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Author Topic: Paper bitcoins (bitnotes). Is it worth it?  (Read 3532 times)
zero1ten
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December 16, 2016, 09:19:29 AM
 #81

If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular.

And another thing why paper bitcoin is far from plausible is because it will be very easy to counterfeit a paper bitcoin because no authority will handle the printing and distribution because it's decentralized plus you cannot recycle  a paper bitcoin like a normal fiat because it will cause the double spending problem.
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December 16, 2016, 09:38:41 AM
Last edit: December 16, 2016, 10:18:56 AM by deisik
 #82

If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular.

And another thing why paper bitcoin is far from plausible is because it will be very easy to counterfeit a paper bitcoin

I'm inclined to think you are not very familiar how such issues are prevented in real life

And they were prevented even hundreds years ago by using endorsements in bills of exchange. Since paper bitcoins are always personalized, i.e. issued in favor of a certain depositor, they can be just as easily protected as you claim the opposite by a lot of measures starting from a simple handwritten signature by the depositor on the bitnote (good luck to you counterfeiting it) and continuing with the state-of-the-art technologies making counterfeiting next to impossible due to the nature of these bitcoins

plus you cannot recycle  a paper bitcoin like a normal fiat because it will cause the double spending problem.

Could you expand more on that, I can't quite get what you mean to say

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December 16, 2016, 06:56:52 PM
 #83

On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
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December 16, 2016, 07:09:53 PM
Last edit: December 16, 2016, 07:59:25 PM by deisik
 #84

On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format

What makes you think so?

First, as I see it, no one would be forcing you to accept these paper bitcoins even if you choose to open a deposit account in a Bitcoin bank (which no one forces you to do either). You can just stay with what you already have with web wallets right now (with interest added). Second, if you, nevertheless, decide to receive a deposit certificate, security will remain absolutely the same as it is now. Unless you lose this certificate or someone steals it from you, your bitcoins will be as safe as they are today in any web wallet out there

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December 17, 2016, 02:48:32 AM
 #85

i think its not worth it the reason why i used bitcoin because of its advantages when it comes to fiat system because theres no need to always bring it on your pocket because you can easily access your wallet when you're online and i can easily send and received money too without any fees than using fiat system which i need to go to remittance center before i can send it.
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December 17, 2016, 02:54:01 AM
 #86

On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
yes you're absolutely right im putting all my money on bitcoin because of its security and uniqueness and it has a lot of features that other currency dont have so if it become paper im gonna pull all my money on bitcoin because that will be the reason of bitcoin price to disappear. its growing because many users investing on bitcoin because we can send and received and evenly go trading without any hassle when it comes on receiving and sending money.
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December 17, 2016, 01:44:10 PM
 #87

Why we need paper bitcoin. It is not practicaly for use. Also I do not see any advantage of paper bitcoin, I preffer like to use bitcoin in virtual transaction.


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December 17, 2016, 11:25:15 PM
 #88

If that paper bitcoin is really happen, so bitcoin is not different with another papers money.
Bitcoin is unique because of it unseen and untouchable.
yes the present position of bitcoin should be continue, bitcoin is a universal decentralize digital currency and it should continue like that, if it converted to paper money then it will lost its originality and may be not remain so popular.

And another thing why paper bitcoin is far from plausible is because it will be very easy to counterfeit a paper bitcoin because no authority will handle the printing and distribution because it's decentralized plus you cannot recycle  a paper bitcoin like a normal fiat because it will cause the double spending problem.
yes that is a fact that it will then create a lot of problems and issues, therefore bitcoin is good if it remain as online digital currency only, and the new generation are already giving preference to online shopping therefore it will more worth to remain as online digital currency.
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December 18, 2016, 05:16:55 PM
 #89

On the one hand - it may happen due to the fact that people used to use paper money. On the other hand, Bitcoin will lose its uniqueness and security if go into a paper format
to me i think it will be better if it is available in both options, but first the most important thing is that it should be accepted by all the countries of the world as legal currency and only then they will allow bitcoin in the form of paper in their country.
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December 18, 2016, 05:32:20 PM
 #90

If the OP is right then eventually these bitnotes will just replace btc and thus sort of kill it. I think it is not a good idea to connect btc to paper, because it just wasn't supposed to end this way. Btc can only exist in a digital state and it is totally fine. The banks should stay away from btc and not try to spoil it with their own problems.

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December 18, 2016, 05:35:48 PM
 #91

the idea of paper bitcoin throws me off easily. it makes everything about it centralized because you have to trust a third party like a bank for creating them and issuing them to you and guarantee their price because they are not bitcoin and only the bank can deal with the price of these pieces of paper. i would stay away if that happens some day.

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December 18, 2016, 05:46:43 PM
Last edit: December 18, 2016, 05:57:40 PM by deisik
 #92

If the OP is right then eventually these bitnotes will just replace btc and thus sort of kill it. I think it is not a good idea to connect btc to paper, because it just wasn't supposed to end this way. Btc can only exist in a digital state and it is totally fine. The banks should stay away from btc and not try to spoil it with their own problems.

