Bitcoin Forum

In all countries around the world there currencies are all printed in paper which is called note though there maybe countries who still use coins till now. All around the world money can be misplaced maybe from your pocket, your hand or maybe your wallet may even get lost but still some people don't feel it when their money get lost because it's not that very high in exchange like in Nigeria where we have our highest currency which happens to be 1k and many other currencies like #500, #200, #100 and others most times we misplace this money and others pick it up with joy of having what you didn't work for but in this recent economy everybody has refused to lose money as usual ( laugh ).

What if the Bitcoin was in notes and with the same value as it has now, do you think anyone would misplace it or even walk with it on the street. Eventually you see a Bitcoin note will you return it to the owner. Let's be sincere and also see it as fun.

First off, Bitcoin can never be in notes, that's why it's called a digital currency not fiat. notes are called fiat and are controlled by the government and financial institutions can manipulate them. I see no reason to imagine Bitcoin being notes as if it were so, it would be used and owned by just one country and not used world wide. In Such situations, the country would never allow their money to leave their borders and if found outside there might be consequences. Just put this on your mind that Bitcoin can never be in Fiat form.

You should first understand the concept of bitcoin and know that it is not and can never be a note that could be held around like the fiat currencies. Bitcoin is a digital currency and anything that has to do with being digital cannot be physical. If it happens to be physical one day, then the main aim of its establishment have been violated. It wont be decentralized anymore as a value given to you or withdrawn can be traced back to you for being the one holding from a certain value to another value. This is just like the fiat that every note has a special number written on it that no more than one currency can get the same number. These are some of the ways that government trace money back to the person it was given to or when stolen from a bank and the notes are found wanting in a particular place that is not suppose to be.

 

That is an interesting scenario to imagine But Bitcoin is indeed a digital currency and not in the form of physical notes like fiat currencies. It's decentralized and operates on a global scale, allowing people from all over the world to use and trade it. The unique nature of Bitcoin being digital provides advantages such as ease of use, security and accessibility. So it's not correct we should not imagine Bitcoin in the form of physical notes as it goes against its fundamental characteristics. If bitcoin was in note it won't had been accepted globally and world economical powers would have suppress its growth, it wouldn't have gained momentum as it is now.

   No brother, no be so e be, as this country done rough reach, no body go lose money den still no reason am say em money done lose,  as this country dey so, e done hard for everybody, as we dey work money we no dey pray make them loss.
   1k no be big money again for this country but with that 1k we fit also chop a plate of rice even if say e no bellefull person.
   The other things wey you never understand be say, if Bitcoin nah paper money the government go hold am and them go also take big responsibility for anything bitcoin, and again the government go control bitcoin with all the power wey them get.
   E get one other thing we you gets understand, no body actually know who created Bitcoin, we only know the names of who invent am but we know really know the person.

You answered the op as if you are in my mind. I was gonna say same thing, if Bitcoin existed as a fiat currency and not a digital currency then the main essence of Bitcoin to bridge the gap between p2p would not be achieved. Bitcoin was created so that we'll not have an intermediary when making p2p transactions, and the essence  was to provide a fast and realiable system where you will also have full control over your fund, than letting an intermediary hold your funds for you, and that Is why we are advised not to keep our fund in exchanges  except you are about to make exchange. Hence Bitcoin can't stand as a note even with imagination, you'll find out that it can't be possible because you'll completely destroy it's main purpose as a system for p2p transactions.

Op to answer your question, first we must not use bit as an example but let's take another thing that has a good monetary value. Let say for instance gold, you I saw gold on the floor outside, I'll definitely pick it up and use it. Because you cannot find the owner especially if there is no written text or any information that might lead you to the owner. So same for fiat, if you see 1000 naira on the floor, you cannot tell the owner of the money.

Although you have made it clear that you aren't serious with the question, still you should wake of such dreams of Bitcoin being in a note or fiat format.

Bitcoin is an alternative currency (digital) it can't really be in form of fiat because it wouldn't be enough to go round the world or country as it's limited in number, BTC is just 21 million and it can't exceed that number so with the way fiat is being produced every day it's quite not so with Bitcoin hence it can't be enough to handle a country financial system.

