For anyone that might have been wondering whether digital money will always remain as such or whether it will be transformed into something completely different as time goes on, they might be delighted to hear that Bitcoin may very well be making a move to becoming a physical coin in the near future.
Noteworthy, a relatively new start-up has been trying to create the very first banknote, which will be backed by Bitcoin itself. The reason for this bold attempt is to make Bitcoin more suitable for the purposes of streamlining any and all experiences for those consumers who may not be very tech-savvy. Furthermore, it will also greatly assist in offline transactions.
Bitcoin may be transformed into a physical peer to peer cash system
The main goal of Noteworthy seems to be to bring Bitcoin into the physical world and not just have it remain in digitized form. While ambitious, the team has yet to demonstrate any samples or strategies to make their objective reality as of the time of this writing. One may be right to think that this is all little more than just fantasy. However, a number of board members have lent their credibility and ensured that a physical transition for Bitcoin could arrive sooner than most would think.
When asked to elaborate further, representatives from Noteworthy stated that every note would be equipped with a cryptographic microprocessor, which is not only secure but also able to fully utilize all of the banknote’s top features that the industry currently possesses. Moreover, these banknotes will feel and look as if they are truly state-of-the-art and will hopefully be used as a template for other cryptocurrencies to eventually make the shift to physical transitions as well.
Would it be beneficial or detrimental?
Although the idea of a physical form of cryptocurrency is certainly enticing, there are nevertheless prevalent issues associated with it. The biggest one would be the issue of trust and familiarity, in addition to being limited to those areas with Internet access. Also, some cryptocurrencies are designed more towards collecting valuables rather than money itself per se, and so real-time reliable money generation may be an issue.
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