Tangem has made Bitcoin physical now by introducing a pilot project of 10,000 Bitcoin Banknotes that is being launched initially in Singapore.
Bitcoin is now tangible
As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.
Tagem, a new smart banknote platform is launching the bitcoin banknotes in Singapore, which is known for its blockchain and crypto favorable regulatory measures. The notes will be on sale at the Megafash Suntec City store. The aim is to mass produce the physical notes of bitcoin in millions by the end of 2018.
According to Tangem’s Medium post:
“Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.”
These physical notes will be available in the denominations of 0.01 and 0.05 BTC. By utilizing the technology from Samsung “based on a recently developed S3D350A chip from Samsung Semiconductor, Tangem Note is the first… on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards”, the notes are like banknote hardware wallets. Apparently, these are cost-effective and can be used like actual cash.
The post further reads:
“Tangem is the first physical manifestation of digital assets. Tangem notes are smart banknotes with a special chip that allows users to carry cryptocurrencies or any other digital assets.”
Ready for wider adoption & kick the asses of traditional currencies
The intangible characteristic of bitcoin has been one of the biggest obstacles to its path to go mainstream. The lack of a physical version and being entirely digital, it has been believed by many that bitcoin won’t be able to achieve a widespread adoption.
Now, with the physical bitcoin notes, this flaw has been reduced to a great extent. These notes are not actually paper money but are somewhere between a prepaid credit card and physical money.
By using an application, one can scan it to empty it completely or a part of the bitcoin and reload it again as well.
This is the pilot project whose first stop is Singapore where the startup has sent 10,000 notes to its partners and distributors.
The crypto enthusiast country, Japan has already come with a cash-like option in terms of OpenDime in the past but options like these require a basic technical knowledge of the working of Bitcoin that also charges high fees.
However, these physical bitcoin notes don’t require one to understand the underlying blockchain technology. It is certainly a drastic change in the use of bitcoin that doesn’t need to be changed to & fro from fiat currency. Looks like with developments like these Bitcoin will soon be ready to take down the traditional currencies.
Do you think Bitcoin banknotes can replace cash in near future? Let us know your views in the comment section below!
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]