Additionally Bitcoin can be lost as fiat but it's not physical, its almost impossible to find someones Bitcoin wallet seed phrases, so it is difficult to stubble upon a lost bitcoin. even if Bitcoin was to be in fiat format how many people would have owned it? only the calibers of people whom Bitcoin isn't in support of (centralized authorities/ government).

In conclusion, buddy e no possible at all!

This question of yours is something and I will leave it at that because the first ever reason why Bitcoin has been this successful it's because it's an online money which means digital money although I think they are coins forms of Bitcoin but I don't think that's the area you are pointing out. The one major reason why the paper money is being tied to massive inflation is because it's actually controlled by some government officials.

One bitcoin is about 113, 000,000 in naira. Now the question is, do you see anyone who is going about with ₦113 million in their pockets or on their hands and walking aimlessly on the street or in public places? 

Gold is of great value; do you see people walking about aimlessly with tones of thousands of gold in the public? No! 

If Bitcoin were in cash, which is what you mean, there would still be ways of making it divisible into fractions, just like it is today. 

A huge tone of Gold can be divisible into small pieces of gold jewelry, and people can freely go around with it. Cash notes can also be divided into small amounts, which people can freely carry around and face no security threat. 

In addition, I think there would be a reserve bank for BTC if it were in cash. More ATM machines would be clearly visible and functional across all countries where it's being used.
It would also be taxed per individual if BTC were in cash.
Finally, the world would definitely become smaller with less boundaries because of a single significant BTC note, used in every country and for any transactions.

No matter how small a lost amount may be, it must surely affect the owner. You can't use exchange rate to justify a lost amount. all amount is important even if $1 lost from a white man you think they don't feel it because it is $1? Kindly note that we all are humans inrespective of our race.

First of all bitcoin can never be on notes, Because it is a digital money that runs on blockchain protocol which implies that it moves from wallet to wallet. And it changes in price on a regular basis the price of Bitcoin is too volatile to be a note. You might go to the supermarket and decide to buy a goods of 1BTC at maybe @67k. before your arrival to the supermarket btc price has dropped to $66k you may not be able to afford what you wanted to buy because the price has changed. And the goods you wanted to purchase was $67k.

To be honest I can never return back that btc because it doesn't have a mobile number to contact the owner just like the usual fiat lost and people always pic without return, such will be don to it. And moreover if bitcoin were to be in note with that price, it will not be ranpard because even bank will not release it any how because it is too expensive and it will be limited in supply in banks because creating more of it will reduce it value.

I also thought as much. But the real mater na say government for take charge the wey them dey manipulate binance exchange today. Binance exchange done already reach government say instead them go pay any taxes them go block p2p transactions from Nigerian users and ready them done do am. Now na the Nigerians dey suffer the suffer. I no agree make Bitcoin dey in note, even if Bitcoin gets em own ATM for this country, our government go won fund ways to manipulate them with tax payments and other things.

Digital currency will always be what it is. Making it a note may have a significant effect on its value. Nevertheless, one BTC is a very huge value for one to hold and move about with. This can even increase the rate of robbery within the country.

If Bitcoin was a physical note, it would definitely change the way people think about and use it. It would be much easier to carry around and exchange, and it might even gain more mainstream acceptance. However, it would also lose some of the unique features that make Bitcoin so special, like its decentralization and immutability. I think it's an interesting thought experiment, but I'm not sure if it would be better for Bitcoin in the long run.
I think the main appeal of Bitcoin is its ability to operate outside of traditional financial systems, and I think making it a physical note would make it less unique and revolutionary. Still, it's always fun to think about what could be if things were different.  I wouldn't even appreciate it were in a note because this uniqueness of it comes from the peculiarity of it so I don't  think it would be better of in note

Bitcoin been in Note will defeat the idea behind Bitcoin to even start with, if you really understand the idea behind Bitcoin, I'm sure such assumptions wouldn't even cross your mind, I'm not trying to say any less of your idea but I'm only trying to be logical as to why your assumptions seem not to be adding up, unlike other regular currencies which are also regarded as Fiat, they are asr only there for the exchange of goods and services having been valued in their local denomination but with Bitcoin the idea it totally different as it goes way beyond just for the purpose of payment a d valuing for a certain amount of Goods and service but with Bitcoin a store of value which is independent of external control can be achieved.

