Bitcoin banknotes are now available at a store in Singapore. The banknotes are available in 0.01 and 0.05 denominations and are aiming to making use of cryptocurrency as easy as regular fiat money we are used to.
The smart Bitcoin banknotes were launched by Tangem, a digital asset manufacturer. They are available for purchase in the Megafash Suntec City store in Singapore.
According to the announcement:
“Available immediately in denominations of 0.01 and 0.05 BTC, Tangem Notes radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.”
Apart from Singapore, Tangem also has offices in Switzerland’s Zug cryptovalley, Hong Kong, Moscow and China.
So far 10,000 notes are being shipped “to prospective partners and distributors around the world for commercial pilots.” according to the company.
How does it work?
According to Tangem, the Bitcoin smart banknotes are “Comparable to a well-protected paper banknote” and “Cheap enough to hand over.”.
The use does not require “No special infrastructure, no complicated applications – just touch the banknote with an NFC-capable smartphone to be 100% sure it has valid assets.”
Transferring of the notes is very simple. Handing over the bill actually hands over the whole wallet together with the private key. There aren’t any transaction fees and no need to wait for network confirmations.
It seems like an interesting idea, but rather as a means to popularise cryptocurrency rather than everyday use. Notes are limited to only two denominations, which means that in order to pay a different amount than those available, a standard cryptocurrency wallet would be needed anyway for “change”.
What do you think about an idea of Bitcoin banknotes? Do you think that going back to paper money is a good idea? Let us know in the comments below!