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Title: If Bitcoin were a physical currency. Post by: BTC_pokaop on October 23, 2023, 05:38:51 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this?
Title: Re: If Bitcoin were a physical currency. Post by: Wapfika on October 23, 2023, 05:47:43 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? This is a nonsense discussion. Bitcoin become phenomenal because of its cutting edge blockchain technology which allows you to send money without the need of 3rd party services such as bank. Assuming Bitcoin as physical currency will just be another fiat currency. Why will you buy some physical currency rather than your own fiat currency? Also I wonder what will backed on Bitcoin value if it’s only physical. Title: Re: If Bitcoin were a physical currency. Post by: MelanyYYYYYY on October 23, 2023, 05:53:49 AM If BTC is a physical currency, then all its advantages regarding the blockchain will not exist. Legal currencies are all legal currencies issued by the country. So which country does BTC belong to? If according to the international situation, the value of BTC should be priced according to the country to which BTC belongs, then it will be worthless
Title: Re: If Bitcoin were a physical currency. Post by: pinggoki on October 23, 2023, 05:54:28 AM I don't think it will gather that much attention if bitcoin was introduced as a physical currency because there's nothing new or revolutionary about a physical currency because every country already have that for centuries already so being a physical currency won't make bitcoin stand out unlike in digital form, it stands out because even if it's not the first, the concept it reintroduced was pretty intriguing especially at that time when people are still pretty curious on what they can do on the Internet. If bitcoin was a physical currency, it will just become a fad and a thing of the past and some other "Satoshi Nakamoto" would probably create "bitcoin" but a different year.
Title: Re: If Bitcoin were a physical currency. Post by: Tytanowy Janusz on October 23, 2023, 06:01:40 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? Define "physical bitcoin". Because you can generate a private key, feed it with fraction of a bitcoin, wrap it nicely (e.g. in the form of a coin) and treat it as a physical bitcoin. there is such a thing, but it is marginally used. https://en.bitcoin.it/wiki/Casascius_physical_bitcoins - Casascius stoped minting new coins in 2013, but i've seen few bitcointalk members continuing his legacy However, if you mean 100% physicality without any contact with the digital world, then ... this is a physical bitcoin: https://www.talkimg.com/images/2023/10/23/TmeGW.png Title: Re: If Bitcoin were a physical currency. Post by: dzungmobile on October 23, 2023, 06:08:41 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. You must live with reality.Bitcoin is a digital currency with good technology from cryptography, blockchain to make it secured and safe to use. Bitcoin has achieved its position today because it is a successful blockchain-based currency and a digital currency. If it is the same like other currencies, in physical formats or like fiat currencies, it would have not make any big difference. Remember "avec des si on mettrait Paris en bouteille", means “with 'ifs' one could put Paris in a bottle”. [1] [1] https://en.wiktionary.org/wiki/avec_des_si_on_mettrait_Paris_en_bouteille Welcome you to Bitcointalk and you will feel interested in while reading this The bullish case for Bitcoin. (https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1) If you like it, you can order a book on Amazon too. Title: Re: If Bitcoin were a physical currency. Post by: davis196 on October 23, 2023, 06:12:05 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? I agree with the forum member above. You should define "physical currency". Both gold/silver coins and paper money are physical currencies. I assume that by "physical Bitcoin" you mean BTC that was printed on paper. 1.If BTC was a 100% paper currency everyone would just try to create counterfeit paper BTC and there would be no central authority to fight against all those counterfeit paper BTC. The governments won't do anything, because paper BTC is not legal tender. 2.I don't agree that physical BTC would be very difficult to buy. There will be no KYC and no additional transaction fees when dealing with offline sellers and buyers, but the security of the buyers and sellers would become a big problem in offline trading. Title: Re: If Bitcoin were a physical currency. Post by: naira on October 23, 2023, 06:15:44 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? So Bitcoin is lucky as a digital asset because anyone can buy it without having to think about where to go. Apart from that, Bitcoin in physical form can also be duplicated, especially with current technological advances, it is difficult to distinguish between genuine and imitation. With its existence on the internet and Bitcoin using an blockchain mechanism, it cannot be duplicated and cannot be imitated.If Bitcoin becomes a physical currency, it means