Bitcoin Smart Banknotes Launched in Singapore
A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.
Bitcoin Banknotes Debut in Singapore
Digital asset banknote manufacturer Tangem announced the launch of smart bitcoin banknotes at the Megafash Suntec City store in Singapore on Thursday.
Bitcoin Smart Banknotes Launched in Singapore
Megafash store in Singapore.
The announcement states:
Available immediately in denominations of 0.01 and 0.05 BTC, Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.
With headquarters in Switzerland’s cryptovalley Zug and Hong Kong, Tangem also has offices in Singapore, Moscow, and China, according to its website.
The company says it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”
How Tangem’s Smart Banknotes Work
Tangem explains that their bitcoin smart banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” Citing their ease of use, the company says there is “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”
Bitcoin Smart Banknotes Launched in Singapore
Transferring ownership of the notes is anonymous and instant, Tangem claims. “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.” Moreover, the company says that its banknotes are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”Bitcoin Smart Banknotes Launched in Singapore
Competitor Opendime has long offered a physical product with a similar purpose but shaped more like a USB thumb drive and without any amount printed on them.
Good post and very interesting. However, creating a physical note redeemable for goods/services seems to defeat the purpose of cryptocurrency. What do you think? I guess as long as they are not issued my a central banking authority it is a different form of Bitcoin. I am new to crypto and these are just my thoughts... please correct me if I am wrong.
Thanks,
Emma.
Yeah it would be better if the store owner scans the card with a phone app, and you release funds with a pin code, and you can always reload your card. So basically as a store owner just list all their store items in the app with the prices, app scans all the items, shows price and QR code, you hold your card in front of their phone, they scan it and you look at their phone to verify order is correct, you enter your pin to release the funds on your card. Easy, you don't need a phone, just the store owner, this would also reduce the amount of physical cards in the cash register.
Super concept but is it really necessary?
Nowadays everyone has smart phones with a NFC and there are many crypto wallet apps support NFC.
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