There are much more to Bitcoin which I can exhaust responding to this thread and that's why I would just say the idea behind Bitcoin is just so much that it just can't be reduced to mare notes and be exchanged commonly amongst individuals on the streets of any city.

If Bitcoin was in note, it wouldn't be special anymore, because the essence of it creation is it privacy and the inability for the government to track and monitor it like the fiat currency that have no privacy, because if it was in note, it will definitely be stored in the Bank which will eventually makes it less different from the fiat currency.

And asking if people will walk around with it in their pockets? To me it's a big No, because you don't see someone that is mentally ok walking around with an asset like Bitcoin in his pocket that is worth 100 million plus, no right thinking person will do that, however that can never happen in reality, because Bitcoin is a digital currency, it can never be in note.

you've missed a whole lot of point in course of your writeup.

First off, Bitcoin is a decentralized digital  currency and anything that makes it to be printed, it has lost that digital and decentralized nature. If bitcoin is being printed then we have to talk about how much Bitcoin is being printed into circulation and also regulate how they are being pumped so it doesn't get excess or scarce which automatically means it is no longer decentralized.

That being said, the decision to pick someone's misplaced properly on the street is a personal issue and you can't get a general opinion regarding it. Based on the kind of society we live in and looking from the religious and diabolical point of view, it's not advisable to talk up even fiat on the road because the days are evil. If it's a property like phone that you could easily reach back to the owner that misplaced it, then it's not a big deal to take it for that purpose but anything outside of that, it's a no no for me.

No one wants to lose their own money and BTC is one of the digital currency that every owners can kept in separate secure custody. We hold fiat money into our wallet and pocket, It can be lost or stolen on the road. BTC can also be lost through digital hacking or if you forget keyword. Even if you completely forget your wallet private key it can be lost forever.

Everly, we just need understand that...Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography. operates free of any central control or the oversight of banks or governments. If bitcoin comes as a note comrade believe government would have come to withheld it and take control of it in full time setting their rules and obligations against how it should flow....

Bitcoin has become the best digital currency that all the owner or possessor can kept it in a very confidential custody.. which will hardly get lost unlike note currency.....

I even preferred bitcoin to be that digital currency which they are meant to be than note because it is very digital and very well secure in that wallet installed either in your phone or system that even if your phone got lost you can easily retrieve your wallet and your cryptocurrency {bitcoin) back when you logged your wallet in another phone or system hence you have a security in your wallet the likes of 12phrase 6phrase and so on......

Who told you Op that aside Nigeria people don't feel great losts when they misplaces or looses their fiat currencies from their pockets, wallets or however? Do you think because we've up to #1,000 in a note meaning our currency is more valuable to be lost when comparing to other countries? Do you know the value of just $10 to Naira? Because naira does not have value in our present economy I guess you don't know a lot much valuable a $10 could afford in a stable economy maybe if I should have the United States for instance.
You should also know rat there are average and vulnerables there in the region and so, they could also feel bad if they could lost such amount of money.
The reality is that the pain of misplacing your money at no returns is usually painful only when the lost fund is not affordable to be lost.
Take that for a clear notice.


Why not, no one ever intentionally misplaces their money nomatter how little it maybe. So, there's Possibilities that anyone could lost even more than 1-Bitcoin despites its value. Mistakes and carelessness will always occur to some person's sometimes and bitcoin wouldn't be the most ever valuable to be lost in such cases because many has lost gold and other asset's worth than the value of bitcoin today at the rate of $71,000. As long as the printed bitcoin is not magnetic technology with the body who holds it then it is possible to be lost or misplace. One thing is sure that when you hold a treasure or a valuable one would always be careful in handling it but there'd always be that tendencies to loose guard from it.
For someone to pickup bitcoins by the streets and return it back to the owner is possible and impossible because there had been people picking worth than 1bitcoin of today's value and still finds a way to reach the owner for retrieval while some persons made away with it even when it is the least penny of $1. It all just depends on the individuals if it was a good Samaritan or a treasure hunter.

