Bitcoin Banknotes

[TheQuin]

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.

These devices don't work that way.

From their website:

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

The private keys are only stored in the chip inside the 'note' and cannot be got at by you or anyone else. So if it is lost or damaged that's it, the coin is lost. In that way, they are similar to banknotes.

[xianbits]

I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.

[TheQuin]

I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.

Take some time to understand. If you can just hand over a note (or card) that the other person can quickly verify is funded then you don't need to pay a transaction fee or wait for a network confirmation. If these devices are cheap enough when they go into mass production they will be very convenient to use.

[buwaytress]

Seems a bit strange that the media (and the makers of that Singaporean product) seem to have forgotten that there already was physical Bitcoin. In fact, any reference to physical Bitcoin is assumed to talk about it (Casascius). They probably also would have forgotten that physical Bitcoin has already had its issues, at least in the US, when the makers were forced to stop minting them.

Always a collector's item today, still want to own one one day, but the price keeps getting beyond reach! Maybe these notes will also follow down that path...

[TheQuin]

Seems a bit strange that the media (and the makers of that Singaporean product) seem to have forgotten that there already was physical Bitcoin. In fact, any reference to physical Bitcoin is assumed to talk about it (Casascius). They probably also would have forgotten that physical Bitcoin has already had its issues, at least in the US, when the makers were forced to stop minting them.

Always a collector's item today, still want to own one one day, but the price keeps getting beyond reach! Maybe these notes will also follow down that path...

I think they'll be OK if they carry on selling them unfunded. Unlike physical coins which need the manufacturer to put the private key under the hologram so assure it is funded these can be checked electronically. The problems they had in the US were related to running an unlicensed money transmitter business.

[davison2]

That's quite another revolution in the crypto world; i would just about love to have some BTC bills in my literal wallet, probably pay my tithes with it. Its a welcome innovation for me.

[Cacingkemi]

I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.

Take some time to understand. If you can just hand over a note (or card) that the other person can quickly verify is funded then you don't need to pay a transaction fee or wait for a network confirmation. If these devices are cheap enough when they go into mass production they will be very convenient to use.

It's right that if the production is done in bulk it will be comfortable if done but which is my question whether it will be safe or allowed to be done in other countries than singapore? Like other countries that still have not raised currencies other than the dollar and local money and still has not received cyptocurrencies fully or legally?.

[TheQuin]

It's right that if the production is done in bulk it will be comfortable if done but which is my question whether it will be safe or allowed to be done in other countries than singapore? Like other countries that still have not raised currencies other than the dollar and local money and still has not received cyptocurrencies fully or legally?.

It is difficult to understand what your question is but I think the answer is there isn't any country that has banned the sale or use of hardware wallets.

[bitcoinjasensatom]

That's quite another revolution in the crypto world; i would just about love to have some BTC bills in my literal wallet, probably pay my tithes with it. Its a welcome innovation for me.

Based on the article that I have read that Bitcoin smart banknote launched in Singapore as a new tool for mass adoption of blockchain technologies. It has the potential to improve the simplicity and security of acquiring, owning and circulating cryptocurrency. In this new innovation, Banknote looks good.

[Standon1]

As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.

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.

Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/

I have been dreaming and waiting for something like this to happen, I hope this happens and effects the whole world in the nearest future

[JynlKi]

At the same time its goal is to increase the bitcoin users all across the country even to areas without electricity, computer access and internet connection. This will be one of the reason why bitcoin will be increasing tremendously in value in the coming years but as long as its production is monitored and transparent then everything will go smooth.
Tangem as a company does not hold any cryptocurrency associated with Tangem Notes — we're just developing the technology and making sure the banknotes are impossible to hack or tamper with at any point in the supply chain or in public circulation.

[GregoryPorter]

As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.

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.

Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/

I do think the infrastructure is being ramped up which is needed. The underlining technology is there we just need more infrastructure and adoption to see the whole market increase. What I would say regarding the bank notes is that I think it is bit of a novelty. The beauty of bitcoin is that is is massively divisible and can be sent cross borders. Its like taking a Ferrari and placing wooden wheels on it haha but I can see why they are doing it. It might help people who haven't been exposed to bitcoin before conceptualise it slightly better.