there are regulations governing it and perhaps not many people are interested. And it's certainly not much different from antique items from ancient times that are only owned by a handful of big collectors. Title: Re: If Bitcoin were a physical currency. Post by: lombok on October 23, 2023, 06:40:14 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? Why bother making an analogy with something that doesn't make sense? Bitcoin is a digital currency, yes its form will definitely be digital. If you want to make an analogy with Bitcoin in physical form, don't bother. OP, try looking at gold coins, limited quantities, selling in shops or someone who wants to buy the gold coins. Bitcoin will remain digital! Title: Re: If Bitcoin were a physical currency. Post by: AprilioMP on October 23, 2023, 07:01:13 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? If Bitcoin is physical and can be touched like fiat currency, then Bitcoin is not an electronic payment system. The value may be the same as fiat currency and has the potential to be used as a fake at any time outside the rules, such as counterfeiting paper currency. When that happens, it will be difficult for you to get it if you don't trust the currency counterfeiting group. At another point, Bitcoin is no longer the best hedge if Bitcoin is anything like physical currency. In real life, have you ever thought about what if your idolized fiat currency became an electronic payment system that you could use as an investment asset? Just live your life according to reality, bro. Title: Re: If Bitcoin were a physical currency. Post by: Luzin on October 23, 2023, 07:08:23 AM However, if you mean 100% physicality without any contact with the digital world, then ... this is a physical bitcoin: https://www.talkimg.com/images/2023/10/23/TmeGW.png I've heard this, physical bitcoin with its wallet address connection and prifatkey. But of course this is a bit risky if many people know the combination of both. Currently it may only be a physical form and emblems such as toys are widely traded in online stores (https://www.tokopedia.com/find/bitcoin-fisik). Bitcoin is the money of the future so it is already related to technology. While physical money is money that was first created and still exists today to accommodate users who still cannot use it. Like developing countries that have a population that does not know much technology. Title: Re: If Bitcoin were a physical currency. Post by: xzy887 on October 23, 2023, 07:16:32 AM If bitcoin is a physical currency, it will be like fiat. Then its price will be fixed. The bigger problem is that it will be within the scope of any particular country. Then again we have to take the help of a third person for the transaction. Now the way we can transact very easily, then so many opportunities will not be available. Bitcoin is not inherently convertible to fiat.
Title: Re: If Bitcoin were a physical currency. Post by: Hyphen(-) on October 23, 2023, 07:35:31 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? If Bitcoin were a physical currency, the primary aim of creating it would have been defeated because it was created as an alternative currency to fiat currency and to give us financial freedom through its properties, which include privacy, anonymity, the ability to hold Bitcoin without any other third party being involved in your transaction, and also the ability to be your own bank by keeping your Bitcoin in a wallet that you control yourself.If Bitcoin were a physical currency, its value would not have gone this far, and just the way people do fake currencies and gold, there will be fake Bitcoins, which is not proper, and moreover, if it were a physical currency, the government would be in control of its circulation and also its value. Title: Re: If Bitcoin were a physical currency. Post by: _act_ on October 23, 2023, 07:50:35 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? Haven't you read about physical bitcoin called Casascius bitcoin? Due to regulation in United States, the coin was stopped being manufactured. So if there is physical bitcoin, the government would have seen an easy way to stop its adoption and it would become a useless coin. But bitcoin may not even be of any value if it is only existing in physical form. The blockchain that is decentralized and its digital form makes it an investment that make it well adopted today. Title: Re: If Bitcoin were a physical currency. Post by: Fiatless on October 23, 2023, 07:51:40 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? I don't know your location but if you are not from the US and Europe, I am not sure your nation's currency is popular. Many factors contributes to the popularity of a currency. My country's currency is not well-known outside our sub-region. Even in the face of daily increases in the development of more digital currency, bitcoin's popularity keeps growing which means that it is not just the digital currency status that is making it more popular. Bitcoin is popular because of its uniqueness which distinguishes it from other currencies. It has given people the uncommon privilege of enjoying privacy and bypassing