Bitcoin Forum

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?

US Dollars, Euro, UK Pound, Japanese Yen, Chinese Yuan etc..... are the money.

Buy Bitcoin with money. When you sell Bitcoin you get money.

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.

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.

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.

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.

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.

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.

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.

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.

In my opinion, this is absolutely impossible. and all the main advantages of bitcoin will be lost !!!

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?

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"

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

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.

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..

I do not think will make any sense. It would have lost its value when this happens. By that you will make it almost impossible for it to be used for international, border-less smooth transaction and transfer of value.

That is correct and it will even make bitcoin loose its anonymity and many governments around the world will be able to impede bitcoin's development and make stringent laws in order to make it appear centralized and under their control unlike what we see now.

We already have a paper money world! There are 190 different paper currencies to choose from.

Satoshi's breakthrough was how to create digital cash that couldn't be doublespent. It need to be on the net because that's the whole point of it.

if you make paper money out of bitcoin you lose the whole concept op the currency. centralization will happen again and we are back to square one then imo

how can bitcoin (virtual currency) into paper money? does not make any sense at all. Bitcoin does not print like Fiat currency by the central bank. Bitcoin is produced by volunteers who maintain the Bitcoin network ecosystem through a process called the "mining" term.

i think it will same as "real money " , the difference about bitcoin because bitcoin its digital and it will make nosense ithink

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.

If that person turns his bitcoin into money, it makes since if he wants already to bring back his capital. It was his decision, we can not convince him to hold. However, once the price increase, he can not benefited from it since he sold already his bitcoin.

I am afraid you are missing the point. Bitcoin is already accepted by the whole world. Besides Bitcoin is an automatic ledger which is infinitely better than paper money.

The hardest part of trying to articulate here is that people are actually using cryptocurrency and then when they have enough profit garnered then they would be able to encash it. WHIch would give them larger capital and then they would try again with the same method. This are all signs that bitcoin are dependent too in some extent to the paper money

I really cannot understand what your intention is and what you are trying to say,hope you are talking about having a currency like bitcoin,can you suggest how a paper currency can be a decentralized one ,just like bitcoin. Hope you understand how bitcoin works, if not please do spend some time learning about it and then all your doubts gets resolved. I just got to ask one thing,do you really think that bitcoin is not acceptable world wide simply because it is not a paper currency.  :P  :D

There are bitcoin physical coins, it is a paper wallet which you can give to someone face to face. It is the closest to what you have mentioned.

If btc and other crypto coins turned into a paper is a lame and pointless things to be considered or to think as btc and other crypto coins are being valued by local currencies by its supply and demand behaviors throughout the users of it. Btc is the highly liquid financial asset which can easily be exchange into dollars then to any local currencies so there is any no need of it. Thirdly the paper currencies are the currencies of countries which is basically used for to run its conventional monetery system. So, btc cant be in paper cause it wont be a national currecy for a reason.
And the lastly, as a highly value essets to be consider it as a paper which will bear high risk or loss if there is any cheat happened for example duplicaltion of btc-paper. For the high technology doing crime is getting more easy to do.
So btc is good the way it is right now.

Cheerz

No, this is goes against rules and ideas of Bitcoin's developers. Money is dirty and it's just a papers, that banks can print.

Paper currency and paper wallet is  whole of a diff. Thing. But yeah physical bitcoin exist via paper wallet, but he have asked for if btc can be worked as the centrallized conventional monetery system have been working since the time of the bank. Which means he is expecting btc to be acted like conventional monetery system like btc to be acted like dollar pund yen or any other local currencies. Which i personally feel it might not gonna happen cause it will break the whole point of decentralized monetery system concept of btc which makes people realize to be the owner of their own bank and also to be the manager of their own money managing system.

Cheerz

in my opinion it won`t make any sense because it is in the contradiction of the whole crypto market which aims to eliminate fiat currency with the digital one in long term.

I think if bitcoin turn into paper money it will causes fraud. Many traders will get out from crypto exchanges and price will fall.

I do not think that it is a good idea. Bitcoin`s price is very volatile. How would you, for example, buy some meat in the shop? Now its 20 satoshi, in a minute 22 satoshi.

Bitcoin does not make sense if someone translates Bitcoin into paper money because Bitcoin will lose all its benefits if the paper is turned into money, but it can be very logical if both paper money and internet are available, because it can be difficult for you to give your Bitcoin wallet when you go out and shop, but it will be easier to pay as paper money It is reasonable.

I think that such issues are not so easy to solve. They have to be agreed with someone. Thus, the entire world digital economy could be undermined. It won't be profitable. If I understood you correctly.

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.

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? ::) :P

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.

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.

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.

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.

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, 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,

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.

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.

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.

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.

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.

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.

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.

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

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.

 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.

It is called a "physical bitcoin (https://www.google.com/search?q=physical+bitcoin)". It is not practical to use them as currency because they are expensive to manufacture, so they are made for collectors mostly.