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stryker (OP)
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May 04, 2018, 09:48:18 AM |
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The Singapore company Tangem released bitcoin-bills, which the developers themselves call "smart banknotes." However, they are not made of paper - in fact it is hardware cold wallets with integrated chip S3D350A from Samsung, reports Finance Magnates.
At the same time, the novelty has common features with traditional banknotes. So, each bitcoin-bills represents a certain fixed denomination in BTC and can be transferred physically for payment. In the company itself Tangem development is called "uncoolable cold wallet."
the advantage of banknotes in front of online transactions is the developers call the instant payment and the absence of commissions. However, they also adopted all the shortcomings of other physical media, including the potential risk of theft and limited transmission range.
Do you want that in your country issue bitcoin-bills?
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Unlike traditional banking where clients have only a few account numbers, with Bitcoin people can create an unlimited number of accounts (addresses). This can be used to easily track payments, and it improves anonymity.
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BillCoin
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May 04, 2018, 09:50:41 AM |
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I just can't see a reason to use them, as you are truly giving up on the nature of bitcoin.
The nature of bitcoin is being decentralized and not needing to trust a 3rd party in order to transfer money, when you purchase this bill you need to trust a 3rd party that they really loaded the bill with the right amount of bitcoins, not only that, you need to trust them that they used enough amount of security so no one was able to fake the bill and produce un-loaded bills and use them as loaded.
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realcrypto
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May 04, 2018, 10:13:39 AM |
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Since you already describe it as our traditional banking system, In fact I do not want anything that operates like our traditional system because I am sick and tired of centralization where some group of people sit and control the nations financial system.
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ralle14
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Not now maybe in the future. It's hard to spend Bitcoin irl tbh, there's only a few stores that accepts Bitcoin in my place and you'll have to spend the whole 0.01 or 0.05 btc in every transaction you make since you can't split it physically. I would rather sell the Bitcoin inisde the physical wallet than spend it physically. you need to trust them that they used enough amount of security so no one was able to fake the bill and produce un-loaded bills and use them as loaded.
If this mistake does happen it'll be a huge hassle.
For those who want to read more details about the physical bitcoin that OP mentioned here's the link. http://bitcoinist.com/singapore-bitcoin-banknotes-tangem/ |
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Red-Apple
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May 04, 2018, 10:37:02 AM |
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Do you want that in your country issue bitcoin-bills?
no obviously not! it is a point of centralization. of course that will never affect the bitcoin itself but all these "notes" are centralized and in full control of the releasing party. nobody wants that to happen! |
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mobnepal
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May 04, 2018, 11:07:57 AM |
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BTC BILLS? Wouldnt it defeat the true nature and purpose of crypto ?!?....
No I don't think so because it is reusable bitcoin wallet according to article here https://news.bitcoin.com/bitcoin-smart-banknotes/It comes with app so you will get bitcoin address where you can deposit but you can't recover private key from it so when you will transfer this note to someone else he/she will be owner of all coin in that address. As owner you can also send bitcoin from the coin with just tap to their NFC capable smartphone (don't have further idea about that). NFC enabled phone lists : https://en.wikipedia.org/wiki/List_of_NFC-enabled_mobile_devices |
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dothebeats
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May 04, 2018, 11:17:06 AM |
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I wonder what would be the practical use of this given that most items and expenses need some form of change. What if, say for example. I bought a coffee worth $5.59 cents and my bitcoin-bill is standard @ $5 and higher denominations? Wouldn't that form a layer of confusion if you remove bitcoin's flexibility and divisibility. This would not be welcomed warmly since the viability of this proposal is nil, and it's better if bitcoin stays as is due to the fact that it will make things confusing for the merchant and the consumer.
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eternalgloom
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May 04, 2018, 11:19:43 AM |
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Do you want that in your country issue bitcoin-bills?
no obviously not! it is a point of centralization. of course that will never affect the bitcoin itself but all these "notes" are centralized and in full control of the releasing party. nobody wants that to happen! It don't really see how these notes would make anything more centralized. They're basically glorified paper wallets or am I missing something here? I doubt many people would actually use them... Seems more like some novelty item than something that's actually usable. I also don't see countries issuing any of these soon. Why would they in the first place? |
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1Referee
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May 04, 2018, 11:32:14 AM |
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It may be a niche object for the average joe, but it's pointless for me personally since I only need a mobile wallet client and my smartphone to do the job. I don't use physical money anymore, so why should I use these? Applications utilizing LN and NFC payments will be the future, and that's the only way I can see it actually gain ground. People quite often talk about where is THE killer application, and I strongly believe that it's LN clients made easy to use even for the most noobie noob.
In general, the use of physical money is reaching an all time low after all time low, which is a strong indicator that physical means of payments will become no longer part of the economy, unless it concerns precious metals being used in high value private transactions. I'm not writing these Bitcoin Bills off directly, but it's definitely going to face some serious challenges to function as intended.
