Manufacturers of digital asset banknotes have launched bitcoin banknotes at a store in Singapore. Designed to make ownership and cryptocurrency circulation as easy as using paper money, they are currently available in 0.01 and 0.05 BTC denominations.
Manufacturers of digital asset money Tangem announces the launch of smart bitcoin banknotes at the Megafash Suntec City store in Singapore.
Tangem explained that their bitcoin smart bills are "Comparable to well-protected paper money" and "Quite cheap to hand over.
Topic: Bitcoin Banknotes - page 7. (Read 15259 times)
Nowadays bank notes are no longer needed when you use bitcoin you can enter notes in bitcoin transactions and not only that all bitcoin transactions are also recorded in very large notes and they are open in transparency and can see them in real time. 
that's good news. now bitcoin comin in physical form.
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.
Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/
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.
Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/
I do think the infrastructure is being ramped up which is needed. The underlining technology is there we just need more infrastructure and adoption to see the whole market increase. What I would say regarding the bank notes is that I think it is bit of a novelty. The beauty of bitcoin is that is is massively divisible and can be sent cross borders. Its like taking a Ferrari and placing wooden wheels on it haha but I can see why they are doing it. It might help people who haven't been exposed to bitcoin before conceptualise it slightly better.
At the same time its goal is to increase the bitcoin users all across the country even to areas without electricity, computer access and internet connection. This will be one of the reason why bitcoin will be increasing tremendously in value in the coming years but as long as its production is monitored and transparent then everything will go smooth.
Tangem as a company does not hold any cryptocurrency associated with Tangem Notes — we're just developing the technology and making sure the banknotes are impossible to hack or tamper with at any point in the supply chain or in public circulation.
Tangem as a company does not hold any cryptocurrency associated with Tangem Notes — we're just developing the technology and making sure the banknotes are impossible to hack or tamper with at any point in the supply chain or in public circulation.
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.
Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/
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.
Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/
I have been dreaming and waiting for something like this to happen, I hope this happens and effects the whole world in the nearest future
That's quite another revolution in the crypto world; i would just about love to have some BTC bills in my literal wallet, probably pay my tithes with it. Its a welcome innovation for me.
Based on the article that I have read that Bitcoin smart banknote launched in Singapore as a new tool for mass adoption of blockchain technologies. It has the potential to improve the simplicity and security of acquiring, owning and circulating cryptocurrency. In this new innovation, Banknote looks good.
It's right that if the production is done in bulk it will be comfortable if done but which is my question whether it will be safe or allowed to be done in other countries than singapore? Like other countries that still have not raised currencies other than the dollar and local money and still has not received cyptocurrencies fully or legally?.
It is difficult to understand what your question is but I think the answer is there isn't any country that has banned the sale or use of hardware wallets.
I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.
Take some time to understand. If you can just hand over a note (or card) that the other person can quickly verify is funded then you don't need to pay a transaction fee or wait for a network confirmation. If these devices are cheap enough when they go into mass production they will be very convenient to use.
That's quite another revolution in the crypto world; i would just about love to have some BTC bills in my literal wallet, probably pay my tithes with it. Its a welcome innovation for me.
Seems a bit strange that the media (and the makers of that Singaporean product) seem to have forgotten that there already was physical Bitcoin. In fact, any reference to physical Bitcoin is assumed to talk about it (Casascius). They probably also would have forgotten that physical Bitcoin has already had its issues, at least in the US, when the makers were forced to stop minting them.
Always a collector's item today, still want to own one one day, but the price keeps getting beyond reach! Maybe these notes will also follow down that path...
Always a collector's item today, still want to own one one day, but the price keeps getting beyond reach! Maybe these notes will also follow down that path...
I think they'll be OK if they carry on selling them unfunded. Unlike physical coins which need the manufacturer to put the private key under the hologram so assure it is funded these can be checked electronically. The problems they had in the US were related to running an unlicensed money transmitter business.
Seems a bit strange that the media (and the makers of that Singaporean product) seem to have forgotten that there already was physical Bitcoin. In fact, any reference to physical Bitcoin is assumed to talk about it (Casascius). They probably also would have forgotten that physical Bitcoin has already had its issues, at least in the US, when the makers were forced to stop minting them.
Always a collector's item today, still want to own one one day, but the price keeps getting beyond reach! Maybe these notes will also follow down that path...
Always a collector's item today, still want to own one one day, but the price keeps getting beyond reach! Maybe these notes will also follow down that path...
I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.
Take some time to understand. If you can just hand over a note (or card) that the other person can quickly verify is funded then you don't need to pay a transaction fee or wait for a network confirmation. If these devices are cheap enough when they go into mass production they will be very convenient to use.