financial middlemen. It has also helped people to have unlimited access to their funds which is not common with conventional fiat currency. OP it is true that the digital nature of bitcoin has made it easy to acquire it. But don't also forget that many countries also have CBDC and they are not still popular. Title: Re: If Bitcoin were a physical currency. Post by: _act_ on October 23, 2023, 08:03:37 AM It has given people the uncommon privilege of enjoying privacy and bypassing financial middlemen. Bitcoin is not a privacy coin unless you go for it and be private the way you want to be. Most people just use bitcoin the way they thought it is and not knowing the privacy that you are referring to. But if comparing bitcoin with fiat, it is more private. OP it is true that the digital nature of bitcoin has made it easy to acquire it. But don't also forget that many countries also have CBDC and they are not still popular. People are not foolish about CBDCs because they know they are fiat. CBDCs are not the first fiat that is digitally created because fiat has been existing in digital form since many years ago before CBDCs were created. The main reason bitcoin adoption continues is because of its increasing value and price and people see it as an investment, but fiat is not like that. CBDCs are fiat.Title: Re: If Bitcoin were a physical currency. Post by: retreat on October 23, 2023, 08:09:38 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? What makes Bitcoin famous is Bitcoin's ability to make transactions more secure, faster, anonymous, decentralized and cheaper. The features provided by Bitcoin are the magnet that makes Bitcoin a trusted and popular digital asset to this day. Moreover, the blockchain technology it brings makes Bitcoin not just an ordinary digital asset, but a digital asset that is able to provide a new decentralized financial system that is free from government intervention. And that's what makes Bitcoin a choice for people globally. Title: Re: If Bitcoin were a physical currency. Post by: Nrcewker on October 23, 2023, 08:12:47 AM It won’t create a major difference to be honest. This is because, the features will be same, the only difference will be its digital form that will be now physical. People who used to treat it as digital asset will now treat it like physical asset. That’s the only thing that will affect everything. Yes the mobility thing and storage issue would have created some problem, but according to me those won’t affect a lot.
Title: Re: If Bitcoin were a physical currency. Post by: fuguebtc on October 23, 2023, 08:18:47 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? This has been said many times on the forum, if you search you will find several topics similar to yours. If bitcoin were a physical currency, it would be trash and no one would need it because it would be a centralized product and not a decentralized product like it is today. When bitcoin was physical money, it would be easy for governments to control or ban it, they would not face the current difficulties in banning bitcoin. But fortunately things don't happen like that, bitcoin is virtual currency and is decentralized. Title: Re: If Bitcoin were a physical currency. Post by: benalexis12 on October 23, 2023, 08:31:28 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? It is no different from a natural or ordinary currency, no sense, and no opportunity for sure for anyone. So why did you think this? You are describing a situation that is not the case in reality. Or you can't believe that Bitcoin is not even physical money but has a value that is dear to the market while fiat currencies have not increased in value like Bitcoin? Remember, Bitcoin was created to solve the financial problem and provide opportunity not only to poor people but also to entrepreneurs and every country that recognizes the concept of Bitcoin and why it was created. Title: Re: If Bitcoin were a physical currency. Post by: SquirrelJulietGarden on October 23, 2023, 08:38:40 AM Remember, Bitcoin was created to solve the financial problem and provide opportunity not only to poor people but also to entrepreneurs and every country that recognizes the concept of Bitcoin and why it was created. Bitcoin was not created to solve financial problems. Solving those problems is task for governments, policy makers, politicians, congressmen and women.Bitcoin is a transaction mean that is centralized, censorship-resistant, borderless and unbanked people can access Bitcoin easily. But Bitcoin is not here to solve poor, poverty or many chronic issues for the whole nation or world. It gives people one more option, another open door, freedom to make their choice. Title: Re: If Bitcoin were a physical currency. Post by: Despairo on October 23, 2023, 08:48:54 AM It's nothing different with gold, gold is scarce and it was decentralized before not many people hold it. Now most of golds are hold by whales and institutions, they can easily manipulate the price. It also increase the possibility of scam because someone will try to create replication and since Bitcoin is a physical currency, there's no privacy anymore.
