Bitcoin Banknotes

[TommyJr]

If it happens then bitcoin will get its physical id and it is really good.

[pilnenkii]

Due to the fact that this new technology will appear on the market, this may affect the increase of awareness about btc for more people.

[DannyMarco]

I think it would be a great step and i'm very glad.

[jpaul]

WELL thats a good attempt, but the main concern is which business will be accepting the bitcoin notes and how valuable will it be,. Printing another currency note which is not the legal tender is in itself illegal and will be met by governmental repercussions, it the government allows circulation of these notes then its okay, but i doubt it they will there are way too many logistics involved, and the institution which will take the task to print the will have to go through way too much process to get it legalized

[kabelpeggek]

That's quite another revolution in the crypto world; i would just about love to have some BTC bills in my literal wallet, probably pay my tithes with it. Its a welcome innovation for me.

[Moonbrand]

So, in conclusion, I am looking for a constructive conversation, not a one sided view on the matter. I understand you have your view and opinions, but they aren't the gospel, and I hope you see that...

Your previous reply had been there sometime and nobody came along to agree with you.

I fail to see how any of that is relevant to the product in question. Tell me why someone is more likely to be scammed buying one of these than they are a Casascius coin on eBay? These aren't even collectable so there isn't even a reason someone would attempt to buy one of those other than from physical outlet. Your example of someone selling the card to 3 people just doesn't make any sense.

On that note, the flaw with these "Bank notes" is that they are still handled by human beings, so there will always be the human element to take into account

Any wallet is handled by humans. Scams can happen in any form. Describing that as a flaw is ludicrous. The fact that they can be physically checked makes them more not less secure.

How is it not relevant to the topic in question? I am not saying that one is more prone to be scammed by buying one of these. What I'm saying is that the hardwallet is like a giftcard that has been loaded with 'money' already and someone can decide that they don't want to use it anymore, and therefor sell it.

Any wallet is handled by humans. Scams can happen in any form. Describing that as a flaw is ludicrous. The fact that they can be physically checked makes them more not less secure.

The online wallets that are used in Crypotcurrency are secure only because it is keyed to you and only you. No-one else can access it without your private key. Also, with cold wallets, like the Ledger Nano for example, there are various conditions that one has to meet before accessing anything on the wallet. That being said, if one decided to sell their Ledger Nano as second hand, my previous argument would then come into effect. What would stop the  person selling the Ledger Nano from accessing the wallet after selling it to you, as the private key on that cannot be changed after initiation? This would further emphasize my point of a lack of education, as anyone who is sufficiently educated in using hardwallets, would never buy a second-hand wallet anyway.

There are various website to facilitate the buying and selling of unwanted gift cards already, so what's stopping those websites from adding these "hardwallets" to their database and facilitating the buying and selling of these? All one has to do is register the card on the website and post the add. Most of the time, payment is needed before delivery, so, as I've said before, one can collect payment from multiple people interested in buying the 'hardwallet' and send copied versions to the buyers, which are then only verified (or, in this case, not verified) upon delivery. People are willing to buy just about anything online these days in order to save the time and the effort of having to leave their homes.

[TheQuin]

How is it not relevant to the topic in question? I am not saying that one is more prone to be scammed by buying one of these. What I'm saying is that the hardwallet is like a giftcard that has been loaded with 'money' already and someone can decide that they don't want to use it anymore, and therefor sell it.

Good grief what are you on about now? That is exactly what you were saying.

On that note, the flaw with these "Bank notes" is that they are still handled by human beings, so there will always be the human element to take into account and, as I'm sure you're aware, throw a stick in the wind these days, you're going to hit a scam or someone trying to take advantage of a lack of education. This is a problem; a very serious one.

There's a smartphone app that you can verify the card with. The keys are inaccessible and you need to have physical possession of the card to redeem it. This is a system that makes it next to impossible to get scammed if you buy one of these.

