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Author Topic: Bitcoin Banknotes Debut in Singapore  (Read 267 times)
imyashir
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May 04, 2018, 02:03:14 PM
 #1


A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.

What do you think of these bitcoin smart banknotes? Let us know in the comments section below.

Full articles: https://news.bitcoin.com/bitcoin-smart-banknotes/

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May 04, 2018, 02:05:13 PM
 #2

Good concept I guess? The challenge is to make them easy and quick to transact. The problem with this is that before you actually accept the "banknotes" you need to scan them one by one to confirm that it actually does contain some btc.

Correct me if there's something I missed.

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May 04, 2018, 02:09:34 PM
 #3

This is ridicules , there is more questions than answers to the introduction of this bitcoin banknotes in Singapore. Who is going to be the central authority of it? the issuer or the government  of Singapore . And has it been approved as a legal currency  for purchase of goods and services in Singapore. Bitcoin is based on blockchain and every transaction passes through the network. How will transactions of such exchanges passes through the block chain network.
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May 04, 2018, 02:10:36 PM
 #4

Good concept I guess? The challenge is to make them easy and quick to transact. The problem with this is that before you actually accept the "banknotes" you need to scan them one by one to confirm that it actually does contain some btc.

Correct me if there's something I missed.

Yes that's very true! It will be interesting to see how they deal with that. It's funny that now the technology is being used to go backwards, from digital to paper (even though it's digital paper). Great concept though!
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May 04, 2018, 02:14:11 PM
 #5


A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.

What do you think of these bitcoin smart banknotes? Let us know in the comments section below.

Full articles: https://news.bitcoin.com/bitcoin-smart-banknotes/

Very interesting, they look pretty good to be honest.

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May 04, 2018, 02:26:41 PM
 #6


A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.

What do you think of these bitcoin smart banknotes? Let us know in the comments section below.

Full articles: https://news.bitcoin.com/bitcoin-smart-banknotes/

This is a good way of circulating bitcoin since it will bridge the gap between bitcoin and the areas without internet access. But the problem is that if those producers of those bitcoin smart banknotes are going to print notes more than the number of bitcoin they have in store. If they will implement it then who will be monitoring the number of their produced banknotes. This is a good innovation but we need some monitoring since paper will not pass a blockchain.

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May 04, 2018, 02:36:10 PM
 #7

Wel the essence if botcoin being a digital money is lost if we use bank notes. Many people recommended before that bitcoin needa to be tangible. Digital is not tangible. Once it has coins or notes, there should come a central agency that keeps track of ot. This is really not helping out. I think they should just stop the circulation of that.

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May 04, 2018, 02:40:06 PM
 #8

This seem to be very good and unique idea, first thing when I read this I thought some bank is printing like 1:1 ratio but this is something that can't be bad. Honestly I don't see myself using such thing but I guess that some people are gonna find it very usefull.

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May 04, 2018, 03:19:17 PM
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 #9

Quote
Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.

That's ~ 95$ and 480$.
For what are you going to use those?
And how are you going to get your change?

Quote
Moreover, the company says that its banknotes are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”

So you can't extract the coins from the banknotes, and the only ones that can do this are the the ones issuing those....
It smells fishy, how can you be sure there aren't 5000 notes with the same address ?
This screams FIAT!!!!

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May 04, 2018, 03:21:34 PM
 #10

is that true news? do you mean bitcoin have a physical shape of paper? if bitcoin has a physical shape like fiat, i think the bitcoin character is gone. and will certainly reduce the quality of bitcoin value.

and I think that bitcoin is not the same as fiat, what if bitcoin inventory runs out? because the bitcoin circulation with fiat is so different. so I think this is not good news

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May 04, 2018, 04:16:06 PM
 #11

That's good idea considering it's convenience. But i wouldn't buy/use this banknotes since there's no way to verify whether They keep the private key or not.
Also, passing private key instead make a transaction is risky, especially if they really keep all private key of their banknotes.

If this "banknotes" is 100% open-source and don't have any balance when issued, this might be great product.


