I'm not sure if this is realy necessary. I mean bitcoin is virtual digital currency and banknotes isn't something that bitcoin realy needs.
Does Bitcoin need smartphones, hot wallets, hardware wallets, Internet, servers, OTC desks, exchanges? Of course not, it is as beautiful in the white paper as it is in the real world.
We can't make it any less digital. Tangem Notes are just an interface. Like your smartphone wallet. But 100x more understandable and accessible to 7 billion people.
Ok, you should really start clearing things on your website and add more details.
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....
Where is the profit of Tandem going to come from?
We're relatively small and young and focused on technology, but a complete rework of the website and other materials is in progress, of course.
You can extract funds from a Tangem Note by asking it, over NFC, to sign a transaction from itself to an arbitrary address. For security, the note will require a perfect connection with the smartphone for 60–120 seconds, which requires a compatible device with a good NFC sensor and carefully touching the note with it for the duration. After that the smartphone broadcasts the transaction to the network.
Tangem Notes are met with extreme enthusiasm in every market we approached. Distribution channels are setting their markups when selling loaded Tangem Notes, which includes a relatively small cost of the note itself. Our goal is to pursue the mass market in the widest sense — enabling billions of people to use crypto.
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.
Validation is quick, technically NFC can work through stacks of cards — we're working to make this possible with some Android smartphones — and for large cashflow situations we can make note counters. For national cryptocurrencies, governments can choose to restrict extraction to accredited entities, and protect their smart banknotes with both NFC and physical measures.
