Topic: Bitcoin Banknotes Debut in Singapore (Read 549 times)

Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain

Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.

How do i update my Ethereum wallet?

1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

We are taking these measures to protect both you and our network from phishing and malicious attacks.

Thank you for your cooperation and understanding!
MyEtherWallet Security Team.

If you use other methods, then ignore this message.

I think this is pointless. Bitcoin is a digital currency. It is a network trust consensus generated after verification. The printed paper is a pile of rubbish. No one can buy the paper foolishly.

This is rather confusing and disturbing to me. Why Bitcoin Banknotes? Is Bitcoin not supposed to be a digital currency and used only via online platforms? Who printed these notes? Who will be in control or regulating the issuance? I think there is much more to this than I think. But I hope it serves as a means of further spreading the message of Bitcoin and its acceptability.

Nice idea, how will this work.

Actually there are some banks issue bitcoin and ripple already. But the important is how popular and how can they be applied into life

I think this is very very good news that countries has now started to think about bitcoin and now the work for bitcoin has been started in different countries but I think not exactly what we want, we want and live bitcoin and all other crypto currencies as they are , we love them because they are in virtual form and in digital form and are much more secure than paper currency and in this if we introduce bitcoin notes then obviously it will become like that of paper currency and then this is no use and there will be nothing new technology with bitcoin.

This is very funny. I doubt it can stand the test of time.

That's not true. Casascius was making physical Bitcoins back in 2011  https://en.bitcoin.it/wiki/Casascius_physical_bitcoins and companies like BTCC are still making them now. https://store.btcc.com/

These are encrypted hard wallets so no more likely to fraud or hacking than any other wallet. They are the same size and shape as a credit card so as easy to carry as anything else.

On the one hand this is very very good news that different countries are now started thinking about the bitcoin and doing something in favour of bitcoin, like in Singapore, bitcoin notes has been introduced but on the other hand , I don’t feel the need of this, we all love crypto and bitcoin because no physical form exists so it is very hard to steal or hardly any fraud or hacking takes place with the crypto and moreover tit is easy to carry as you can carry your bitcoins in your bitcoin wallet in mobile phones 📱.

This is a good progress for bitcoin. especially for those areas that have very limited internet access.We just need some sort of body that can monitor the printing of these banknotes

Do you think that paper wallets confuse newbies? Do you think that the Singapore government is likely to ban Ledger and Trezor?

I'm just extending the logic of the argument as these notes are really just a cross between those two things. It has the convenience of a paper wallet but with the added security of the private key only being accessible to the person physically in possession so the previous owner can no longer access it.
They are not printing a currency any more than any hardware wallet manufacturer is either.

Tangem technology supports ETH and ERC20, we're looking to partner with certain gold–backed stable coins.


Tangem Notes are smart banknotes with extremely advanced electronics inside. They are not a replacement for the digital nature of Bitcoin, rather a user–friendly, simple, and secure physical interface to crypto. The fact that smartphones and bitcoin ATMs are physical does not mean they are in contradiction with the digital properties of coins.


Bitcoin is on a chip inside each Tangem Note; if you lose or destroy a note, the Bitcoin is lost. If someone else finds or steals a note, they have the Bitcoin.

Tangem Notes are essentially smart cards, consumers are paying a reasonable premium when buying / selling Tangem Notes in retail compared to current rate of BTC. Part of that premium is covering physical production.


The beauty of Tangem Notes is that Bitcoin transactions can now be physical. As BTC is inside each note, you only need one digital transaction to «load» the note when it's manufactured and sold and another digital transaction to «extract» its value back to another wallet — when the note is no longer needed.


The reality is, 99% of newbies understand physical bitcoins immediately and without any questions. And the government of Singapore is far smarter than what you seem to think.


QR codes are insecure. A special chip inside each Tangem Note carriers the whole BTC value and can be validated and extracted at any time using a compatible Android smartphone with NFC.


The private key is created by the chip when manufactured and can never be seen. The public key and address can be easily seen via NFC. The smart banknote can sign transactions with its private key without disclosing it.

If a Tangem Note is destroyed before its value is extracted, the Bitcoin is lost forever. They are made of an extremely resilient type of plastic with a highly protected chip inside, quite difficult to damage compared to paper cash.

You can always extract the value, whether «outdated» or not, whatever that means. The notes are currently certified for 40 years of service, but will likely last centuries.

That's a great idea, hope not only bitcoin banks notes but also eth and other more stable coins . If the banks will release its crypto, I I think the users will welcome as long as the princyple of cryptocurrency is the same, anonymity and decentralization.

Is this backwards? Cryptocurrency is more advanced than banknotes. Bitcoin's goal is to use electronic payments instead of banknotes. If bitcoins are made into banknotes, then Bitcoin will lose its meaning.

so its like they use the innovation to makes bitcoin become a paper money? i think its not necessary because as i know that bitcoin is work in digital form and we all know that bitcoin is can work 100% when it become a digital currencies, so if they want to make paper money of bitcoin its doesnt have the clear purpouse

The number of bitcoins is limited but they print bitcoin banknotes repeatedly, does this mean they will print the same bitcoin data for different money? Is not this the same as forging bitcoin?
I think it's more like a member card than a means of payment. This money is acceptable to the Singapore community, but in other countries it is not.

it does not make any sense for me to have a printed banknote. In the digital era everything is in a bit

Bitcoin Banknotes Banknotes has released a bitcoin version of the singapore line at 0.01 and 0.05 BTc. This makes circulation easier and more convenient, starting with bitcoin's paper money deal

What's the difference between this and the Lightning Network and what is more efficient? If you lose your paper note what would happen to the Bitcoins backing it?

Plus how do the banks make money in doing this? There has to be an incentive.

+1 I think that people don't need a paper type BTC. Itself it came to reduce using banknotes. And there is another question: "Who will provide digital transactions when somebody pay with this banknotes?"