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:
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.
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.
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.
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