Physical bitcoin - Is this the future?

[iyemroker]

If in the future Bitcoin will become a widespread currency, someone will notice that being digital can be a downside, because it makes Bitcoin 100% tied to the Internet, electricity and electronic devices, unlike fiat money that can exist in many forms. Physical Bitcoin already exists, but mostly for collectible purposes. If someone will decide a physical Bitcoin for payments, they will probably get a lot of Bitcoins (lets's say 10 000), lock them in and release paper currency that will be backed by those Bitcoins. It will work just like current cash, but backed by Bitcoin instead of gold, and it won't have any problems with private key ownership that you have described in your post.

I agree with you, digital currency has its downsides especially until not every human on earth is connected to internet and has computer.
This idea with paper currency backed by Bitcoin is probably best solution. It would overcome many problems and people would probably get used to it pretty fast. But are there any new problems that would appear with this solution?

precisely because of technological advancement then in the coming year around the world will be connected to the internet. now many people who have not connected to the internet.

the world is growing complex and increasingly populous, then automatically the country that does not have the internet must have internet, And that's where Bitcoin continues down the space into various countries.

[oegarod]

There have been more chances for physical bitcoin, but this won't be possible same as that we use the traditional fiat. Even if it gets some physical form, it gets functional online with the interlinked connectivity. Already there have been several gift presentations of bitcoin with different physical forms with the qr code of the wallet being depicted on the object.

[burgerpatty]

Bitcoin is a digital currency and peoples are accessing via internet connectivity but in future if bitcoin in physical currency like fiat then it can be good but they need to protect with digitally like chip system and peoples can access via private keys this will be good option so no one access without anyone permission now bitcoin physical currency is available but only for collectible purpose.

[James Fleming]

Technically this is already possible using the Paper Bitcoin Wallet storage method, or for any other coins that support this wallet type.

Additionally, you could engrave the wallet key (or QR code) onto a commemorative coin or other similar physical medallion. It would be easy enough to limit the amount on the coin to, say, exactly 1 BTC, and give it as a gift, sell it, or keep it in a safe.

For other unique physical goods represented in digital form via blockchain, non-fungible digital assets using the ERC721 token type would likely be the standard.

[ov3rflow9x]

If in the future Bitcoin will become a widespread currency, someone will notice that being digital can be a downside, because it makes Bitcoin 100% tied to the Internet, electricity and electronic devices, unlike fiat money that can exist in many forms. Physical Bitcoin already exists, but mostly for collectible purposes. If someone will decide a physical Bitcoin for payments, they will probably get a lot of Bitcoins (lets's say 10 000), lock them in and release paper currency that will be backed by those Bitcoins. It will work just like current cash, but backed by Bitcoin instead of gold, and it won't have any problems with private key ownership that you have described in your post.

In my opinion it is not a proper way to manage it because bitcoin having a 21 decimal, do you at least imagine how many coins or bills we need to issue in order to cover all those?

[Snakerist]

I think there are more disadvantages in physical Bitcoin and the problem with fees should be solved in other way.

[wiik]

It wont be , the main idea of bitcoin is a digital currency . And if were talking about physical bitcoin as the future ? Man , the main purpose of bitcoin is totally wasted . Its not bitcoin anymore . Besides , bitcoin in a physical form is more hassle and people would choose fiat money over that physical bitcoin . And as you mention , there are lot of risk that come with it . So no , It's not and will never be the future/

[MrCrank]

My opinion is that Bitcoin has not future as physical bitcoin because this is electronic blockchain technology.
But Bitcoin have very sweet future soon.

[Batask]

My opinion is that Bitcoin has not future as physical bitcoin because this is electronic blockchain technology.
But Bitcoin have very sweet future soon.

The present and future coin is no other than bitcoin. Because of bitcoin they are so many coins exist. The foundation of all coins is bitcoin, no wonder why bitcoin becomes the king of all coins.

[micle222]

Bitcoin cannot change to physical, because if it is changed to physical, Bitcoin has experienced a decline in time.

Bitcoin in physical form cannot be detected from Explorer and it is most likely to be fake. LOL

[bitfocus]

it means Bitcoin to go Centralized, some authority to print those Paper Bitcoins and the total concept of Decentralization is gone.

[Leo Barnes]

It is very impossible to have a physical bitcoin because it is not different from a real money and the authority will prohibit to use another currency aside from government currency. Assuming we have physical bitcoin currency, okay but what country it will represent how much will be its value because this not backed up by the government, an institution not even gold unless it is made of gold. so what do think can physical bitcoin will become the future?

[gayletot]

if the bitcoin will be the basis of another coin in the field of crypto in the future, I'm not worried about it because if you can see and study the roadmap of the coins it will tell you how it works well.

[mornabo]

There have been more chances for physical bitcoin, but this won't be possible same as that we use the traditional fiat. Even if it gets some physical form, it gets functional online with the interlinked connectivity. Already there have been several gift presentations of bitcoin with different physical forms with the qr code of the wallet being depicted on the object.

I don't think that's a good idea? I think physical money is a traditional payment method and I don't think we want bitcoin to go backwards right? people prefer to use bitcoin digitally, transactions using online wallets, or payments with QR, and so on

[Helex]

physical bitcoin will make Bitcoin centralized, in my opinion and i do not think that was the goal of satoshi nakamoto.

[rancakadu]

Physical Bitcoin is new. This is for long-term storage and only cool and fun things to have. It's not practical at all. It is clear I say sorry this will not work. But a good idea.

[ASHANABEY]

Making Bitcoin a physical currency will go against its main idea and I think it will be traceable by governments and other organization if the community starts to use that in physical form and we will loose many benefits too in the process so it is always better that Bitcoin stay in the current form 

[skeletica]

then what's the use of the blockchain system, which makes bitcoin work decentralized and not centralized.
bitcoin will be the same as fiat currency. LOL

[yetiripper]

I heard some theories about that but for me it is quite strange that people are willing to have a physical or representative of Bitcoin while it is in its core. a digital currency that needs to be decentralized.

[CeyCrypteon]

Sure Bitcoin in tangible form can make it more usable in the real world and it gives Bitcoin more purpose than in current intangible way but this is something that will never happen in the future because no one to take the lead to do that