 What is the difference between bitcoin and fiat assuming it was a note. Then there will be no need to create bitcoin because it will definitely have fiat features and it will be useless because you are going against the law of your country that only the government can print money, which means that bitcoin will never come into existence. Satoshi decided to create some new kind of currency that will be opposite to fiat, but will serve as the same purpose of fiat.

This is why he created a digital currency, something new and strange that can survive in the present world of technology, and cannot be controlled by anyone to give privacy and financial freedom to people since fiat has become a disappointment to citizens and the government controls it, making bitcoin decentralized in nature so that a third party is not needed before transactions can be carried out. The potential of bitcoin is what made it popular and more valuable, because it is above anyone's control.

 Don't forget say BTC na decentralized currency u can't touch physical but u can use it to do what note money can do in your area and, d founder of BTC make BTC to b decentralized currency and he no why he make am na dat so dat government will not have control over BTC like d way dey have control over fiat money.

Assume BTC is a note, I don't think say people for value BTC like d way people value BTC now as a decentralized currency to invest and have good results to achieve from their investment and, u no wat will happen if u hodl your BTC note at home which u will not have rest of mind because it will b easy for bad guys to have access to your BTC in your house.

Na why the wey Bitcoin dey now naim be the best state wey e fit dey to avoid this government manipulation. If to say Bitcoin no dey digital and decentralized, by now the government dem for don carry am do yeye. See binance as e big reach naim our government carry do like this assuming say Bitcoin na note e for get central authority wey go dey print the notes and anywhere that branch go dey, the government for the country go carry tax kill the dream of the project, and that for make am last for only 2 years. So this na why even assuming say na note sef no make sense, let's just leave it the way it is and appreciate God for the kind wisdom wey e give Satoshi to stay fully anonymous.

Of a truth you have spoken my mind.
Satoshi Nakamoto already knows what the government are capable of doing that's why he made Bitcoin to be a digital currency so no body (government included) will be able to control it. However, as Bitcoin is a crypto currency that can't be controlled and manipulate by anyone, it's good as the real person that invent Bitcoin is anonymous because the world would have manipulate the person to so they will be in control of Bitcoin. The Nigerian government has been working hard to get rid of crypto currency in Nigeria and we have been witnessing them because we are among the binance fam.

Omo, if Bitcoin dey for note na big wahala but I won first ask one question and the question be say, na who go dey print Bitcoin note because you already know say Bitcoin dey backup by a decentralized technology meaning say e no dey regulate by any centralized authority like the normal fiat currency, wey dey regulate by government and central bank so if Bitcoin supposed to dey printed as normal note then e mean them go need to get central authority wey go dey in charge of printing and distribution of the note. That way the mean and strongest weapon wey Bitcoin get (wey be decentralization) and we know say na this thing na e make Bitcoin dey undisputed for wer other currencies dey. So if anything make Bitcoin to fall under other any centralized authority, me and know say na Canada na we go find ourselves.

First of all I'll say bitcoin can never be in the form of a banknote.If bitcoin was to be in the form of banknote that's to say the government will have full control over it.And bitcoin not only a digital currency but also it's decentralized meaning the government and central banks can't manipulate and control the supply of bitcoin.
From what you said that assuming bitcoin was in the form of a banknote,and someone eventually misplaced his or her coin carelessly and the question was if it would be returned.Hmmmm lemme laugh first, you said we should be sincere,okay lemme take this question personally to myself to be frank I won't return the coin back because currently in this era we all know the value and worth of bitcoin, this digitalized currency is a life changer.If something mean alot to you it will be difficult to let go so also if you know the value of something precious like bitcoin you will secure it.

I can’t really remember the last time I saw money on ground, I think people no longer lose money again, gone are those days wey u go dey waka you go see money for ground again, and as our money no even get value again, even if you see 100# or 200# for ground now, no be serious money, but if na before, if you see even 5# or 10# for ground if you see the way person go dey happy because u know Wetin you go fit buy with am. During that time Nigeria never worst like that, we still dey chill that time for dis country, no be like now wey if you hold 1000#, you no go even sabi Wetin u use the money do self.

