About BTC BankNotes: Here Are My Thoughts!

in news •  5 months ago

Although I think the issue of BTC Banknotes by Tangem was no more than a marketing stunt and I don't think much will come out of it, at least by this company, the news we got yesterday got me thinking.

What if BTC Banknotes were something people would pick up on and start using.

Are BTC Banknotes a good idea?

I though about this, and I made up my mind... then, instead of giving people my thoughts on it, I decided to write this post instead:

- Bitcoin Banknotes Are Out: What do you think?

In it, I wanted to probe people for their opinion on this before influencing them with my own thoughts.

I can't discuss the results because in order to avoid ME being influenced, I wrote this article right after the other one, so even though the publishing happened today, I wrote this piece yesterday, so apologies if some people mentioned the points I'm going to make below.

People LOVE the Material:

Do you see the images I'm using to illustrate this article?

They are all Bitcoins... coins really, metallic ones.

Well, people don't need them at all for it to work, and most of them are 3D renders that don't even exist. But yet people use them over and over again.

Why?

People love the material things, people love the clinky clunky gold. People love to be able to hold their money.

I think being able to hold the money will inspire more trust in the system, and will make it easier for BTC being adopted.

Heck, some people even make BTC coins already because they saw this need is a real one!

Destroyed Banknotes? Well, GOOD!

Some people argue that banknotes will be easy to destroy. I for one think this is a good thing as it will make the resource, in this case BTC, more valuable as it will increase its scarcity.

If the notes are lost, the BTC amount is lost forever, and this will decrease supply and increase price.

EDIT: Well Done @sames, we think alike. It's us being greedy? :p

Plus, there are a lot of people who seem to think Virtual = Non-Existent, and this will help break that wall down for them by giving them something "real" to hold.

Convenient: People are Lazy and Some Have Limited Access To Technology

Another thing to consider is that some people have limited access to technology.

Some people can't even work their way around a crypto wallet even if they have all of the necessary technology.

This removes the barriers of entry to those types of person enabling even people who abhor technological gadgets and simple operations to spend and earn cryptocurrency.

I think crypto should be made available to all, so I guess this is a big advantage.


In Conclusion

So, in conclusion, I think this is a good thing.

However, many of these points raise technological problems as well, and stuff that really has to be explored.

I can see some ways in which some problems may arise, and people have to think about it and develop ways to ensure those problems are addressed...

...but that is the beauty of these things - we're witnessing a paradigm shift and those always bring these elements... be grateful you're watching these problems unfold.

Cheers!


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...but that is the beauty of these things - we're witnessing a paradigm shift and those always bring these elements... be grateful you're watching these problems unfold.

Sometimes we have to chill back and just watch the flow. You never know where the future will take us.

Whether it's a good thing or not, hearing about this sounded like (a late) April's Fool to me. Nevertheless, I can imagine that there will be plenty of people interested in this, for a couple of reasons mentioned by you and other Steemians.

Funnily enough, it's digital money that stresses me out the most and most of my money is digital these days. Anyhow, let's see where this goes, whether it becomes widespread - I don't think so - or just becomes a (temporary) hype or a collectors item.

Time will tell.

Have a great day buddy! :>)

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Uuuh, collector item, I never thought of it... I should get one :D

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You should! And feel free to buy one for me too. I can pick it up as soon as you and I meet ;>)

Have a great day!

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0.01 BTC? Too steeeeeeep :P

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:>)

You know what's too steep?
The hike that I went on in the serra da lousã yesterday
but I managed to pull through and it felt great :>)

the story can be found on today's blog

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Serra da Estrela will be worse :P

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In that case, this was a good practice :>)

You forgot the most important part-now people in non internet areas can use crypto without paying transactions fees

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You got a point there!

But the whole point is that balances are recorded in the blockchain and addresses. The only way to make it work is to leave the public address visible on the outside and never reveal its private address or keep it hidden in some way. (Like the physical bitcoins that were printed)

But then how do you prove you actually have access to the funds? You'd have to ensure that the private key is present and never accessed before, so you'd trust the minting company to do so (like the physical Bitcoin , was it the Cassius coin?)

None of this makes sense or looks like they are taking that kind of precaution, so my assumption is that this is really just a gift card that lets you transfer off the balance to another address.

And I said earlier. Useless.

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Useless for most, but who am I to judge... some people can't even use a PC... I wonder how they see this...