Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: gourav787 on August 03, 2020, 05:11:34 PM
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This question has been thought and questioned by many people who do not know a little about the world of cryptocurrencies. Bitcoin could not issue physical money, since it would lose its essence and would be out of sense. This coin is based on its software and crypto system and one of the things that make it relevant and attractive is its decentralized network. From that particularity many benefits arise, since they make it be, transportable, transparent, traceable, ecological and its main characteristic is the speed of sending and receiving. It is inconsistent that a currency that is backed digitally was issued in physical, taking into account that physical money is increasingly disadvantaged by its global disuse
What would happen if BTC were to be issued, physically?
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Bitcoin is a virtual currency that can not be physical touch nor seen. It can only be mineable.
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It is about the decentralized system and with its anonymously. If the BTC is issued for the physical Bitcoin, who will issue it? There must be certain companies that sell the cons. ANd the BTC will be not decentralized as much as possible. n this case, can not prove that everybody challenging.
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If a physical bitcoin is issued, it will defeat the purpose of what bitcoin is; a virtual cryptocurrency! This will also depict the value of the coin somehow. Bitcoin will never be physical, it will always be virtual and only mined.
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Bitcoin is an online currency. Bitcoin is not seen physically. However, we can see its reflection on the internet. bitcoin governs the entire crypto world. So this online currency is very important.
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Bitcoin is an online currency. Bitcoin is not seen physically. However, we can see its reflection on the internet. bitcoin governs the entire crypto world. So this online currency is very important.
true, in the era of renewable technological advances that online currency is needed, especially with the current corona epidemic situation which is really needed so that there is no direct contact or use paper money that is at risk of transmission.
in fact, with advances in tenology, digital currencies are being developed by many companies to facilitate transactions, especially with online transactions.
crypto is also one of the existing digital currencies in which there are bitcoin and altcoin which can be used as digital transactions without banking intervention.
many conveniences provided by crypto so that users can freely do activities that are not limited by time and country. at any time can do transactions without the need for help from others because the facilities have been provided to be done at any time.
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If a physical bitcoin is issued, it will defeat the purpose of what bitcoin is; a virtual cryptocurrency! This will also depict the value of the coin somehow. Bitcoin will never be physical, it will always be virtual and only mined.
Bitcoin has already been issued by Hong Kong-based Tangem as separate cards in 0.001, 0.005 and 0.01 bitcoin denominations. The owners of the bitcoins were this firm, and the cards gave the right to their ownership. However, for a long time, this experiment has not been heard. Cryptocurrency continues to evolve and in the future it may still be.
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There will be no use of it. More likely it will destroy the concept of making cryptocurrency. A physical BTC needs to have a central authority to maintain and issue it. Also, it needs solid infrastructure to maintain its security and store it. The concept of decentralized financial system will not be implemented in this situation and we will have another currency like USD or GBP.
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I really didn't think that Bitcoin virtual coin is the avalible , becuase bitcoin is decentralised coin .
We can used Bitcoin mining purpose , I really didn't accept that we can even see virtual coin ( touchable ) .
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There are actually no physical bitcoins produced ever officially. Most of the bitcoins you see in pictures or videos are just symbolic, some of them are used as collectibles and souvenirs while some physical bitcoins are used as decoration pieces by the crypto enthusiasts. There are no physical bitcoins which you can give and take cash.
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As far as I know, we can absolutely create physical BTC.
However, it will not be in the form of a golden coin like souvenir coins, maybe it will be a hardware wallet like a USB with automatic payment in BTC when connecting NFC to the reader. Of course, if you want, the manufacturer can change the look of that hardware wallet into a golden coin shape with a big letter "B".
Perhaps it will bring a sense of ownership to those who yearn to feel "holding BTC in their hands" :)
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No, I don't think creating physical Bitcoin is possible, Bitcoin is a digital money that is discentralized. A physical Bitcoin means a centralized control. In fact, Bitcoin is independence from any governing authorities, anonymous, and transparent etc. Bitcoin may never be on paper ever.
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Apart from deviating from the original purpose of making BTC, if Bitcoin was made physically, I have a question in my head. Will there be a lot of fake Bitcoins circulating like fake banknotes, no matter how sophisticated the chips embedded in physical Bitcoin, because imitators will continue to look for ways to look the same.
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If creating physical Bitcoin is possible.i think bitcoin users really happy.
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Bitcoin could not issue physical money, since it would lose its essence and would be out of sense.
