Smart Bitcoin Banknotes Were Launched with a Pilot in a Singaporean Mall

May 05, 2018 at 18:20 // News
Author
Coin Idol
Singapore launches smart bitcoin

As bitcoin has gained wide acceptance around the world, a Singaporean startup firm Tangem announced the start of its bitcoin banknotes sale on Thursday. The physical banknotes corresponding to virtual coins can be purchased in denominations of 0.01 and 0.05 BTC at the Suntech City shopping centre.

“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,” the announcement says.

Each note contains an S3D350A chip which is entrusted to be manufactured to one of the largest technology company on the financial market Samsung based in Seoul, South Korea. Such a fintech banknote represents a set value of 0.01 or 0.05 BTC and can be handed over as traditional paper money. In fact, it can be considered as a self-contained wallet containing an own private key powered by blockchain technology.

According to Tangem, the process of ownership change is anonymous and instant, as an owner gives the whole wallet together with the blockchain private key. Furthermore, it requires no confirmation of blockchain nodes and no transaction fee. Each cryptocurrency note is ensured with “high-grade EAL6+” protection.

Taking no fees for a transaction, a Bitcoin banknote, however, has a range of issues as do all physical payments. The security, distance, and convenience of making transactions with the help of such digital currency notes are questionable.