Bitcoin Banknotes

[bitfocus]

Tangem’s bitcoin smart banknote could become revolutionary if people adopt it massively.
https://www.bitcoinmarketinsider.com/bitcoin-smart-banknote-launched-in-singapore/

[Kriptomen_51]

The Singapore company Tangem released bitcoin-bills, which the developers themselves call "smart banknotes."  However, they are not made of paper - in fact it is hardware cold wallets with an integrated S3D350A chip from Samsung.  At the same time, the novelty has common features with traditional banknotes.  So, each bitcoin-bill represents a certain fixed denomination in BTC and can be transferred physically for payment.  In the company itself Tangem development is called "uncoolable cold wallet."

[jhonnydeep87]

You can use bitccoin to insert a note in a bitcoin transaction and that's all the bitcoin transactions are also recorded in very large notes and all open systems can see them.

[cryptocurrencyguru]

bitcoin bank notes in physical form is most existing news in cryptocurrency market we can see more trust in coming days with this initiative add more positive price spike here on words

[pitiflin]

The aim is to mass produce the physical notes of bitcoin in millions by the end of 2018.

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.

[kingkonjac]

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.

[masterchief001]

I have not thought about this: bitcoin paper money. When does that happen? If bitcoin is printed on paper money, it must be issued by the State and regulated in a stable manner. Now bitcoin is encrypted numbers that are not easy to know for their real value.

[khufuking]

I was think of this the past few weeks , OMG I can not believe that there is someone actually working on this , That is just amazing . The idea is so close to what was in my mind but I am not sure if it is similar . What was in my mind is to make this Banknote process a  decentralized process so anyone in the world can just scan his BTC and use it , There was a lot of details in my mind , But ya this project is something close to what in my mind , Wish you luck guys .

[BitHodler]

Physical notes would fuck up the entire the blockchain's recordings.

How exactly? The only way for a transaction to make it into the blockchain is to get confirmed. In this case it means that a fee has been included and the transaction is as normal as any other transactions.

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.

Calm down. It has zero impact on Bitcoin itself since these bills are cheap forms of hardware wallets containing a certain amount of Bitcoin. It might affect certain individuals in case of fraud, and that's really it.

Most importantly, these bills are completely being offered to the public as optional product or tool. If you don't want to use it, then you don't. No one will ever for you to use them, and they likely will fail in their purpose anyway.

I wouldn't even be surprised if one or more groups will buy up everything and use them as collector items.

[jimrome]

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.

I am not sure how this works but the news is exciting, Singapore is showing how things can be done, they will be holding bitcoin and print notes, which is quite brilliant rather than printing notes without any backing. With this trend starting i am sure more countries will follow this and we will have a bigger valuation in the future if that happens.

[ladydark]

It's really a great initiative in Singapore and when bigger organisations come forward to issue such bitcoin notes,then it would attract more normal people who just know only about paper currencies.

[kaya11]

What I'm interested in is how you plan to protect the users' private keys (even from employees of your company)?

Nobody has access to the private keys, they are created by the chips inside Tangem Notes. You can't import or export these keys. You can't get them out in a lab, because the chip is an EAL6+ secure element. You can't hack the firmware — it's based on EAL6+ cryptographic libraries, has minimal attack surface and 100% audited both internally and by one of the best independent security groups.

Of course there's a limit to security and reverse–engineering labs in China get upgraded — we have a dynamic roadmap to improve security in anticipation of more sophisticated attacks and attack vectors.

That's what a impenetrable security is. So it is safe to carry it with you any time you want? By the way how much would cost a single bitcoin banknote would be? Does is have some sort of technology that it could connect to the internet and sync it's value to the current market? Bitcoin could gain massive supporters with these, people would able to understand more what is bitcoin if they see something like paper money but in a different and far more better.

[joinfree]

Those news about the 4000 ATMS on argentina is FAKE.

I have some friends who are using bitcoins, some of them live on Argentina, and they confirmed it to me by their own. it is more than fake, there is not even a single btc atm in there.

[infofarmer]

By the way how much would cost a single bitcoin banknote would be?

Does is have some sort of technology that it could connect to the internet and sync it's value to the current market?

The cost of Tangem Notes does not currently depend on denominations, although we might consider additional security mechanisms for very high value ones like 1 BTC. Currently we only ship 0.01 BTC and 0.05 BTC.

The Notes are always denominated in crypto, they don't need to be synced — an app can show their current market value.

I was think of this the past few weeks , OMG I can not believe that there is someone actually working on this , That is just amazing . The idea is so close to what was in my mind but I am not sure if it is similar . What was in my mind is to make this Banknote process a  decentralized process so anyone in the world can just scan his BTC and use it

Haha, the idea was there from the start of Bitcoin, I think, but it was really impossible to implement. The best the community could come up with was Opendime, which is great, but not user friendly and not as secure as I would like. Tangem Notes are made possible only with the latest advances in secure microelectronics in 2017, which finally caught up with blockchain and became powerful and energy efficient enough to perform Elliptic Curve Cryptography on an NFC chip.

Tangem Notes are completely decentralized, and can be used physically or digitally.

I have not thought about this: bitcoin paper money. When does that happen? If bitcoin is printed on paper money, it must be issued by the State and regulated in a stable manner.

The BTC is electronically stored on each Tangem Note, so there's zero need for any centralization or protective regulation. It's all made safe with state-of-the-art cryptographic mechanisms.

[mamarried]

heeh, sounds like those metal bitcoin coin from china, I`ve got myself one of them for $1 on aliexpress, it would be funny to have fiat bitcoin.

[infofarmer]

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.

[Hell-raiser]

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?

[Kakmakr]

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. <Wallet in the tumble dryer scenario> or is this card indestructible?

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? 

[TheQuin]

So, is there any way for the company to retrieve lost cards? Knowing people, they would lose these cards or it will get destroyed. <Wallet in the tumble dryer scenario> 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.

[Hell-raiser]

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. <Wallet in the tumble dryer scenario> or is this card indestructible?

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.