It was never intention of Satoshi Nakomoto create physical, if you check the bitcoin Whitepaper that was issued in 2009, it defined BTC as A Peer-to-Peer Electronic Cash System. The word could is out of the picture.
taking into account that physical money is increasingly disadvantaged by its global disuse
That's because of FED immensely printing of USD to protect the forex, it will all end in tears as hyper inflation is imminent.
What would happen if BTC were to be issued, physically?
Bitcoin is a form digital money created free from dictatorship, oppression and hyperinflation. It's not created to have have a central sovereignty, it need to be verify through the network of computers across the globe in other to verify its authenticity.
It will be a waste of time to think of having physical bitcoin ;D ;D ;D
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Bitcoin has already been issued by Hong Kong-based Tangem as separate cards in 0.001, 0.005 and 0.01 bitcoin denominations. The owners of the bitcoins were this firm, and the cards gave the right to their ownership. However, for a long time, this experiment has not been heard. Cryptocurrency continues to evolve and in the future it may still be.
Even the issued ones need to be use electronically, there isn't away bitcoin can be issue physically aside from that. We have seen the wide adoption of bitcoin and crypto Automated Teller Machines (ATMs) where everyone can buy and sell bitcoin using these cards.
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You can create physical bitcoin. However, he will then lose a number of his new useful qualities, for which he was created. Therefore, I believe that we simply do not need physical bitcoin.
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I don't think if that is good idea to make physical bitcoin unless if that bitcoin is made of gold then it has a value but I think it will not the same price as virtual bitcoin, they are different prices between physical and virtual..
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Bitcoin is a virtual currency that can not be physical touch nor seen. It can only be mineable.
Considering how cryptocurrencies work, many people are attracted to bitcoin mining, but not everyone understands what it simply means and how it allows you to make money. In fact, first of all, the miners provide the vital operation of the entire system and also issue currency
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It has no sense to me, how could we issue a physical Bitcoin when it only exists in the virtual world or the Internet and if we try to issue a physical Bitcoin it might be resulting into many problems like how we store it, how it was going to be made and how it was going to distribute because the Bitcoin users are scattered all over the world. problems like that will surely occur if we try to distribute BTC physically thats its better to stay Bitcoin that way it was created.
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What most people don't know is that bitcoin has no physical form. Because bitcoin is an online currency. It was created by focusing on software. As a result of the popularity of this currency, its price is in good place. There are a lot of trade transactions going on all the time. So bitcoin is the best currency. But I don't think its physical beauty or form will become a reality. Because it will remain online currency. Bitcoin transactions are increasing day by day.
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The name is also digital currency, if it exists in physical form, it means that it is not digital. Bitcoin is popular because of its uniqueness, if someone asks about the physical form of Bitcoin then tell that person to learn about Bitcoin and Cryptocurrency, so they understand about Bitcoin.
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Bitcoin is an online currency. Bitcoin is not seen physically. However, we can see its reflection on the internet. bitcoin governs the entire crypto world. So this online currency is very important.
Physical bitcoin can be created, but it is not necessary. Bitcoin was conceived as a digital currency that could be transacted without a third party. Why would the light and invisible bitcoin be put into physical form so that it loses its advantages?
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It's a wrong question to ask buddy, you can't make it " physically issued " since it's software based in the first place.
Unless they invent some sort of offline bitcoin that can be stored offline in some portable cold wallet, it can be " physically issued ".
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I think it is a kind of foolishness when there will be a physical bitcoin as we all know in the first bitcoin is driven by a purpose of digital decentralized system.
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In my view, its not necessary at all and non-feasible. Bitcoin is a product of cryptographic calculations, so being physical does not contribute any use cases.
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It is difficult to create that because physical Bitcoin cannot be broken apart from existing decimals.
Suppose 1 physical gold for 1 Bitcoin.
If we want 0.5 Bitcoin, the form of gold cannot be split because of limited tools, forms, etc.
That's because 0.1 or 0.5 Bitcoin was designed using only computer algorithms.
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How can it be issued when it is regarded as digital currency, which means it can have a physical coin, besides how do you create physical coin for the entire little sats of btc? That is not possible, can you even imagine holding one btc in your physical wallet that cost this much?
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Physical bitcoin can be created and such attempts have already been made before. However, they were not crowned with success, as Bitcoin loses its natural advantages. Bitcoin is important precisely as a virtual digital currency; the physical shell makes it slow and creates additional difficulties and restrictions. Therefore, physical bitcoin is unlikely to exist.
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If this is the case with Wikipedia, this is not the case. A cryptocurrency can be used to indicate the value of a cryptocurrency. Wikipedia will never be physical, it will always be in and only law.