Reinventing paper money in a cashless society

[Techviking]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.
I'm currently running in beta with focus on testing it out and doing hand-to-hand transactions. But in near future I'll add some new features .
My current issue is how to give each ticket it's own value. I would like to hear your opinions on this project and what would be the best way of assigning value by using bitcoin.
As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

[smartbitcoininvestor]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.
I'm currently running in beta ( 52blocks.net ) with focus on testing it out and doing hand-to-hand transactions. But in near future I'll add some new features .
My current issue is how to give each ticket it's own value. I would like to hear your opinions on this project and what would be the best way of assigning value by using bitcoin.
As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

Most people own hardware wallets, desktop wallets and mobile wallets or they keep their cryptocurrency in an exchange (not recommended). Paper wallets are effective if you know how to make one.

Here is an easy to use paper wallet generator: https://walletgenerator.net/

[Youghoor]

If get you well, you want to create a ticket version of Bitcoin which actually has a value of Bitcoin but can be used without the need of having an internet or pc or phone thus an offline version of Bitcoin? This idea of yours sounds interesting but the only problem I have with it is that, Bitcoin is not really adapted by the world and the entire financial space. it will be better you wait for Bitcoin to be fully adapted by the entire ecosystem of the world.

[Eugenar]

This project seems to be fine, but in comparison to the blockchain, even if they are decentralized, they are still logging the transactions to the blockchain info, meaning to say that it seems to be okay to log transactions because, in the first place, people are still anonymous, we just need to be more discrete and precise so adding transaction history to backtrack transaction could still be a useful idea. In addition, I just want to ask if it will still use the blockchain as the backbone of the currencies or money you are making?

[Ducker Smith]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.
I'm currently running in beta ( 52blocks.net ) with focus on testing it out and doing hand-to-hand transactions. But in near future I'll add some new features .
My current issue is how to give each ticket it's own value. I would like to hear your opinions on this project and what would be the best way of assigning value by using bitcoin.
As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

Sounds like an idea, but people use hardware wallets and paper wallets to store their bitcoin, and these are relatively the safest options available today.

[joniboini]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society  it can't be backed by fiat.

CMIIW, but this sounds like making a 'fiat' from Bitcoin, isn't it? I'm still not sure about the ticket that you're talking about but,
1. Who's gonna guarantee that there's a real Bitcoin backing those tickets?
2. Who can create those tickets?
3. How to verify them?

As you said, it relies on trust, but there must be a way for you to check if fraud ever happens. Don't assume that everyone is good people. Instead, assume that they'll cheat all the way.

[franky1]

atleast 6 years ago there was a thing called 'MTGox codes' where people could transfer value between mtgox, btc-e and bitstamp without touching the blockchain as the exchanges were using reserves and a code system they worked on inbetween them selves

the issue with it is people can try brute forcing the redemption codes as it was not a signature or anything s the such. people ended up snooping on people codes redeeming it and leaving the proper recipient with a 'already redeemed' message when they eventually went to try to redeem it

when it comes to redemption codes if i can reed the code on a piece of paper. i can copy it myself and the very second i hand the paper note to someone else. i can redeem the value leaving them pennyless

the only sure way is via private keys that are hidden on the face of the bank note but available by ripping a seal on the paper note.
but even then people can still make fake notes

EG make 300 notes all using the same code

paper wallets are ok for single use transactions hand to hand but not good for circulation ongoing, because the more hands a paper note passes the more chance someone in the middle is about to redeem it before the current holder

last point about the 'easy to write down codes'
if its soo easy. then it makes it soo easy for abuse

[alani123]

Bitcoin I think is already a re-invention of cash for a cashless society. Why does paper need to be part of the equation?

[AliMan]

This project seems to be fine, but in comparison to the blockchain, even if they are decentralized, they are still logging the transactions to the blockchain info, meaning to say that it seems to be okay to log transactions because, in the first place, people are still anonymous, we just need to be more discrete and precise so adding transaction history to backtrack transaction could still be a useful idea. In addition, I just want to ask if it will still use the blockchain as the backbone of the currencies or money you are making?

Of course it will use the blockchain technology, because it inspired the concept since the start of bitcoin and other coins. We need it to make the transactions more efficient and productive. Without this, everything won't work out as expected and may fail im the long run. Cashless society needs cryptocurrency principles in order to run anonymously, and prevent any possible delays that might occur.

[chaoscoinz]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.
I'm currently running in beta ( 52blocks.net ) with focus on testing it out and doing hand-to-hand transactions. But in near future I'll add some new features .
My current issue is how to give each ticket it's own value. I would like to hear your opinions on this project and what would be the best way of assigning value by using bitcoin.
As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

[Disclaimer] "My post does not constitute legal or financial advice. I am not a lawyer or financial advisor. I am here just to post my opinion about the topic of this thread. If seeking legal or financial advice, please consult with your local professional."