[pancawati77]

Nowadays bank notes are no longer needed when you use bitcoin you can enter notes in bitcoin transactions and not only that all bitcoin transactions are also recorded in very large notes and they are open in transparency and can see them in real time.

[wilmot]

Manufacturers of digital asset banknotes have launched bitcoin banknotes at a store in Singapore. Designed to make ownership and cryptocurrency circulation as easy as using paper money, they are currently available in 0.01 and 0.05 BTC denominations.
Manufacturers of digital asset money Tangem announces the launch of smart bitcoin banknotes at the Megafash Suntec City store in Singapore.
Tangem explained that their bitcoin smart bills are "Comparable to well-protected paper money" and "Quite cheap to hand over.

[chillitabit]

As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.

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.

Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/

I understand that someone might feel that crypto will become more tangible with banknotes, but the truth is that cash is slowly disappearing from the society, why would crypto need to go the opposite direction? future is cashless

[Hell-raiser]

As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.

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.

Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/

I understand that someone might feel that crypto will become more tangible with banknotes, but the truth is that cash is slowly disappearing from the society, why would crypto need to go the opposite direction? future is cashless

But that's the whole point. The aim of introducing physical bitcoins is to make Bitcoin more usable overall as well as expand its adoption and recognition in every backward corner of the world. Even if the future is cashless, this future is not in any way guaranteed to be Bitcoin-rich or Bitcoin-aware, so to speak. In other words, whatever helps the Bitcoin future to come about is good and should be welcomed. If cash is slowly disappearing from circulation, then more power to it. Physical bitcoins are there and ready to fill the void.

[Xester]

I don't totally understand the idea. As far as my understanding is concerned, it only makes things complicated. I think we just need to improve our current uses of bitcoin than having this. If it's up for security issues, then current hardware wallets could be safer I guess. I don't think it gives convenience.

Bitcoin banknote are not like bitcoin paper wallets. Bitcoin paper wallets are bitcoin storage while bitcoin bank notes are bitcoin in paper form. Bitcoin banknotes are like money and it is not a storage. With bitcoin banknotes bitcoin can reach areas without internet connection or electricity. But since this idea is not so clear the bitcoin community is worried about its transparency and production.

[Bratecon]

It is absolutely impossible. Not only because of hundreds of technical issues that would arise, but more because of the idea that such modern currency would use such outdated representation. It would be absolutely inefficient and uncontrollable. I would say that this currency should stay in the electronic state, at best - on cards or phone apps.

[infofarmer]

I understand that someone might feel that crypto will become more tangible with banknotes, but the truth is that cash is slowly disappearing from the society, why would crypto need to go the opposite direction? future is cashless

The actual truth is, 150 billion banknotes are printed every year and growth is at 9% — much more dynamic than global economy.

Think about Tangem Notes as a familiar and secure physical interface to blockchain technology that enables more people to use it. Most of the «cashless» technologies you're thinking about are incredibly centralized and controlled. For actually decentralized ecosystems, a lot more tools need to be invented, scaled, and given to the people. Tangem is one of them.

It is absolutely impossible. Not only because of hundreds of technical issues that would arise, but more because of the idea that such modern currency would use such outdated representation. It would be absolutely inefficient and uncontrollable. I would say that this currency should stay in the electronic state, at best - on cards or phone apps.

The concepts of «cards» or apps you're thinking about are inherently backed by centralized companies. Crypto is about decentralization, trustless ecosystems, reclaiming control. People need to have finer grain control over their digital assets now and a smartphone alone cannot do it without siloed hierarchies.

[balamuda]

As the popularity and value of Bitcoin increases so do its adoption. Recently, about 4,000 new ATMs were introduced in Argentina. A drastic transformation in this sphere is being brought by Tangem that is trying to make the cash like transaction through cryptocurrencies a possibility for the users.

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.

Continue reading: https://coingape.com/bitcoin-banknotes-ready-to-replace-traditional-currency/

I think bitcoin does not require physical form in the form of paper, bitcoin is better now and even if bitcoin in the form of paper money it will trouble the use of bitcoin.