It's a failed project IMO, but since Bitcoin is a digital currency, the project become successful. Title: Re: If Bitcoin were a physical currency. Post by: EL MOHA on October 23, 2023, 08:50:55 AM If Bitcoin were a physical currency, its value would not have gone this far, and just the way people do fake currencies and gold, there will be fake Bitcoins, which is not proper, and moreover, if it were a physical currency, the government would be in control of its circulation and also its value. This is part of the major challenges associated with physical currency and one of the reason why it’s devaluation happens. A physical currency is always expensive to print, expensive to maintain and then needs a central authority or mint to print it. If bitcoin was a physical currency the advantage of it not been manipulative wouldn’t be there because it would just be printed more to cause large circulation of it and causes it to devalue. Other things like store of value and limited supply wouldn’t be also there. Another biggest issue is cross boarder transactions that can be done swiftly without intermediaries will not be possible with a physic currency of it Title: Re: If Bitcoin were a physical currency. Post by: traderethereum on October 23, 2023, 08:57:28 AM Who would control bitcoin if bitcoin was a physical currency? If it is controlled by one country, they will think that they are superior to other countries.
There is no difference between bitcoin and other local currencies and the price will not be like now. Fortunately, bitcoin is a digital asset so many people can buy it in different amounts. And fortunately, no one can control bitcoin so bitcoin can stand alone. Title: Re: If Bitcoin were a physical currency. Post by: KingsDen on October 23, 2023, 09:09:51 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? I wanted to dismiss this imagination as nonsense as many others have already done here in the thread but on a second thought I decided to refine the idea. If bitcoin was to be a physical currency, it won't have a Blockchain connection, which will make the whole essence and relevance of bitcoin unattainable.But we can imagine that bitcoin remains a digital currency, runs on the Blockchain and at the same time have a physical representation in terms of fiat. It is not actually making alot of sense but I am trying to roll the lane of Op's imagination. So, if bitcoin being a digital coin, has a physical representation and people can handle and feel it, I instead think that it will encourage adoption. Why some people haven't adopted bitcoin yet could be that they cannot see it or hold it in their physical wallet to buy groceries with. Title: Re: If Bitcoin were a physical currency. Post by: so98nn on October 23, 2023, 09:19:43 AM I think Bitcoin grew to the current extent just because of the excellence of its technology. I am not sure if it would have been physical then it would have been just something old by now. Bitcoin is special because it is digital, maintains its data integrity, and is irreversible. Do we have such properties in the physical coin? They tend to wear and tear over a period of time, they can mint duplicates of it, and they can also get lost in the process of transacting. If physical appearance had something then in day today's activity we would have seen gold as a precious coin but it lost its transacting value "on a daily basis" since it's getting costlier to carry and transact small amounts. It would also become highly life-threatening if someone just sees and senses you are carrying a kilo bar in your car.
