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.
Tangem technology supports ETH and ERC20, we're looking to partner with certain gold–backed stable coins.
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.
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.
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.
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.
Who will provide digital transactions when somebody pay with this banknotes?
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.
If I was a newbie and I was presented with this Bitcoin banknote, then I would be totally confused. I also doubt if the Singapore government will tolerate people that are printing currency, even if they are just printing the "carrier" of that currency in the form of a Banknote.
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.
does it have a QR code where users can turn it into a digital bitcoin?
it will be cool if people buying it can scan a qr code of these banknotes so they can sent the coin online and pay to ecommerce accepting btc
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.
- is the banknote safe from the Bitcoin address and its private key?
- whether when the paper will be outdated / destroyed can still be used Bitcoin it?
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.