The online wallets that are used in Crypotcurrency are secure only because it is keyed to you and only you. No-one else can access it without your private key. Also, with cold wallets, like the Ledger Nano for example, there are various conditions that one has to meet before accessing anything on the wallet. That being said, if one decided to sell their Ledger Nano as second hand, my previous argument would then come into effect. What would stop the  person selling the Ledger Nano from accessing the wallet after selling it to you, as the private key on that cannot be changed after initiation? This would further emphasize my point of a lack of education, as anyone who is sufficiently educated in using hardwallets, would never buy a second-hand wallet anyway.

It's totally irrelevant but you can reset the seed on a Nano S and if you buy a second-hand one it is essential you do so. These devices are completely different as the key is encrypted inaccessable

There are various website to facilitate the buying and selling of unwanted gift cards already, so what's stopping those websites from adding these "hardwallets" to their database and facilitating the buying and selling of these?

Why would anyone buy one online when they could make a blockchain transaction? These are only designed to be exchanged face to face. There's nothing to stop these sites advertising $100 bills and then sending out fakes ones. Is that a flaw in the concept of cash?

[xaker74]

Bitcoin does not need banknotes! They are reviving the old problem, the fact that the organization must ensure that the value of this banknote.

[TheQuin]

Bitcoin does not need banknotes! They are reviving the old problem, the fact that the organization must ensure that the value of this banknote.

Can't you read? No institution needs to verify these, that's the whole point of them.

[Gyromancer]

Wow,  this is a great technological innovation. With the presence of this technology then the transaction with bitcoin will be easier. I'm sure if bitcoin continues to make technological innovations to simplify human work, bitcoin will still lead the crypto currency in position number one. I'm sure bitcoin will not lose its existence. With the existence of this bitcoin banknote can be more accepted by a country. I am sure sooner or later, one by one the country will accept this bitcoin in order not to lag behind in technology. Hopefully, this will soon be realized and more bitmin atm that spread all over the world.

[Lalapo08]

I am very happy to hear this news. Hopefully with the presence of bitcoin banknotes are making my country more open with bitcoin so I can enjoy the benefits of bitcoin freely. I am sure if this is soon realized then countries will reconsider to give legal status to bitcoin. I became more excited again to invest in bitcoin. This proves that bitcoin will eventually be owned by everyone. Hopefully there is no polemic that prohibits this great technological innovation. In my opinion, this is one of the efforts so bitcoin can be a legitimate world currency like the dollar.

[Moonbrand]

How is it not relevant to the topic in question? I am not saying that one is more prone to be scammed by buying one of these. What I'm saying is that the hardwallet is like a giftcard that has been loaded with 'money' already and someone can decide that they don't want to use it anymore, and therefor sell it.

Good grief what are you on about now? That is exactly what you were saying.

On that note, the flaw with these "Bank notes" is that they are still handled by human beings, so there will always be the human element to take into account and, as I'm sure you're aware, throw a stick in the wind these days, you're going to hit a scam or someone trying to take advantage of a lack of education. This is a problem; a very serious one.

There's a smartphone app that you can verify the card with. The keys are inaccessible and you need to have physical possession of the card to redeem it. This is a system that makes it next to impossible to get scammed if you buy one of these.

The online wallets that are used in Crypotcurrency are secure only because it is keyed to you and only you. No-one else can access it without your private key. Also, with cold wallets, like the Ledger Nano for example, there are various conditions that one has to meet before accessing anything on the wallet. That being said, if one decided to sell their Ledger Nano as second hand, my previous argument would then come into effect. What would stop the  person selling the Ledger Nano from accessing the wallet after selling it to you, as the private key on that cannot be changed after initiation? This would further emphasize my point of a lack of education, as anyone who is sufficiently educated in using hardwallets, would never buy a second-hand wallet anyway.

It's totally irrelevant but you can reset the seed on a Nano S and if you buy a second-hand one it is essential you do so. These devices are completely different as the key is encrypted inaccessable

There are various website to facilitate the buying and selling of unwanted gift cards already, so what's stopping those websites from adding these "hardwallets" to their database and facilitating the buying and selling of these?

