Bitcoin Banknotes Are Out: What Do You Think?
So, banknotes for the King of cryptocurrency - Bitcoin (BTC) - are out in Singapore, and I have to wonder... is this good news or bad news?
Well, from an objective point of view, and since I am a Marketer and know that all publicity is good publicity, I know that it is good...
...but considering what Cryptocurrency stands for and the cleave that most people want it to have in regards to FIAT money, is it the way to go?
There are a lot of different ways to think about it... and while I already made my mind, I would love to hear your unbiased opinion so I'm not disclosing it for now.
What do you think?
Here's the Story on it:
So, Tangem notes were printed by the company by the same name. Tangem has a foothold in Singapore, Moscow, China and Switzerland.
This is the store in which they first got use:
It seems to me that the company wanted to make payments in BTC made easy... sure... but the real THING that made them launch this was obviously trying to glue themselves to the Crypto buzz going worldwide.
They knew they were going to get a lot of coverage, free advertising for their company such as I'm doing now (heck, I never heard of them before) so for them it was obviously a good decision.
What about the whole baggage of it and what it means, what do you think about that?
There's Good Things and Bad Things: But this is big for adoption!
There are good things and bad things we can say about this initiative, and while we can argue these are just fancy paper wallets, there are some concerns people have been voicing about it.
But here on STEEM I know we have a melting pot of crypto skeptics, crypto enthusiasts, people who don't even know about crypto and even bitcoin maximalists...
...so I figured this would be the place to ask:
What do you think?
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I don't like the idea. Even paper fiat money is used less and less so why would we have Bitcoin paper notes?
Well, I dont think it will get any use or evolve from this, I think this was a marketing stunt, but on the other hand there were some good things to take from this....
But what if you don't have a phone, or internet. People tend to think that internet and a fully charged phone is available for everyone. But that isn't always the case, so I like this idea, as long it is secure.
Plus the government CAN NOT cause inflation on this one, that being the for the existence of crypto currency.
if this bank issued bitcoin notes is accepted, they in effect can inflate it to a degree. as all the notes is not accounted for in the chain and thus it cannot be checked that it is correct in accordance to the chain. Aside from the issuer of the notes. And aslong as they keep the information about that to themselves, they can infalte it a little, and then a little, untill someone maybe finds out.
Inflation can only be caused by an abundance of currency. Meaning, if there is less to go around, they will be worth more. The government can surely influence the currency, but not by much. I really should look deeper into this. But I don't think inflation will be a problem.
And about removing currency from the blockchain, they already can do it without notes.
I think it’s a good step .. for uncrupto eefucated people who want to keep any tangible asset lol
I think this isn't going to go anywhere but I have no problem w/it as long as it stays fundamental. That being, only enough notes are printed, that are backed up offline in actual BTC. (Funny to think of "actual" BTC as the version that is strictly digital ;).
Publicity stunt in my opinion, but if it raises awareness to crypto I'm all for it.
A lot of truth in that opinion!
Interesting idea,you can check if note is valid by scaning the code.its like real money.
At least no transactions fees right and offline for all and if they get lost um....less supply :)
If done right this could be huge. But here the thing it better than fiat it backed by something not backed by the gov but the people the main issue is how are they backing these bitcoin banknotes will real bitcoin and how long will they last and stuff like that. The minor issue is how the material of the banknote is
Good point of view !
Kinda think those holding the BTC offline would be on the hook for the "transaction fees." Which would be deflationary! After all PoW is still the BEST form of running an efficient digital/paper (in this case) system! ;) Someone is going to have to log and secure those transactions. Unless......BTC smart contracts?!?!?!?
?
Which part are you struggling with?
Plus we all know that NFC isn't completely reliable. Someone can bounce against you and steal your money. Well, I don't know enough to judge it, but I like the concept, if not, love it.
I see some issues, but I thought about that "burn" method as well :D
It seems to me that it's the pressure of an old system making changes to a new system. In my opinion a physical banknote doesn't have much permanency in the cryptocurrency realm.
I agree, a mobile gadget will do the swipping easier, plus technology is evolving a lot, paper money will be useless.
What I think would be cool is if one of the cryptocurrencies would adopt what is called an Aurum. This is an actual bill-sized sheet of gold.
You can find more about it at Valaurum.com.
Hmm.. thanks! Will check it out!
This is really fascinating. I just wonder if the price of these wallets would change daily? I’m assuming the price would change to the moment in which you purchased one and then would be loaded at the register: like gift cards. The only problem I have with this, is that the transactions can take a long time with bitcoin. They are very slow compared to other crypto currencies.
Yeah, waiting one hour for a transaction at the store wouldnt be nice.
hmmm dot now on this one. or a like it but bitcone..and 0.01 0.05 is a big number to. its remving the ide of it been digital. am 50/50 on this one a like the "progress" but a think is more a gimmick then a application atm and 0.05 btc now is 3200$ ish so do u want to have it ur pocket? am not.
No no, you should look at the idea and not what they have done now. If they can make the those cards reliable, they will probably make the smallest there is.
yes a like the gimmick of it. but just tjis one semms bit impracticable but blockchain its new to. so as a one of the first technologies over to normal fiat its not super bad.
In my opinion it will only work as a publicity stunt.
Wow thanks man. Had not heard of this. Indeed the world has changed.
No prob! I live to serve :D