Paper bitcoins (bitnotes). Is it worth it?

[dihari]

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.

[1715140693]

1715140693

[1715140693]

1715140693

[1715140693]

1715140693

[deisik]

offline bitcoin transaction makes no sense, unless you treat bitcoin completely as an investment which you buy and sell shares of! and it still won't make any sense

How's that? Does paper money not make sense either?

you are comparing bitcoin paper with what banks did with gold but the difference which is also a big one, is that you can not buy and hold gold (like $5000+ worth of gold) and put it in your pocket or safely store it at home because of the space it takes and the danger of doing it. so you are more than happy about the alternative which bank offers you

I cannot possibly agree with that

Stealing bitcoin on average is a lot easier than stealing gold, it basically amounts to hacking a victim's computer. To steal gold, you would have to know the guy who holds it, where he lives and if he has a security alarm system installed (most likely) as well as whether he is armed (the possession of gold pretty well correlates with the possession of arms). Stealing gold two hundred years ago might have been a lot easier than today, but right now you might have to actually blow up someone's home to get it...

While your success is still not guaranteed

however with bitcoin you can buy 10 million dollar worth of it and store it on a piece of paper taking up 5 centimeter of space! so you never look for an alternative

Just in case, this topic is not about gold vs Bitcoin

[kanazawa]

Yes, it's cool, if it eliminate the controlled paper money from the government it's fine... particularly I don't care to much for the 'form' of Bitcoin, I just wish it take place as a secondary, non-oficial but with high value that even my father (who's very uncorfortable with Bitcoin) beggins to smile when they thought whata mistake they did taking Bitcoin aside.

[Pearls Before Swine]

Yep, banks could mess everything up.  Easily.  They certainly could pull some sort of fractional reserve thing, but I think the government would have to revise their definition of bitcoin as an asset and not a currency. 

I cringe when I hear about paper wallets and paper bitcoin.  I get that it's a secure way to store bitcoin, but it seems to run against what it stands for.  We're moving away from paper money, and btc is a big step toward that.  Clinging to paper bitcoin is like clinging to the past.

[deisik]

Yep, banks could mess everything up.  Easily.  They certainly could pull some sort of fractional reserve thing, but I think the government would have to revise their definition of bitcoin as an asset and not a currency

Fractional-reserve banking has nothing to do with what is discussed here

We are mainly discussing depositary certificates which are used to confirm that someone has deposited bitcoins in a Bitcoin bank. Since these certificates are payable to bearer, i.e. anyone may redeem them in the issuing bank (not a depositor only), this allows to use the certificates as paper money (hence paper Bitcoins) in offlne transactions. Fractional-reserve banking is just a mechanism of preventing (to a degree) bank-runs in a decentralized banking system when banks loan only part of their clients' deposits keeping the rest as reserves (hence fractional reserves) if depositors decide to withdraw their money from the bank before maturity

[Tanic]

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.

Does bitcoin have any physical form? I'm saying this cause of when I was surfing eBay couple days ago I saw a bitcoin coin on the sale. What is that? Just a symbol or a real coin that I may use?

[deisik]

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.

Does bitcoin have any physical form? I'm saying this cause of when I was surfing eBay couple days ago I saw a bitcoin coin on the sale. What is that? Just a symbol or a real coin that I may use?

This is called a physical bitcoin

Without seeing the photo it is hard to tell since there are a few varieties of physical bitcoins. You can think of them as a paper wallet of sorts, though made in the form of a coin. For example, Caucasian coins are made from gold, so they are sold with a premium equal to the amount of how much gold they contain...



Personally, I would stay away from these since you can't be sure that they are not tainted (i.e. their private key hasn't been compromised)

[aardvark15]

I can see where it would be possible for a bank or business to give the private key of a paper wallet to 2 different people as a scam. That would be yet another way for people to be scammed with bitcoin. Some of those issues will get resolved as bitcoin goes more mainstream in a few years.

[markyminer]

well i don't get the point , why do we want paper bitcoin , i mean the idea of bitcoin first was to move away from fiat so why bother we are better off with real money, bitcoin is a way to deal with money 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 am also agree with you i also think so. bitcoin is really made for online purposes and to decentralize currency, so that all the people of the world start using same currency in all over the world. hope bitcoin will be the one and only decentralize currency of the world.

[ether19]

well i don't get the point , why do we want paper bitcoin , i mean the idea of bitcoin first was to move away from fiat so why bother we are better off with real money, bitcoin is a way to deal with money 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 am also agree with you i also think so. bitcoin is really made for online purposes and to decentralize currency, so that all the people of the world start using same currency in all over the world. hope bitcoin will be the one and only decentralize currency of the world.

Paper bitcoin or bitcoin private and public key imprinted on a paper was designed for new people so that they can understand how bitcoin works. There are some who use it to to store their bitcoin safely. Let say your PC is compromised and you want to transfer bitcoin in your PC to other wallet quickly. You can do this is with a paper wallet.

[deisik]

well i don't get the point , why do we want paper bitcoin , i mean the idea of bitcoin first was to move away from fiat so why bother we are better off with real money, bitcoin is a way to deal with money 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 am also agree with you i also think so. bitcoin is really made for online purposes and to decentralize currency, so that all the people of the world start using same currency in all over the world. hope bitcoin will be the one and only decentralize currency of the world.