Why would anyone buy one online when they could make a blockchain transaction? These are only designed to be exchanged face to face. There's nothing to stop these sites advertising $100 bills and then sending out fakes ones. Is that a flaw in the concept of cash?

From this response, it's clear that you are not prepared to help out a beginner. Your

Good grief what are you on about now?

comment has really put me off this topic completely. I feel like I've been talking to this guy this whole conversation: https://www.youtube.com/watch?v=g-zIbVEjVpQ

To other members: there are other newbies out there looking for help, advice, or guidance without wanting to be told that they're stupid, if you know what I mean.

[TheQuin]

From this response, it's clear that you are not prepared to help out a beginner.

I'm more than prepared to help a beginner but after I've already done that if they keep coming back with the same nonsensical arguments I tend to get a bit short of patience with them. Especially when it was clear from the beginning you didn't even spend a few minutes reading at least the start of the thread to where your misunderstandings were already cleared up.

[tanjilrifat]

This is what makes them different to other hardware wallets the original owner has no access to the funds. I became more excited again to invest in bitcoin.

[hennyjonh87]

While it is difficult to imagine how these banknotes will go as a means of payment, but how they can be used as bonds. The organization that issued them should guarantee their redemption at par value in the case of presentation for payment. At the same time, bitcoin, as everyone expects, should increase substantially in price. This makes it possible to use them in this capacity, than simply as a payment method for mutual settlements and we see that new forms of application of crypto-currency are being created

[Hell-raiser]

While it is difficult to imagine how these banknotes will go as a means of payment, but how they can be used as bonds. The organization that issued them should guarantee their redemption at par value in the case of presentation for payment. At the same time, bitcoin, as everyone expects, should increase substantially in price. This makes it possible to use them in this capacity, than simply as a payment method for mutual settlements and we see that new forms of application of crypto-currency are being created

It would definitely be possible to use Bitcoin "banknotes" in this way, as bonds, but personally, I don't see a lot of purpose in that, especially when you can just keep your bitcoins on the blockchain while the keys to your coins in some safe place outside it. Really, what if this device fails or malfunctions due to natural wear and tear (or because of some other reason), what are going to do with it then, throw it away? Bonds as they are bring you interest, but what kind of interest these devices are going to give you? There's none, so they are pretty useless in this field of application. Apart from that, you don't need redemption as you can "redeem" the bitcoins in this device yourself.

These thingies are basically a hardware wallet (like Opendime sticks).

[Pan Troglodytes]

As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.

Tagem, a new smart banknote platform is launching the bitcoin banknotes in Singapore, which is known for its blockchain and crypto favorable regulatory measures. The notes will be on sale at the Megafash Suntec City store. The aim is to mass produce the physical notes of bitcoin in millions by the end of 2018.

Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/

Well good luck with that! There are only 21 million bitcoins TOTAL and some of them already lost.
Printing money will not be that easy with bitcoin for you. You may happilly print US dollars, but not bitcoins.

[kucritt]

right now bitcoin is the most popular cryptocurrencies even the digital currencies, and we all know that bitcoin is worked in digital, and i think bitcoin will 100% work if they use the blockchain system in digital, so if the bitcoin makes the banknotes i think it will n ot work 100% functionally

[TheQuin]

Well good luck with that! There are only 21 million bitcoins TOTAL and some of them already lost.
Printing money will not be that easy with bitcoin for you. You may happilly print US dollars, but not bitcoins.

It might be a good idea to read the thread before posting that way you would stand a chance of having a clue what you are talking about. These are disposable hardware wallets denominated in 0.01 and 0.05 BTC. As each one will be funded once and spent once it is quite possible that over time millions of them could be used.

[kabelpeggek]

bitcoin bank notes in physical form is most existing news in cryptocurrency market we can see more trust in coming days with this initiative add more positive price spike here on words