Singapore startup selling bitcoin banknotes
The bitcoin banknotes are available in denominations of 0.01 BTC (US$98) and 0.05 BTC (US$485) for now.
In an effort to increase adoption and currency circulation, a Singaporean company has launched pilot sales of physical bitcoin smart banknotes. Denominations of the cryptocurrency are stored on computer microchips.
Tangem, the company behind the new hardware, is selling these banknotes at the Megafash Suntec City store in Singapore. The store itself is currently launching its own native token and supports other cryptocurrencies.
The banknotes contain a Samsung semiconductor chip, which stores value. The hardware’s entire electronics and cryptography components meet certified security standards, according to Tangem’s latest news release.
The Tangem bitcoin banknotes are available in denominations of 0.01 BTC (US$98) and 0.05 BTC (US$485).
During a recent interview with Hackernoon, Tangem co-founder Andrew Pantyukhin explained that the smart banknotes can carry cryptocurrencies or any other digital assets and are “truly decentralized” due to their unrestricted nature and because transactions are instantaneous, fee-free and completely anonymous.
“You can conduct physical crypto transactions by just handing them over or receiving them,” Pantyukhin said.
“You use them exactly like cash, but it’s not fiat currency backed by a government, it’s crypto.”
Pantyukhin added that hacking concerns are not relevant to the smart banknotes because compromising a single banknote is uneconomical and therefore not a worthwhile endeavor for those seeking an easy payday.
Kudelski Group completed an in-depth review of Tangem security architecture. The company has shared the full source code of its proprietary chip firmware with Kudelski in order to form a comprehensive security audit.
Crypto is still very difficult to use; it requires a steep learning curve. The users have to go through so many steps that are complex and tiresome. With a physical bank note all you need is the bank note and there is no need to learn or know anything about cryptocurrency. Everyone knows how cash works. We don’t need to teach you anything. Plus everyone knows how to keep things physically safe.
Tangem co-founder Andrew Pantyukhin explains the concept of smart banknotes
Tangem is delivering 10,000 production notes to partners and distributors globally for commercial pilots.
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