I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.
I don't know about this new device and how the producer handles such issues, but with OpenDime what's lost is lost, and it's for good. However, with hardware wallets it is possible to retrieve the keys if your device malfunctions, though that doesn't mean that they keep the keys as such (meaning that someone from inside can steal your coins). If I'm not mistaken, they don't keep the keys themselves but you can still restore the key if you keep a seed to the key (or how it is called correctly). In simplified terms, they keep one part of the password to the key while you keep the other part, so in no way they can steal the coins from you.
These devices don't work that way.
From their website:
Quote
UNCOPIABLE COLD WALLET
Hardware storage with high grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets
Hardware storage with high grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets
The private keys are only stored in the chip inside the 'note' and cannot be got at by you or anyone else. So if it is lost or damaged that's it, the coin is lost. In that way, they are similar to banknotes.
There are OpenDime devices on the market already, and they recently seem to have developed a new version of their disposable wallet.
Opendime is perhaps closest to Tangem Notes in terms of ideology. Like Ledger, Opendime uses secure electronics in addition to insecure chips. Our goal is to make Tangem Notes by far more secure and easier to use than any other technology on the market.
So, is there any way for the company to retrieve lost cards? Knowing people, they would lose these cards or it will get destroyed.
I don't know about this new device and how the producer handles such issues, but with OpenDime what's lost is lost, and it's for good. However, with hardware wallets it is possible to retrieve the keys if your device malfunctions, though that doesn't mean that they keep the keys as such (meaning that someone from inside can steal your coins). If I'm not mistaken, they don't keep the keys themselves but you can still restore the key if you keep a seed to the key (or how it is called correctly). In simplified terms, they keep one part of the password to the key while you keep the other part, so in no way they can steal the coins from you.
I can just imagine that millions of these cards will be created and not a lot of them will survive over time. What happens with the odd Satoshi that are on these cards, if the fees to transfer them, are higher than the amount?
In fact, it is not much different from you losing access to your desktop wallet for whatever reason, for example, due to a drive failure. Regarding dust in your wallet, you can always try sending the coins with no fees and then start praying eagerly.
So, is there any way for the company to retrieve lost cards? Knowing people, they would lose these cards or it will get destroyed. or is this card indestructible?
If there was a way to do that it would mean the company had kept a record of all the private keys and that would be a serious vulnerability. That has already happened in the past with some of the later physicals.
I can just imagine that millions of these cards will be created and not a lot of them will survive over time. What happens with the odd Satoshi that are on these cards, if the fees to transfer them, are higher than the amount?
It looks like these will end up being disposable and the idea is to redeem the whole value in one transaction. I don't see any reason someone would leave some dust behind.
There are OpenDime devices on the market already, and they recently seem to have developed a new version of their disposable wallet.
Opendime is perhaps closest to Tangem Notes in terms of ideology. Like Ledger, Opendime uses secure electronics in addition to insecure chips. Our goal is to make Tangem Notes by far more secure and easier to use than any other technology on the market.
So, is there any way for the company to retrieve lost cards? Knowing people, they would lose these cards or it will get destroyed.
I can just imagine that millions of these cards will be created and not a lot of them will survive over time. What happens with the odd Satoshi that are on these cards, if the fees to transfer them, are higher than the amount?
but it seems to illogical for me as the reason for btc was to make a cashless society but this company tries to issue banknotes which means to go back to start for me.
It is a free market, isn't it? If this effort fails or takes some small niche (which is more likely), then so be it.
For some reason,I feel that this is a terrible idea. Physical notes would fuck up the entire the blockchain's recordings. Corruption would become worse,and before we know it,bitcoin may even cease to exist. This may seem exciting and futuristic thing but it really is not.
In my opinion, this innovation won't have any noticeable effect on Bitcoin. People won't start to use these notes all of a sudden, and I don't think they will turn into collectibles. They are not like Casascius physical bitcoins which are real coins made of silver and gold. The latter do have some numismatic value (well, at least I think so), but how many people do you know who collect credit cards? They are purely utilitarian in function and designed to be useful rather than attractive.
Speaking of corruption, it can't become worse as these devices don't add up much if anything at all to what we already have in this department. It is people who are corrupted, and there are a multitude of ways they can enjoy their corrupted nature without them. And honestly, I don't see how these wallets can fuck up the blockchain if nothing gets written to it. Care to explain?
There are OpenDime devices on the market already, and they recently seem to have developed a new version of their disposable wallet.
Opendime is perhaps closest to Tangem Notes in terms of ideology. Like Ledger, Opendime uses secure electronics in addition to insecure chips. Our goal is to make Tangem Notes by far more secure and easier to use than any other technology on the market.
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