Bitcoin is digital, you don't have to carry the burden of it, and with an internet connection, it can be transacted anywhere in the world. It secure and anonymous that is not achievable with the physical presence of any sort of currency. Title: Re: If Bitcoin were a physical currency. Post by: boyptc on October 23, 2023, 09:28:36 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? We will never know but we've got some physical coins that has embedded with Bitcoin on it. Maybe what we can compare it with are those typical investments and assets that we've got like the precious metals that are tangible as well and has got a good value, a store of value like gold. It won't be different and difficult as long as there's a community and actual value that it projects. Title: Re: If Bitcoin were a physical currency. Post by: Gallar on October 23, 2023, 09:52:04 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? I think if bitcoin was created and had a physical form it is likely that bitcoin would not be as popular as it is now. Because of course its use will be slightly different from Bitcoin which is digital. Apart from that, spreading it will definitely be more difficult, because if Bitcoin has a physical form, it is certain that if someone wants to own it (buy it), they will definitely have to look for a shop or market that sells Bitcoin. But the problem is that bitcoin means have to have branch stores all over the world to make it easier for everyone to buy bitcoin. Meanwhile, if it means that in each shop, it means someone has to look after it, and also the shop building means someone has to build it. In this way, it is possible that Satoshi cannot be completely anonymous, because after all he is the one who will definitely manage everything, including the shop and also the workers in the shop.Apart from this, if bitcoin had a physical form, I am sure it would be easier to manipulate or bitcoin would be vulnerable to being turned into a realm of fraud. Because there could be a handful of people who create fake bitcoins and sell them at the same price as bitcoins. Then what is even worse, bitcoin will definitely become centralized and not decentralized. Because that way, it is certain that every bitcoin coin that is printed must have a center and even though the number is limited like now, bitcoin is still seen as having a center. So in essence, if bitcoin is made in physical form, there will be values lost from bitcoin. Like the decentralized system will disappear. The blockchain system will also disappear. And anonymity will also be lost. Title: Re: If Bitcoin were a physical currency. Post by: Sim_card on October 23, 2023, 10:12:27 AM There is physical bitcoin, on the physical bitcoin you will see the public key and the private key on the physical token. If you look at the back of the physical bitcoin, that is where the private key is and it is well secured and covered with a holographic sticker which makes it hard for anyone to see. For you to know if the private key has been tampered, there will be a noticeable mark that will appear on the private key to show that the sticker has been peeled.
https://coinmarketcap.com/academy/glossary/physical-bitcoins Title: Re: If Bitcoin were a physical currency. Post by: SquirrelJulietGarden on October 23, 2023, 10:24:30 AM It's nothing different with gold, gold is scarce and it was decentralized before not many people hold it. Now most of golds are hold by whales and institutions, they can easily manipulate the price. It also increase the possibility of scam because someone will try to create replication and since Bitcoin is a physical currency, there's no privacy anymore. Gold is decentralized, a first time I see someone raises this point up for discussion. Everything can be manipulated and it is a long history of human civilization. They can manipulate goods like rice, sugar, etc. and I don't see manipulations only limited to Bitcoin, gold or oil.With digitalized for trading gold, manipulations are more quickly executed, done and shown its impacts on market price. It is very common, not like something only special to only Bitcoin, gold or oil. We can see it in stocks, real estates and many others. I think Bitcoin grew to the current extent just because of the excellence of its technology. I am not sure if it would have been physical then it would have been just something old by now. Bitcoin is special because it is digital, maintains its data integrity, and is irreversible. Technology is important for Bitcoin success because with blockchain, Bitcoin has many advantages. Public, transparent, traceable, portable with any small item like paper piece, USB, small disk, on mobile devices, laptop. The convenience is unique and is so attractive for people who want to explore something new, unique but most attractive thing from Bitcoin is its security, privacy and anonymity for Bitcoin users.Gold can not, fiat currency can not, cash can not, CBDCs can not. Title: Re: If Bitcoin were a physical currency. Post by: Assface16678 on October 23, 2023, 10:31:01 AM If bitcoin doesn't exist or is a physical currency, then nothing; if bitcoin is just a normal currency, then it is like what we use now; we don't have any forums like this or anything related to bitcoin. And I think nothing will change if bitcoin is just a normal currency because it is physical. But thankfully, bitcoin is digital. Why? Because from a project to nothing, now the most famous digital currency has created a lot of opportunities to earn. It also marked the beginning of the crypto currency era, with more currencies emerging to provide more options for investors and holders. And now bitcoin is becoming the future currency and will eventually change a lot of things in terms of finances. I'm glad I spend time knowing and studying bitcoin as it gives me opportunity to earn and do the things I like, buy the things I want.