Paper bitcoin or bitcoin private and public key imprinted on a paper was designed for new people so that they can understand how bitcoin works. There are some who use it to to store their bitcoin safely. Let say your PC is compromised and you want to transfer bitcoin in your PC to other wallet quickly. You can do this is with a paper wallet.

Paper bitcoins (bitnotes) and paper wallets are two different concepts

The first are basically certificates attesting the ownership of bitcoins lent to someone or some entity (say, a Bitcoin bank), they have neither private nor public keys  printed on them. Basically, it is just a promissory note (as the one below) which is "a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand", as per Wikipedia...



Please don't confuse these concepts

[azguard]

well i don't get the point , why do we want paper bitcoin , i mean the idea of bitcoin first was to move away from fiat so why bother we are better off with real money, bitcoin is a way to deal with money 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 am also agree with you i also think so. bitcoin is really made for online purposes and to decentralize currency, so that all the people of the world start using same currency in all over the world. hope bitcoin will be the one and only decentralize currency of the world.

This is because bitcoin evolved in this short time some government accept bitcoin as payment others are trying to create there own currency, some band them completely other want to control it. I mean there so many factors here that will have be included but bitcoin is never meant to to paper fiat money and it will never be. We can speculate and assume that some want to but they will have to do much more then just print it.

[bitbunnny]

In its nature Bitocin is virtual currency so I don't actualy see the sense of making paper money out of it. Another reason is that not in all countries bitcoin is defined as money or payment method. My opinion is that there is no need to convert digital currencies in paper money, that is why they are digital in first place. Maybe just for souvenir reasons.

[deisik]

In its nature Bitocin is virtual currency so I don't actualy see the sense of making paper money out of it. Another reason is that not in all countries bitcoin is defined as money or payment method. My opinion is that there is no need to convert digital currencies in paper money, that is why they are digital in first place. Maybe just for souvenir reasons.

You view is rather shortsighted

The establishment of Bitcoin banks and issuance of paper bitcoins if done properly and without abuse would massively contribute to Bitcoin popularity. Bitcoin banks would be essentially the same web wallets but raised to an entirely new level. If you disagree with that, you should have to prove, first, that web wallets themselves didn't further Bitcoin adoption, and, then, paper bitcoins wouldn't push the adoption rates even higher. Otherwise, your point remains only that, namely, an unsubstantiated personal opinion

[davis196]

It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...

I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future

Paper bitcoins worth it only if theare are merchants who accept them like cash.

Otherwise it`s pointless to print paper bitcoins.

[deisik]

It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...

I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future

Paper bitcoins worth it only if theare are merchants who accept them like cash.

Otherwise it`s pointless to print paper bitcoins.

You seem to forget what these paper bitcoins essentially are

They would be issued by Bitcoin banks as a document attesting that someone has opened a deposit account in such a bank in such a way that any person will be able to withdraw the bitcoins later from the bank. Naturally, the depositors themselves should be free to choose if they want paper bitcoins or want their deposits to remain totally digital (like in a web wallet nowadays). Whether these will be accepted by merchants, and whether people will put their money into these banks are two separate questions. And if the answer to the first question still remains to be seen, the answer to the second one is already known for at least a couple of years. I refer to web wallets and millions of people using them on a daily basis today

[talkbitcoin]

i am sure there are people that would like such thing, as they like many other things like gold note or paper gold (or whatever the hell they are called in English) but i would never go near it. because one of the reasons why bitcoin is interesting to me is that it is all digital and without any interference from a third party.

[sportis]

It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...

I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future

Everywhere in the world banks are looking for ways to reduce the circulation of banknotes and try force people to use e-banking and debit/credit cards. So why they could takeover the operating costs of such a process as we know that there are credit card users can buy it with bitcoins funded by bitcoins and use it as fiat currency?

[deisik]

It is an established fact that bitcoins aren't very useful for offline transactions (even if you could use, for example, OpenDime devices for making such transactions). If Bitcoin banks are allowed, they would most certainly start issuing Bitcoin certificates (let's call them paper bitcoins), like many banks did in the 19th century with gold. These certificates could easily serve as paper money of sorts and thus solve the issue with offline transactions. The main problem with this approach is that banks might start (and most likely will) issue more paper bitcoins than the amount of real bitcoins in their wallet. So this raises two questions. Namely, if it is possible to prevent Bitcoin banks from issuing paper bitcoins altogether once they get allowed and start popping up here and there, and if there is a way to make these banks to limit the amount of paper bitcoins so it would match the amount of real bitcoins they have...

I think we might eventually have to face these issues, especially if Bitcoin gets more traction in the future

Everywhere in the world banks are looking for ways to reduce the circulation of banknotes and try force people to use e-banking and debit/credit cards. So why they could takeover the operating costs of such a process as we know that there are credit card users can buy it with bitcoins funded by bitcoins and use it as fiat currency?

To earn more profits through Bitcoin

You seem to somehow forget that Bitcoin is not fiat, it is not as widespread yet, and there are no Bitcoin banks so far. Obviously, to attract more Bitcoin users (and thus earn more profits), they would need to offer services that would facilitate Bitcoin adoption. Issuing paper deposit certificates might help further Bitcoin adoption since these could potentially work like cash in offline transactions. In other words, people love cash and don't love credit cards in general

[carlerha]

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.