Of my opinion (just a regular joe) . . .

 This sounds highly illegal, it may be wise to consult with your local lawyer/legal advisory first in order to check if your potentially putting yourself within violation of your countries financial laws. It could be extremely illegal to mint paper/metal/physical money without some sort of license and permission from your government or whomever controls your countries financial system. Maybe write to your local Congressman, or government agency? Perhaps contact your country's treasury department?
  Whichever route taken, be sure to practice your Due Dillgence first!

[pakhitheboss]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.
I'm currently running in beta ( 52blocks.net ) with focus on testing it out and doing hand-to-hand transactions. But in near future I'll add some new features .
My current issue is how to give each ticket it's own value. I would like to hear your opinions on this project and what would be the best way of assigning value by using bitcoin.
As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

I do not see any practical usage of your tickets in a time when physical money is being removed or discarded completely.
People are not using Blockchain domain to store private key and recieve/send payments.
You can also setup your website using these domains and you do not lose them as once they are created they cannot be deleted.

By the way your tickets can still get stolen or lost.

[dothebeats]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

The problem with this is that it'll be easy to brute-force the codes since you would be making it easy for people to write it up and keep it as it is. Moreso, like what franky1 said, offline paper wallets are good for storage of value but not so much when we talk about circulation. You'll likely have to come up with a solution to make offline paper wallets easier to circulate without the use of internet, or very little use of it so as not to expose your codes on these tickets.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.

In other words, you will likely be a bank since you will be handling the issuance of such tickets and the servers are needed for watch-only purposes? Trust is pretty much a hard thing to come up with these new ideas, especially if it's something connected with money and the concept of it. Ripple made it out alive and expanded since it has the budget to market itself as something different, but for this project, it will pretty much be a steep slope to climb.

Add to that fact that this might be illegal since you will be creating your own "money" and you will be issuing them. Better check for legal implications first before continuing with this plan.

As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

I'm keen to know on how would you implement such, knowing that no records of transactions and ownership whatsoever would be created for your cash.

[achach]

Paper money will go out of circulation because of the uselessness. In addition, e-money is beneficial to the government, as they can simply close all your accounts and you will be left with nothing.

[YuginKadoya]

In my opinion if you're using a paper for this wallet I think that idea is already taken and there might have any problems in using a paper wallet and I think that problems should be solved in making this ticket kind of thing, In my opinion, it should be sturdy in any way a paper can cripple, I guess if you would create something like that, that may distinguish your work with just another paper wallet generator, you would make it even more recognizable and easy to use.

[ChuckBuck]

I'm working on an idea and it might sound a bit far-fetched but it is a 'virtual currency' made to be stored offline much like a paper wallet. But I'm not storing any bitcoin private key. I'm creating what is called a ticket. Each ticket has a unique set of codes and the whole idea is that it must be easy for people to write down these codes so you can create your own set of money or complementary currency.  A long story short, my plan is to use Bitcoin as an "intrinsic value". Since the whole point of this project is mimicking physical cash in a cashless society   it can't be backed by fiat.

Another point to make is that the idea is that small or large communities can run their own server backing their 'community currency' and it doesn't have to be that powerful. It is not a decentralized solution, so it will be built on trust, but there is no way to trace or log transactions, just like cash.
I'm currently running in beta ( 52blocks.net ) with focus on testing it out and doing hand-to-hand transactions. But in near future I'll add some new features .
My current issue is how to give each ticket it's own value. I would like to hear your opinions on this project and what would be the best way of assigning value by using bitcoin.
As a community currency you don't need to trade your ticket for bitcoin for each transaction, but if you don't want to create your own set of cash, you can burn a ticket for a new one and also (in the future) collect it's value ..

I'm afraid your ideas won't come true. You need to make sure that each ticket has a unique set of codes, which means the code is as complex as the Bitcoin address. Do you think this code can be recorded easily? I am not definitely. Therefore, I doubt feasibility of your idea. In addition, you are talking about a "belief" solution. A meaningless word when talking about economics. It is not transparent enough to be recognized because It is not a decentralized solution.

[RooseveltOah]

Who do you imagine are the users of this paper money?
So one of Bitcoin’s use case is when people are on the run all you need to do is remember the 12 seed phrases,
it’s easy to conceal as well,
I imagine you’re targeting places where smart phones aren’t prevalent, is that the case?
If so why is their current currency not working? And what pain point does this solve that would convert the users to use this?