If bitcoin is in note, I no dey sure say people go even dey carry am commot for house self, na for house everybody go dey hide am because mistake fit happen anytime, and you fit lose am, just imagine say you carry 1 bitcoin commot for house you come lose am, you go wan craze now, where you go even start from self,  1 bitcoin na over 100 million naira ooo, where you go even start from if you lose that kin money.

If I see bitcoin note for ground, as long as I fit sabi the real owner of the money, then I go return am, person money no fit make me rich, if I fit take the money and I no return am, my mind no go clear.

Bitcoin  being a note will dispute the fact of openess as to how everyone knows how transaction  are being carried out ( no nodes to broadcast each transaction).
This will change it whole purpose of decentralisation  as it will be more like a fiat which need control  and finance by some set of constituted authorities (Government).
Bitcoin transaction will always be digital..

If bitcoin was in note I don't think it will be different from the traditional currency we have. The traditional currency that is a paper form people temper with it by printing more of it, if bitcoin were to be in paper form I think people will take advantage of it by printing more it. But I think bitcoin being in a digital form is the best form it is suppos to be which can not be manipulated by anyone just like the traditional currency.

Actually, security might undoubtedly play a part in someone's choice to bring back a lost item. On the one hand, knowing they won't be identifiable may make them less reluctant to return the goods. They may believe that keeping it to themselves has no consequences. But on the contrary side, some individuals could feel that they have a moral responsibility to return it, irrespective of whether they'll be recognized. And I believe age might influence someone's decision to return a lost item. They may also be more mindful of the consequences of their behaviour on others. But as the country be like this even if na 1kobo wey lost from us, nobody go gree return am to you because everywhere dey find wer e go better for them, so just imagine say na Bitcoin wey dey for not wey come fall from us, dat one be say e don go be that, no body go gree return am come give us, dey go even say na manna from God and if Bitcoin dey for note, people go dey extremely careful.

What makes bitcoin so powerful and interesting it’s because it’s not centralized but decentralized. Which does not allow for easy regulation in the global system and its encryption and all that. Bitcoin in note would have made more easy to be controlled that it’s in number and encryption

I think every currency has the reason why it was created and with Bitcoin, it was so designed to be a digital currency of exchange.
Also, I think if Bitcoin were to be in note form, it would mean that the government of the country has adopted it as a legal tender and it is the only currency in use for buying and selling and payments for services render. Otherwise, I don't see how two currencies can have bank notes and be used at same time in a country. It will obviously create so much more confusion.

How we go just de like that nah? Bitcoin na one of the most valued project for the market. This one na pure imagination because e no go happen and the day e happen, e mean say nothing like digital currency go ever make sense. Bitcoin na top project and we go de fight daily for the progressive means to stay protected for our portfolio. Bitcoin for note? The value no go reach where e de today. Remember our fiat currency de for notes and e no go funny at all when bitcoin join, the race and competition wey we de watch today no go even dey again.

Digital currency can not be in a note, why Bitcoin is still decentralized is because know one controls anything about it, the inability of the government not to control Bitcoin is because it is not in a note, note currency are only for countries and they are centralized, there was never a plan on ground to make Bitcoin a note, Bitcoin is a p2p digital money system that enables you to send and receive values without control or involvment of anyone apart from the person that you are transacting with, with Bitcoin,you are in charge of your money, the decentralized future of money is in the hands of Bitcoin, so note was never consider during the creation of Bitcoin because note is inflationary, centralize and lacks the potential of acting as a digital money and at the same time store of value, this idea of note should be erased because it not goung to happen.

Well to add to what you just said, Bitcoin is simply the only cryptocurrency that breaks that barrier of personal control and or should I say central control and na this reason na make Bitcoin never actually get something wey dem fit pin am put for him head. Bitcoin no be today something and e don really make the whole world see money and finance transaction on a different level na make dem no go fit turn am to paper and beside who you wan hold make him come do this kind thing, well to answer you " NO BODY" Bitcoin is decentralized.