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hase0278
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May 04, 2018, 11:38:08 AM |
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Do you want that in your country issue bitcoin-bills?
I don't think bitcoin-bills would be that feasible to use. It would be hard to give a change using those bank notes. Besides, wouldn't it be better for us to improve the current bitcoin we have today? I mean we can make paying using crypto easier via wallets generating qr codes and the likes when one clicks receive. The qr codes will execute automatic commands to send a certain amount of btc to a certain wallet every time we scan one(it would be possible to do in the future). I think it would be good when paired to a fast confirmation time. |
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Julunguul
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May 04, 2018, 11:50:34 AM |
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the advantage of banknotes in front of online transactions is the developers call the instant payment and the absence of commissions. However, they also adopted all the shortcomings of other physical media, including the potential risk of theft and limited transmission range.
Do you want that in your country issue bitcoin-bills?
for now, the existence of such a development may still not be applied to my country, even if it is applicable, many still can not agree with things. "no commissions" is still a matter of doubt for me, what im afraid for is if suddenly there is a hidden fee transaction behind it |
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bobo012
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May 04, 2018, 12:06:56 PM |
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The Singapore company Tangem released bitcoin-bills, which the developers themselves call "smart banknotes." However, they are not made of paper - in fact it is hardware cold wallets with integrated chip S3D350A from Samsung, reports Finance Magnates.
At the same time, the novelty has common features with traditional banknotes. So, each bitcoin-bills represents a certain fixed denomination in BTC and can be transferred physically for payment. In the company itself Tangem development is called "uncoolable cold wallet."
the advantage of banknotes in front of online transactions is the developers call the instant payment and the absence of commissions. However, they also adopted all the shortcomings of other physical media, including the potential risk of theft and limited transmission range.
Do you want that in your country issue bitcoin-bills?
It sure does sound interesting, kid of like opendime devices. I think it is good to have bitcoin bills, that are verifiable and that can be transferred without having to transact on chain. Sure would like to see that in my country |
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Nekroser
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May 04, 2018, 12:16:23 PM |
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Yes, but in my country they will most likely give out a dry ration than bitcoin  (Russia). It seems to me more convenient to use bitcoin in electronic form. It is not designed for cash payments. |
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fiulpro
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May 04, 2018, 01:04:55 PM |
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I just can't see a reason to use them, as you are truly giving up on the nature of bitcoin.
The nature of bitcoin is being decentralized and not needing to trust a 3rd party in order to transfer money, when you purchase this bill you need to trust a 3rd party that they really loaded the bill with the right amount of bitcoins, not only that, you need to trust them that they used enough amount of security so no one was able to fake the bill and produce un-loaded bills and use them as loaded.
I agree that it completely defys the main purpose and infrastructure of bitcoin of being decentralised and uncontrolled or unrelated to a third party. It also signals of possible descrepancy that might happne because of the third party, but because bitcoin is also involved it may also be in the dark side. Also, if we are anyways attributing a thrirdparty to operate bitcoin, what would be the whole point of being individual user of bitcoins. It being decentralised have brought it so far. It not being associated to any other platform makes it unique and one of a kind. |
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gabmen
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May 04, 2018, 02:04:18 PM |
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Yes, but in my country they will most likely give out a dry ration than bitcoin (Russia). It seems to me more convenient to use bitcoin in electronic form. It is not designed for cash payments. Well you can't use bitcoin with cash payments dude since it is digital. And right now bills are already being sent through emails and you can even pay simply through your mobile device. It all comes down now to companies accepting and having options to have you pay in crypto |
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krixi
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May 21, 2018, 05:15:12 AM |
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I do not think so
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vidivici
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May 21, 2018, 06:17:33 AM |
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Yes indeed assets like bitcoin need super-tight security, but I expect it is a tight but uncomplicated security. I actually feel uncomfortable with the use of private key is quite complicated and long, because if you forget one letter only, then our bitcoin assets will disappear.
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dado7
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May 21, 2018, 06:31:15 AM |
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the absence of commissions......
Do you want that in your country issue bitcoin-bills?
Yes, because you probably already paid a fee in some way, it's just that you don't give this fee to the developers but to some Government institution... hence this is probably a disadvantage as well. I don't see a purpose really (since you can use your mobile phone as "a physical thing", "wallet", call it how you want...) except as a little social experiment, mind game... "let's just issue everything the same way it is issued with FIAT money... it will help people adopt". However, I personally don't understand this mindset.... if you are switching to something new, then you should have already accepted that it is ...well... new... |
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Dudeperfect
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May 21, 2018, 04:23:03 PM |
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Frankly speaking, I don't think that we need something like this at this stage. We are already facing false criticism because scammers are using crypto to execute their scams and people are not able to look at it from the top angle. It is badly affecting the goodwill of crypto among the general public. We should not use something like bills unless it is highly secure and one must be able to confirm the authenticity of it without much hassle.
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