paper the title says it all. "Bitcoin: A Peer-to-Peer Electronic Cash System"
February 25, 2018, 05:16:20 AM
This idea sounds interesting but impossible. We know that bitcoin has a limited supply and it can't be a papermoney .Come to think also that bitcoin value is indefinite,how could it be? And what happen to cryptoworld if bitcoin turns to papermoney?
February 25, 2018, 04:54:11 AM
In my opinion, this is absolutely impossible. and all the main advantages of bitcoin will be lost !!!
February 25, 2018, 04:49:33 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?
If you mean to print a wallet and the keys to it on a piece of paper and use that as payment like a dollar note, that will not work.The bitcoins are still on the blockchain and everybody who gets that piece of paper will have all access date to remove them to a different address.
Very soon the coins will not be anymore on the address shown on the paper, so the paper note becomes worthless.
It is possible to hide the keys in a way that destroys the note or otherwise reveals the key has been broken into in order to reveal it, the same way casascius coins and newer designs work.
It would make money much more difficult to fake as well as anyone could check the public address if in doubt to the notes authenticity.
February 25, 2018, 04:35:13 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?
It does not make sense because the selling point of Bitcoin's innovation is its efficiency that is at par with times. If you turn Bitcoin into paper money, what then is the essence of Bitcoin? Isn't it we want it because there is no more need for us to carry a huge amount of money wherever we go to pay bills, travel, and etc.? We need not ask for change when we exact payments? We need not worry of thieves going after us since we have a huge amount with us? That is the spirit behind Bitcoin. The reason cryptos are around because there is a belief that time will come all transactions will be paperless. Thus, your imagination is beyond reason I cannot help but get disappointed.
February 25, 2018, 04:34:57 AM
Bitcoin is not like as fiat currency though it has the same usage as money. I can't imagine how bitcoin will be transferred in real money. For example, if you have 1BTC and it is equal to 10k usd right now and you want to buy a piece of paper that costs around 1usd only. I think it is difficult to divide your money. I don't know how it will be changed if you will buy it in the store.
Bitcoin is a digital currency. It can never be made in real money, unless you will make it as your souvenir coin.
Bitcoin is a digital currency. It can never be made in real money, unless you will make it as your souvenir coin.
February 25, 2018, 04:34:52 AM
If that will happen then the point of Bitcoin becoming a virtual currency would be worthless. It is like making Bitcoin into a regular fiat currency and removing all of its features. Also thinking of its legality making Bitcoin as a paper currency competing to other fiat currency will be more serious and governments would have a second thought on being lose to Bitcoin, they might pursue on making Bitcoin illegal again. This idea would be bad for us users and also Bitcoin. I don't even think that this would be an option in the future.
February 25, 2018, 04:33:43 AM
I think similar topic was raised by some member a while back too. For your idea, it will be really good for Bitcoin but the laws don't allow you to print money I guess. Also, Bitcoins exist virtually so each paper coin should somehow be backed by equivalent amount in Bitcoin. Also, it should be some trustable authority under control of government so the money printed is safe and that will only happen if government make Bitcoin a legal tender.
February 25, 2018, 04:30:47 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?
If you mean to print a wallet and the keys to it on a piece of paper and use that as payment like a dollar note, that will not work.The bitcoins are still on the blockchain and everybody who gets that piece of paper will have all access date to remove them to a different address.
Very soon the coins will not be anymore on the address shown on the paper, so the paper note becomes worthless.
February 25, 2018, 04:30:19 AM
no because the whole idea of bitcoin is that you don't rely on a centralized party to print out money for you which then not only you have to put your trust in them but also give up control to them.
bitcoin is designed so you rely on this distributed among peers ledger called blockchain. everything is there and should be there in a decentralized manner, the printing money in bitcoin is the block reward.
bitcoin is designed so you rely on this distributed among peers ledger called blockchain. everything is there and should be there in a decentralized manner, the printing money in bitcoin is the block reward.
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.
February 25, 2018, 04:25:35 AM
US Dollars, Euro, UK Pound, Japanese Yen, Chinese Yuan etc..... are the money.
Buy Bitcoin with money. When you sell Bitcoin you get money.
Buy Bitcoin with money. When you sell Bitcoin you get money.
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?
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