Myown55 (OP)
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November 12, 2018, 01:51:20 AM |
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It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.
The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.
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BuyBuyBitcoin
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November 12, 2018, 02:45:08 AM |
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The information about bitcoin is available if you just read it OP.
There are no plans for bank notes, that would be regressive.
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Twinscoin2017
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November 12, 2018, 04:29:24 AM |
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I think there is no need to ask about it. We all know that bitcoin is already existing as form of currency. I believe that bitcoin is really a currency an amazing digital crypto currency that is really safe to use and it can also help as gain through investment. I believe that bitcoin has really a bright future.
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pooya87
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that is not how a bitcoin ATM works!
a bitcoin ATM is simply an alternative method of exchanging your fiat with bitcoin and vice versa. that has nothing to do with "notes" that is not necessarily created by banks. in fact so far the ATMs that i know were created by companies and have nothing to do with banks.
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andriw
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November 12, 2018, 04:50:59 AM |
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They look like traditional ATMs, but they don't connect to a bank account and instead connect the customer directly to a Bitcoin exchange for a convenient and convenient way to purchase Bitcoin in person. That is the outline of the operation of the Bitcoin ATM, so it has nothing to do with a bank account.
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phelbaby
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November 12, 2018, 06:47:47 AM |
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If Bitcoin is been adopted as a physical currency than it means that its a regulated currency,that also means it is no longer a decentralized cryptocurrency rather a fiat currency.
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Pursuer
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November 12, 2018, 06:52:35 AM |
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this has nothing to do with ATMs but I think eventually we will see some sort of bank notes that may be used instead of bitcoin and issued by banks or some centralized entity like that sanctioned by SEC or something. right now ETFs seem to be the hot topic which is basically similar to notes since you are not buying bitcoin but a virtual IOU from that company and I have to say it is a terrible thing for bitcoin. it brings all the centralization that we got rid off, back to bitcoin.
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kaisa
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November 12, 2018, 07:55:26 AM |
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It looks like your problem has been solved. In our country, we also had a bitcoin ATM in Bali Indonesia (but the government currently banned it). Basically, this ATM is an exchange that can be accessed directly with fiat, so they are not related to the bank at all
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odolvlobo
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boyptc
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November 12, 2018, 08:10:11 AM |
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You understood it wrong when you have heard about bitcoin atm, you expected that a bitcoin note would come out from it but no.
If you withdraw your bitcoin through bitcoin ATM you'll get cash.
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mk4
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November 12, 2018, 08:21:11 AM |
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Looks like you have a wrong understanding on how bitcoin ATMs work.
Anyway, to answer your topic question: If bitcoin would exist in a form of notes, then a centralized authority would be needed for this to be done, for the printing of the notes and such, which is something we would like to avoid as much as possible when talking about bitcoin.
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bchain22
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November 12, 2018, 08:23:40 AM |
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It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.
The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.
That would make no sense to have bitcoin notes if you think about the meaning of bitcoin and why it was created. Purely digital and that's the way it is going to stay. But answer to your question, you will get fiat money out of the ATM, usd, euros, etc. |
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rumexx
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November 12, 2018, 08:24:18 AM |
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Bitcoin has never been seen physically as a currency but it is a digital currency. The ATM bitcoin transaction will still be in form of P2P transaction where you can transact by transferring from a wallet to a receiving wallet. This is my thinking but since nothing is stagnant things keep changing maybe you can exchange your bitcoin to fiat money using the ATM machine. This will not be a bad idea.
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bitfocus
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November 12, 2018, 11:21:15 AM |
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Bitcoin Bank Notes will kill the anonymity and decentralization if Bitcoin - I personally will never want it to happen.
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Jigsawman082076
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November 12, 2018, 12:35:26 PM |
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Regarding this matter about bitcoin existing in currency notes is big non sense because having bitcoin to exist in bank notes will really defeat the purpose of bitcoin being as an intangible currency which provides anonymity to its users so I really believe that bitcoin will never exist in bank notes just like the paper bills that we are very much used to.
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pakhitheboss
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November 12, 2018, 01:21:24 PM |
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It might interest you to note that the bitcoin policy has been accepted and implemented by some banks. Not long ago, I read a post on this platform which stressed on the facts that there are bitcoin ATMs in some parts of the Europe and United States.
The question is " how will these ATMs operate?" Will customers withdraw money in the form of Bitcoin notes or fiat??? Please share your views on this topic. I need clarifications.
First of all Bitcoin is a virtual currency and cannot be produced or generated in the form of paper. Second, Bitcoin ATM's are only meant for converting Fiat to Bitcoin/Crypto and Bitcoin/Crypto to Fiat through partnered exchange. No Banks are involved in running these ATM's. They are controlled by private companies. The charges for conversion are higher as compared to exchanges. . |
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BrewMaster
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November 12, 2018, 02:13:16 PM |
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Anyway, to answer your topic question: If bitcoin would exist in a form of notes, then a centralized authority would be needed for this to be done, for the printing of the notes and such, which is something we would like to avoid as much as possible when talking about bitcoin.
i am afraid that this will eventually happen no matter how much we despise it. many people still want it to happen! i believe it is because they are too used to the centralized authority of banks and only want bitcoin for the profit making purposes which is also why many are still excited about things like ETF! |
There is a FOMO brewing...
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ridertiger
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November 12, 2018, 02:18:57 PM |
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Well to be honest I don't think I will ever change my Bitcoin for Crappie Fiat money. I'm waiting for online Merchants to start accepting Bitcoin and other currencies.
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mk4
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November 12, 2018, 02:57:25 PM |
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Anyway, to answer your topic question: If bitcoin would exist in a form of notes, then a centralized authority would be needed for this to be done, for the printing of the notes and such, which is something we would like to avoid as much as possible when talking about bitcoin.
i am afraid that this will eventually happen no matter how much we despise it. many people still want it to happen! i believe it is because they are too used to the centralized authority of banks and only want bitcoin for the profit making purposes which is also why many are still excited about things like ETF! Well, theoretically it could still work, even though it's more centralized. It'll probably be fine for smaller transactions? $10 worth of bitcoin and such. People probably just need to think of a way to create these in a less-centralized manner, and without a way of people taking advantage of these by creating fake and duplicated ones. |
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hubballi
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November 12, 2018, 03:09:10 PM |
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Anyway, to answer your topic question: If bitcoin would exist in a form of notes, then a centralized authority would be needed for this to be done, for the printing of the notes and such, which is something we would like to avoid as much as possible when talking about bitcoin.
i am afraid that this will eventually happen no matter how much we despise it. many people still want it to happen! i believe it is because they are too used to the centralized authority of banks and only want bitcoin for the profit making purposes which is also why many are still excited about things like ETF! Well, theoretically it could still work, even though it's more centralized. It'll probably be fine for smaller transactions? $10 worth of bitcoin and such. People probably just need to think of a way to create these in a less-centralized manner, and without a way of people taking advantage of these by creating fake and duplicated ones. If what you are telling that Bitcoin will be surculated in currency notes then its main purpose of creation will be dead and the concept will be totally lost which will be not good for it. Bitcoin was created to remove the middle man and unnecessary chages by banks to be exposed. ATM are used to convert the bitcoin to fiat currency and withdraw which is good but bitcoin itself is used in currency way is not good. |
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