Tangem, a Switzerland-based hardware-software platform developer has launched sales of physical bitcoin banknotes in a major Singaporean mall. Bitcoin smart banknotes are designed to facilitate owning and circulating cryptocurrencies as easy as paper money.
There are chips inside each Bitcoin smart banknotes that will carry their value in Bitcoin. The banknotes are currently available in denominations of 0.01 and 0.05 BTC. 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.”
How Tangem’s Bitcoin Smart Banknotes Work
This Singapore based company is manufacturing Tangem Note based on a recently developed S3D350A chip from Samsung Semiconductor. The company claims to offer “the first hardware storage solution on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”
Tangem explains that their bitcoin smart banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.” These banknotes work on Near-field communication (NFC) technology.
“Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain,” Tangem states on its website
The manufacturing cost of each banknote costs around $2. The co-founder says the company is ‘making millions of units now’ in a bid to facilitate crypto transactions that are “immediate, free and anonymous”. ‘As Singapore sets the lead, Tangem is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots,’ the company said in a press release.
What do you think of these bitcoin smart banknotes? Let us know in the comments section below.
Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Disclaimer: This article should not be considered as an investment advice. Please conduct your own research before investing in any cryptocurrency.
If you have any breaking news or article send it to our journalists. Contact us at firstname.lastname@example.org