Title: Re: If Bitcoin were a physical currency. Post by: HONDACD125 on October 23, 2023, 11:04:48 AM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? One thing is very common that when new people come to any forum, they have such weired questions in their minds.We have never thought till now what would happen if Bitcoin was a physical currency or what would happen if the dollar was a digital currency.That such a question does not increase their knowledge and experience.I think this question will not provide any useful information for you.If Bitcoin was a physical currency, it would also be one of the countless physical currencies in the world. There are numerous physical currencies in the world, and one does not face any difficulties in taking these physical currencies. Whenever one wants to take a currency, he easily buys it from the desired place. The simple answer is, if Bitcoin were a physical currency, what would be the difficulties in buying it? If you want to buy any physical currency today, like dollars or pounds or any local currency, what difficulties do you face? Title: Re: If Bitcoin were a physical currency. Post by: Texac on October 23, 2023, 11:57:42 AM Are you thinking about this? Bitcoin is a decentralized currency and you simply think, if it was in physical form, would it still be decentralized? or will it be controlled by the government and create billions of bitcoins if they like it? you are newbie and I think you need more knowledge about bitcoin and when you gain knowledge your questions will mostly be answered. forums are a good place to start, but you can also search YouTube for bitcoin videos that can help you visualize and grasp the basics more effectively. Title: Re: If Bitcoin were a physical currency. Post by: kro55 on October 23, 2023, 01:24:30 PM Remember, Bitcoin was created to solve the financial problem and provide opportunity not only to poor people but also to entrepreneurs and every country that recognizes the concept of Bitcoin and why it was created. Bitcoin was not created to solve financial problems. Solving those problems is task for governments, policy makers, politicians, congressmen and women.Bitcoin is a transaction mean that is centralized, censorship-resistant, borderless and unbanked people can access Bitcoin easily. But Bitcoin is not here to solve poor, poverty or many chronic issues for the whole nation or world. It gives people one more option, another open door, freedom to make their choice. Why can women solve financial problems? I'm a bit curious. :D To say that the mission of bitcoin was created to solve financial problems for the country and the world is not entirely true. That is not bitcoin's mission and bitcoin is not capable of doing it. But if an individual or an organization uses bitcoin to improve their finances, it is completely possible and many people have done it. So it can also be said that bitcoin can solve some financial problems for some people or organizations if they know how to use it properly. Title: Re: If Bitcoin were a physical currency. Post by: romero121 on October 23, 2023, 01:46:34 PM Bitcoin being a physical currency could've spread around the world in large scale than the present number. Just because bitcoin is decentralised and doesn't have the physical state many people doesn't believe its existence. It is really hard to make people understand about bitcoin as it holds the virtual presence. The usage and acceptance of bitcoin could've been high. Bitcoin being an innovation as a transaction medium this physical presence of the bitcoin could've never been thought by the developers. Due to the multipurpose usage bitcoin gained the access as a currency, if not this discussion couldn't have existed.