This is a possible scenario, though an unlikely one

It is an unlikely scenario just because the Bitcoin banks themselves wouldn't be interested in killing Bitcoin. Really, why would they want to kill a goose laying golden eggs? The only way in which they could potentially harm Bitcoin is through printing bitnotes not backed by real bitcoins, but if people learn about that, they will just refuse to accept these paper bitcoins, and no Bitcoin bank will be able to force this acceptance. That's why such banks would be themselves vitally interested in developing a system which would allow to independently control over how many paper bitcoins they issued (or rather if every paper Bitcoin issued by them matches a real one)

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December 21, 2016, 08:05:42 PM
 #93

Why do we want paper bitcoin, the idea of bitcoin first was a cashless world so why bother we are better off with real money, bitcoin is a way to deal on the internet without having to physically give anything, sure if the internet will go down so as bitcoin but I don't think that is possible that we so attached to it nowadays.

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December 22, 2016, 03:20:00 AM
 #94

Why do we want paper bitcoin, the idea of bitcoin first was a cashless world so why bother we are better off with real money, bitcoin is a way to deal on the internet without having to physically give anything, sure if the internet will go down so as bitcoin but I don't think that is possible that we so attached to it nowadays.
Yes I agree with you. One of bitcoin advantage is becouse it can be use digitaly in internet. So I think we do not need paper bitcoin. Also peoole loves and interested in bitcoin becouse it is different with paper money.


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December 22, 2016, 08:28:39 AM
 #95

Why do we want paper bitcoin, the idea of bitcoin first was a cashless world so why bother we are better off with real money, bitcoin is a way to deal on the internet without having to physically give anything, sure if the internet will go down so as bitcoin but I don't think that is possible that we so attached to it nowadays.
Yes I agree with you. One of bitcoin advantage is becouse it can be use digitaly in internet. So I think we do not need paper bitcoin. Also peoole loves and interested in bitcoin becouse it is different with paper money.

People think many different things

But the thing is that Bitcoin is often blamed for not being able to participate in offline transactions. Paper bitcoins make it possible in the same way cash does. Thereby, other people who think they might not need paper bitcoin should remember that, first, no one is going to strip Bitcoin off of its advantage as a means of electronic payments across the world, and, second, there are quite a few people who might in fact want that option. In any case, Bitcoin banks issuing paper bitcoins will be adding substantially to Bitcoin popularity, at least as long as they don't abuse the system. Why they themselves wouldn't be interested in abusing it I explained before

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shield132
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December 22, 2016, 09:19:25 AM
 #96


plus you cannot recycle  a paper bitcoin like a normal fiat because it will cause the double spending problem.

Could you expand more on that, I can't quite get what you mean to say

deisk, he means that for example if your paper money is halfly cutted by some occasion (I mean another meaning of word rent) than you can to go in bank and they will give you new and same rate money. So as we know that bitcoin is limited supply and when 21 million bitcoin will be mined, mining process will stop so in paper bitcoin situation, if some similar occasion will happen, it will cause many problems. Hope you understand.

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December 22, 2016, 10:09:27 AM
 #97


plus you cannot recycle  a paper bitcoin like a normal fiat because it will cause the double spending problem.

Could you expand more on that, I can't quite get what you mean to say

deisk, he means that for example if your paper money is halfly cutted by some occasion (I mean another meaning of word rent) than you can to go in bank and they will give you new and same rate money. So as we know that bitcoin is limited supply and when 21 million bitcoin will be mined, mining process will stop so in paper bitcoin situation, if some similar occasion will happen, it will cause many problems. Hope you understand.

No, I didn't understand anything

the idea of paper bitcoin throws me off easily. it makes everything about it centralized because you have to trust a third party like a bank for creating them and issuing them to you and guarantee their price because they are not bitcoin and only the bank can deal with the price of these pieces of paper. i would stay away if that happens some day.

Millions of people are trusting web wallets, and so what? It can't possibly get more centralized than that, but somehow I don't see crowds of people crying across the forum that these are evil and people don't need them or they should stay away from using web wallets altogether. In respect to your other point, I have explained it a few times that Bitcoin banks themselves would be interested to let people see that every paper bitcoin is matched to a real one held by such a bank, since otherwise people simply will won't agree to these pieces of paper...

This is not fiat after all, which use can be forced by the government

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December 22, 2016, 01:33:03 PM
 #98

Paper bitcoins=you have no control over the private key. Also by doing this the centralized issuers will have chance to create more paper bitcoins than what they actually own (as in the case of fiat - they're just debt notes). Finally there'll be more than 21M bitcoin debt notes in circulation and will grow. Then inflation will occur. That's what we're against to.

Goodbye bitcoin!
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December 22, 2016, 01:42:12 PM
 #99

I personally dont have any and think that i wont have any i will go for storage them on wallet or exchange depend from situation, but this should be backup with bitcoin. Think that original idea was to print from home on some template and back this copy on paper with you balance from wallet.

Still lot of issues are involved and think this is good concept but it wont have wider support and usage.



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December 22, 2016, 02:06:29 PM
 #100

Paper bitcoins=you have no control over the private key. Also by doing this the centralized issuers will have chance to create more paper bitcoins than what they actually own (as in the case of fiat - they're just debt notes). Finally there'll be more than 21M bitcoin debt notes in circulation and will grow. Then inflation will occur. That's what we're against to

In fact, everyone would be against it

But as I said above, everyone as well will be free to deposit their bitcoins into such banks, there is no government to force anyone to open Bitcoin accounts. If you can't stand the idea of Bitcoin banks, you can safely forget about them. Banks, on the other hands, would be interested to induce Bitcoin users to deposit their bitcoins there. Since it is obvious that banks could and most likely would issue paper bitcoins, bitcoin users will not go to these banks unless they develop and implement a mechanism which would reliably prove that they won't issue more paper bitcoins than they actually attracted to deposits

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