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May 04, 2018, 04:16:36 PM
 #12

I guess this is more like a voucher than actual bank notes as they can only be used once unless you re-credit it with more bitcoin. Good for newbies but it should come with instructions on the back otherwise people may try to hand them to a cashier as it is who can then rip them off

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May 04, 2018, 04:30:46 PM
 #13

This is awesome I would like to see more countries adopt it. However many questions remain about it's validity, whose the seller and who is guaranteeing them. Is the bank going to accept this and can it be used to buy and sell there. Most importantly is it tradeable at preev rates or what rates. Is there someone from Singapore who can shed light on this.

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May 04, 2018, 04:37:41 PM
 #14


A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.

What do you think of these bitcoin smart banknotes? Let us know in the comments section below.

Full articles: https://news.bitcoin.com/bitcoin-smart-banknotes/
Its a great idea though, but the big question is how is it going to be regulated? bitcoin is base on blockchain technology and I wonder if they are going to keep the private keys of these notes themselves or what.

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May 06, 2018, 09:38:56 AM
 #15

I wonder if they are going to keep the private keys of these notes themselves or what.

It's impossible for the manufacturer or anyone else to ever see the private keys — they are created and protected by an independently certified chip and audited firmware.

who is guaranteeing them

what rates

Nobody has to guarantee the value inside Tangem Notes — it is real Bitcoin inside and you can easily verify it with any NFC phone, and extract it to another wallet if you're sure you don't need the note anymore.

I guess this is more like a voucher than actual bank notes as they can only be used once unless you re-credit it with more bitcoin.

Each Tangem Note can be circulated forever — it takes a fraction of a second to validate it with any NFC phone. Tangem Notes are exactly like actual bank notes, only better — there's no risk of counterfeit, no risk of government devaluing your currency, and you can extract the value via NFC if you urgently need to send it digitally rather than physically.

That's good idea considering it's convenience. But i wouldn't buy/use this banknotes since there's no way to verify whether They keep the private key or not.
Also, passing private key instead make a transaction is risky, especially if they really keep all private key of their banknotes.

If this "banknotes" is 100% open-source and don't have any balance when issued, this might be great product.

We would never make Tangem Notes if there was no way to verify that it is impossible to have a copy of any private key Smiley The chip creates and protects the keys, it's a highly certified secure element with an independently audited firmware. We cannot open source the firmware at this time, but a summary from Kudelski Security will be published when they're done with their analysis. However, we are open–sourcing our reference app and the protocol.

You'll be able to get Tangem Notes without value on them. For most people, they need them loaded with Bitcoin already.

if bitcoin has a physical shape like fiat, i think the bitcoin character is gone. and will certainly reduce the quality of bitcoin value.

If we're successful reaching a billion people with Tangem Notes, BTC will be valued at over USD 1 million in current terms. Of course, governments will start adapting long before that.

So you can't extract the coins from the banknotes, and the only ones that can do this are the the ones issuing those....
It smells fishy, how can you be sure there aren't 5000 notes with the same address ?

Of course you can extract Bitcoin from Tangem Notes, you don't need their private keys for that, just a special signature. The chip cannot import a private key, only create its own unique one. The firmware is audited.

Once it has coins or notes, there should come a central agency that keeps track of ot.

Tangem Notes are completely decentralized and do not need the manufacturer, an issuer, or any third party to keep track of it. The value is inside them on a secure chip and they can be redeemed back to blockchain at any time via NFC — the same way you validate their authenticity and current value.

This is a good way of circulating bitcoin since it will bridge the gap between bitcoin and the areas without internet access. But the problem is that if those producers of those bitcoin smart banknotes are going to print notes more than the number of bitcoin they have in store.

