Bitcoin Banknotes launched in Singapore
A smart cash manufacturer in Singapore has just launched Bitcoin banknotes.
The physical cash contains NFC chips and has been designed to allow people to spend Bitcoin in high street stores.
The company behind the Bitcoin banknotes hopes it will make owning and circulating digital assets as easy as using paper money.
The Bitcoin banknotes are currently available in denominations of 0.01 and 0.05 BTC.
Bitcoin banknote manufacturer Tangem launched the digital assets smart cash at the Megafash Suntec City store in Singapore.
The company’s 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.”
According to Tangem’s website, they have headquarters in Switzerland’s crypto valley Zug, Hong Kong, Singapore, Moscow, and China.
The company reports that it “is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots.”
How smart banknotes work
Tangem says their Bitcoin banknotes are “comparable to a well-protected paper banknote.”
They also explain that the smart cash is “cheap enough to hand over.”
The company says their cash is as easy to use as paper money, saying:
“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.”
Tangem claims that transferring ownership of the smart notes is instant and anonymous:
“Physically hand over the whole wallet together with the blockchain private key.
“No transaction fees, no need to await confirmation blockchain.”
Additionally, the company says that its Bitcoin banknotes utilize “high-grade EAL6+ protection for all cryptocurrencies.”
For extra security. Tamgem says the “irretrievable private keys prohibit replication of wallet and its assets.”
A similar USB thumb drive-style device has been log offered by competitor Opendime.
The Opendime product has a similar purpose but doesn’t have an amount printed on them.
Tangem uses hardware based on Samsung Semiconductor’s S3D350A chip.
According to the company, its “the first hardware storage solution on the market with its entire electronics and cryptography certified to the Common Criteria EAL6+ and EMVCo security standards.”
Security audits and open-source code are paramount to earning users’ trust, as with any embedded firmware-based product in the cryptocurrency space.
This level of security ensures that the company doesn’t have access to funds stored in their products.
Currently, Tangem only has the code publicly-available for Android and iOS apps on Github.
The company claims that it is working with a Swiss security firm, Kudelski Group, however.
Kudelski will an in-depth review of the firmware and comprehensive security audit of the product’s architecture.