Title: Re: If Bitcoin were a physical currency. Post by: Egii Nna on October 23, 2023, 01:47:19 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? I think you are not just new to bitcointalk but also new to bitcoin itself, because someone who has known bitcoin for a long time will never bring up such an idea because the main function of bitcoin cannot be done if it were a physical currency. In short, thinking or imagining bitcoin as a physical currency is not a good idea at all because, knowing or hearing about bitcoin, the first thing that you learn is that bitcoin is a global currency that has been created to perform peer-to-peer transactions, investments, and also the purchase of things online within a short period of time. So you will never think of bitcoin as a physical currency because it will be very hard and it will be just the same as fiat currency, and nothing will be like blockchain; it will just be like the traditional financial banks. So even if you want to create a forum for arguments, you should know what you are saying, not just bring up any topic. Title: Re: If Bitcoin were a physical currency. Post by: Woodie on October 23, 2023, 02:07:40 PM I'm new here and don't know much about bitcointalk forums. Firstly, welcome to the btcointalk forum hope you will have an exciting jouney. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? If bitcoin was a physical currency it's most likely it would have been shut down by now because it would have been easy to trace and get the money printing machines destroyed or surrendered to whichever state they operated in considering it's competing with an official currency of a country. I am pretty sure Satoshi thought about this and found the digital space to be no man's land and the rest is history..And btw had bitcoin been in its physical form it would have been unpopular as authorities would find it much easier to convict users as evidence would have been there to be used for the conviction, otherwise happy how it turned out to be digital. Title: Re: If Bitcoin were a physical currency. Post by: Z_MBFM on October 23, 2023, 02:38:03 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? If Bitcoin was a physical coin it would never be so valuable. Because no substance as heavy as a coin can be so valuable. Bitcoin is a digital currency and it has a supply limitation which is why it is invisible but its price is huge and everyone thinks it is a big deal. You can create physical bitcoins that will only work as a collective. Bitcoin is a virtual currency and will remain so for life but its value will only increase day by day. The reason is that even though there is a limit to its supply, the number of investors is increasing day by dayTitle: Re: If Bitcoin were a physical currency. Post by: Ucy on October 23, 2023, 04:05:46 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? Bitcoin is a non-restrictive versatile currency that can exist both in physical and virtual/digital forms as long as its feature allows for this, and it can even be better & more secure than physical fiat currencies which also have electronic/digital Ledger like Bitcoin but in centralized form. All you need to do to turn Bitcoin into physical currency and make it really easy to access is to print different denominations on physical materials like papers, with features that are hard to counterfeit imprinted on the materials,and then put them in circulation, probably in remote/isolated and autonomous areas without access to internet. When they need to, they can always exchange them electronically with bitcoiners in other places with internet for goods and services. This, combined with virtual uses, can add more value to Bitcoin and increase its price since more people without internet are creating more demand by using it in physical form. Title: Re: If Bitcoin were a physical currency. Post by: hypothetical on October 23, 2023, 04:07:56 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? If Bitcoin was a physical currency it would not be worth as much nor would it be in demand.Physical currency but available to everyone If Bitcoin was a physical currency it would still be available to everyone.Now you guess what the physical currency you have is worth to you.If Bitcoin were a physical currency like that, it would be worth that much to you.We all know that Bitcoin is a digital currency that has no fixed market value.Even this currency can only be traded online which has no physical counterpart.Currently Bitcoin is in demand all over the world and its usage is increasing day by day.Title: Re: If Bitcoin were a physical currency. Post by: knowngunman on October 23, 2023, 04:44:16 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? What inspire you to think this way? I can confidently say that you don't know what bitcoin stands for by bringing up this conversation. If bitcoin were to be a physical coin then it is not longer different from traditional currency. Bitcoin is digital for a reason and if Bitcoin were to be turned into a physical coin, it would lose some of the features that make it unique. For example, it would be subject to the same limitations as traditional physical currencies, such as the need for secure storage and the risk of theft. It would also no longer be decentralized, since it would need to be physically minted and distributed by a central authority. Title: Re: If Bitcoin were a physical currency. Post by: dezoel on October 23, 2023, 06:05:51 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? That