Fortunately you don't need to trust the manufacturer — the Bitcoin value is inside each Tangem Note, can be verified over NFC and extracted at any time.
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May 06, 2018, 09:52:12 AM
 #16

If all what infofarmer is saying is actually true than we gave a jackpot here  Cool
Shit looks awesome, at least in description. If this won't make BTC worldwide and approachable for anyone than I don't know what will.
I wonder what will happen with btc inside those notes when one gets destroyed, for example by washing machine?
Bitcoins are going to be lost as I presume? Some central banks allow to exchange broken fiat for brand new ones, can it be somehow done with those? Also what is the actual material used to make them? Ordinary paper or something bit more durable?

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May 06, 2018, 09:53:12 AM
 #17

If all what infofarmer is saying is actually true than we gave a jackpot here  Cool
Shit looks awesome, at least in description. If this won't make BTC worldwide and approachable for anyone than I don't know what will.
I wonder what will happen with btc inside those notes when one gets destroyed, for example by washing machine?
Bitcoins are going to be lost as I presume? Some central banks allow to exchange broken fiat for brand new ones, can it be somehow done with those? Also what is the actual material used to make them? Ordinary paper or something bit more durable?
Yep. Something of this kind is in itself a great revolutionary step taken up by Tangem, the manufacturer!

The idea is absolutely wonderful and the best part is that you need not pay high amount of transfer or transaction fees now. In fact the system is quite simple to operate and even layman can easily understand it because it is very much like the fiat currency notes they have using since times immemorial.

I don't think that bitcoins will be lost as long as you have your private key. And maybe the exchange you're taking about will also be possible in the near future once the acceptability of these notes become universal.

  

 
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May 07, 2018, 03:29:54 AM
 #18

If all what infofarmer is saying is actually true than we gave a jackpot here  Cool
Shit looks awesome, at least in description. If this won't make BTC worldwide and approachable for anyone than I don't know what will.
I wonder what will happen with btc inside those notes when one gets destroyed, for example by washing machine?
Bitcoins are going to be lost as I presume? Some central banks allow to exchange broken fiat for brand new ones, can it be somehow done with those? Also what is the actual material used to make them? Ordinary paper or something bit more durable?

Thank you! Smiley

The current first production batch is made from the very expensive Melinex PETF by Dupont Teijin Films. It's a thinner–than–usual plastic card that is virtually indestructible. We haven't tested, but it might easily survive a thousand full cycles in a washing machine.
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May 07, 2018, 05:32:36 AM
 #19

Good concept I guess? The challenge is to make them easy and quick to transact. The problem with this is that before you actually accept the "banknotes" you need to scan them one by one to confirm that it actually does contain some btc.

Correct me if there's something I missed.

Yeah, I see this becoming a problem though. It would be interesting if a banknote could in a sense "self destruct". It's not very user friendly to have to scan each note and then having to dispose them. Outside of long term storage I don't see these being very logical as an application or other form of integration would be easier to use on a daily basis.

MANTIS CRYPTOS, CRYPTO QUILTS & PHYSIBIT - The best places to shop for physical bitcoins and more!!
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May 07, 2018, 10:48:45 AM
 #20

So you can't extract the coins from the banknotes, and the only ones that can do this are the the ones issuing those....
It smells fishy, how can you be sure there aren't 5000 notes with the same address ?

Of course you can extract Bitcoin from Tangem Notes, you don't need their private keys for that, just a special signature. The chip cannot import a private key, only create its own unique one. The firmware is audited.


This is a good way of circulating bitcoin since it will bridge the gap between bitcoin and the areas without internet access. But the problem is that if those producers of those bitcoin smart banknotes are going to print notes more than the number of bitcoin they have in store.

Fortunately you don't need to trust the manufacturer — the Bitcoin value is inside each Tangem Note, can be verified over NFC and extracted at any time.

Ok, you should really start clearing things on your website and add more details.

Because this one is just adding confusion:

Quote
UNCOPIABLE COLD WALLET
Hardware storage with high grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets

Now, back to questions..
Since indeed coins can be extracted from the banknotes, what is the procedure for doing this?


Second,
What's your business plan?
Your not going to produce all those banknotes and chips just out of goodwill.... Roll Eyes
Where is the profit of Tandem going to come from?

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