If you know how Bitcoin is being created or form you won't be talking about this here. Bitcoin can never be in note or paper form and again even if it will be in paper or note form i don't think all country will have access to it, just like Quatar no country have access to their currency and if country like USA should have access to it they will devalue it same will happens to Bitcoin, if they should bring it in paper or note form and it gets to USA the value go deprecate like mad.

Well, I'll Ignore this as just a side comment and not a factual statement, I think you should go back and read the bitcoin white paper and  also the features of bitcoin and the solution it carries with it.

Bitcoin was created for decentralization, transparency, anonymity and privacy purposes to mention but a few. Now could all these be achieved if its in paper form, Hell No!. Fiat can never be decentralized because its easy to gather them together and subject it under governmental control, furthermore the government can regulate its distribution from whatever banks issues it, thereby defeating the sole purpose of its creation.

Bitcoin is a digital currency which places people in charge of their money, like you're your own bank manager and you have access to your funds anytime any day as far as you've Internet, your wallet isn't compromised by fraudsters and you've not left it in an exchange which is centralized and can sink your funds upon closing down.

Person way go want make Bitcoin Dey in notes na person way no understand nothing about Bitcoin. No be everything suppose get physical nature or representation. Fiat paper money way we Dey spend like this, na central banks Dey print am and that mean say, na central banks get am and Dey regulate am and the central bank then cef, e belong with and to the government.
So if Bitcoin con Dey in papper, watin you think say go happen to it’s decentralized feature, watin go become of its supply, how the currency wan be, Omo, na to spoil everything be that o. This no ever fit happen and we no need am for sure.

Lol, na wetin just dey my mind as U see the topic.
Bitcoin no dey in anyway related to the normal paper fiat currency we get, the features self no dey the same, except for the fact say two of them na currency and them fit serve as legal tender, asides that, you no fit compared the two because the kind level wey bitcoin dey operate dey wayyyyyy higherrrrr than fiat and that's because the supply dey scarce, unlike fiat currency way person fit just enter machine start to dey print fiat, and e go fit decide how much e fit print.

Bitcoin on the other hand, nobody dey create am, instead new bitcoins dey come into existence when miners use specialized computers to solve complex mathematical problems, when a miner successfully solve one problem tge network go automatically reward am with new bitcoins, na so new bitcoins dey carry dey created, no be human being go just sidan one place dey create am, if not, bitcoin go too plenty and e go eventually lose en value, as we dry enjoy am like this, e no fit dey like that again.

So the question nah, if them come decide to put Bitcoin in a printed form.

1. WHO GO DEY PRINT AM?
Na who go dey print am and how them wan carry dey print? Abi na miners or na individuals fit dey print their bitcoin by themselves, so many questions.
If you say make them provide debit card wey person fit link with e wallet, e dey somehow better but to print am in paper form, e go involve plenty things.

2. WETIN GO BE THE STORAGE METHOD?
Normally we feel very safe and better when our bitcoin just dey inside our wallet and if we no tell person say we get Bitcoin inside such wallet, no how them wan take know, now if them come print am for paper form, how you wan take store am?
Abi you go carry am go deposit for bank? Or you give keep am for saving box, or under your bed.
E no just make sense, even the normal fiat self, you no fit keep plenty cash for house wey your mind no go dey fly, talk more often bitcoin.

You should understand that Bitcoin is a digital currency and unlike like those fiat currencies (paper money) it can't be seen or held in hand. The question of what if doesn't make any sense cause though Bitcoin and fiat are currencies, their mode of operation is different, the fiat currency is controlled by the Government through it's Central Bank, while Bitcoin is not controlled by anyone but operates through it's blockchain. Moreover, I feel Bitcoin wouldn't had it current value if it was in form of paper, then it would definitely be manipulated by the government and lose it value like most fiat currency currently. What makes Bitcoin have more value is it's scarcity and once it's in form of paper money then it would be easy to see around making it lose more value, also 1 BTC is worth about $68k currently how do you expect people to carry that about in their physical wallet?.