doesn't make any sense, why would someone think of creating a new physical currency when we already have fiat currencies available? And what makes you think that a government or the governments would allow it? Bitcoin is digital and it isn't available physically which is why they aren't able to destroy it, otherwise, it would have been destroyed a long time ago, and no one would dare to create a physical currency to make it compete with existing fiat currencies.So, we don't think about things that don't make any sense at all. Bitcoin is famous mainly because of its technology and the ability to bypass problems that exist in traditional financial systems. How do you think Bitcoin could solve any problem or be any different if it was physical and not digital? No security, no anonymity, no decentralization, it wouldn't be Bitcoin if it was physical, it would just be one more paper currency that would get banned immediately and the creator, buyers, and sellers would all be punished for being involved. Title: Re: If Bitcoin were a physical currency. Post by: bbigtart on October 23, 2023, 06:10:28 PM If bitcoin is a physical currency, it will be like fiat. Then its price will be fixed. The bigger problem is that it will be within the scope of any particular country. Then again we have to take the help of a third person for the transaction. Now the way we can transact very easily, then so many opportunities will not be available. Bitcoin is not inherently convertible to fiat. Of course these are two different things, because Bitcoin's initial purpose was clear as digital money, if it is made in physical form it is no longer digital money. More precisely, it could be said to be fiat money, money without collateral whose use is forced on society. Meanwhile, bitcoin is honest money that frees the world from the fakeness of fiat money. Bitcoin, government fiat money. There's nothing wrong with any of that. Everyone will be poor if they don't have it, everyone will be rich if they have it. What is wrong is that the government feels threatened by bitcoin. Even though God blessed his existence. Title: Re: If Bitcoin were a physical currency. Post by: Crypto Library on October 23, 2023, 06:12:39 PM Buddy, did you know what is the real reason behind the origin of Bitcoin? Bitcoin was invented by Satoshi in 2009 primarily for privacy reasons. And as a great example of this, you can see that the inventor of Bitcoin, Satashi, is not yet known. It is a digital technology that is based on block chain technology, so I think it would be wrong if we thought that Bitcoin is also a digital currency like others digital currencies.
So I think if Bitcoin was a physical currency then this block chain system would never have been implemented and if it wasn't I think it wouldn't have been possible to protect the privacy that is currently possible with Bitcoin. Moreover, if Bitcoin was a physical currency, it would have experienced inflation just like its fiat currency. Essentially, if Bitcoin were a physical currency, Bitcoin would be completely worthless because the properties that make Bitcoin its current value today would not have existed at that time. Title: Re: If Bitcoin were a physical currency. Post by: Sophokles on October 23, 2023, 06:29:41 PM I'm new here and don't know much about bitcointalk forums. But I thought about Bitcoin for a while. At one point I wondered what it would be like if Bitcoin was a physical currency instead of a digital currency. It would not have gained so much popularity, and its price would not have increased so much. If it were a physical currency, it would be very difficult to buy, how would you buy? And had to go to different stores to sell or buy. How difficult it would have been then. Are you thinking about this? What inspire you to think this way? I can confidently say that you don't know what bitcoin stands for by bringing up this conversation. If bitcoin were to be a physical coin then it is not longer different from traditional currency. Bitcoin is digital for a reason and if Bitcoin were to be turned into a physical coin, it would lose some of the features that make it unique. For example, it would be subject to the same limitations as traditional physical currencies, such as the need for secure storage and the risk of theft. It would also no longer be decentralized, since it would need to be physically minted and distributed by a central authority. You are right but what if physical bitcoin has all the characteristics of the digital one? It will be quite challenging and as you have said it will be centralized at least at the beginning due to the necessity of central authority to mint and distribute. It seems hard to have a decentralized currency in its physical form, isn't it? Or perhaps we can have one only by changing the nature of the currencies or setting some rules. Title: Re: If Bitcoin were a physical currency. Post by: The Cryptovator on October 23, 2023, 06:40:13 PM If you want, you can't create a new physical currency. Every country has its own native currency, which means even a government can't create another new currency. Even printing new notes of existing currency needs some regulation.A government can't just print money whenever they want. So it's a useless discussion imagination of Bitcoin as a physical currency. Any physical currency must be centralised and controlled by the government, which is against Bitcoin features.
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