Could you imagine to hold Bitcoin banknotes in your hand? The feeling of paper money in your hand but knowing the stored currency are bitcoins?
Could you imagine to go to a store and pay actually with those banknotes? No euro or dollar?
Well, the company named Tangem is specialised in creating smart bitcoin banknotes. They launched two of them in Singapore. The reason behind that: To make dealing with cryptocurrency as easy as with fiat money.
Until now they are two banknotes out. 0.01 and 0.05 Bitcoin.
The headquarters are in ZUG(Switzerland) and Singapore.
The first time I heard about Zug was in combination with Appics. They also founded their company there. Seems to be a great place for blockchain based companies.
So according to the company it is supposed to be treated as fiat money.
You can check via NFC(Near Field Communication) if the banknotes have truly the stored bitcoin. In that way, you can check if the paper is valid.
Source
The following passage is mostly copied from the site I have this:
Transferring ownership of the notes is anonymous and instant, Tangem claims. “Physically hand over the whole wallet together with the blockchain private key. No transaction fees, no need to await confirmation blockchain.” Moreover, the company says that its banknotes are equipped with “high-grade EAL6+ protection for all cryptocurrencies. Don't ask me what this exactly means. The expert among us could bring light when they want to. Irretrievable private keys prohibit replication of wallet and its assets.”
Well, I don't know. Who knows?
It sounds to me interesting, but I have some questions about this use case when it comes to everyday use.
1. When someone would spend these smart banknotes in a store, they need first to make sure if the note is valid. This happens as I said via NFC. This time could also be used to initiate the transaction directly with the smartphone. When I would pay with normal fiat money I think the payment process would be faster.
2. What if there are not exactly 0.05 BTC on the smart note? Is it still usable then? Normally it should be as we know. But on the other hand for what then the different smart notes in the first place and not just one bitcoin smart note?
Of course, one advantage would be no transaction fees and also no long confirmation time, this could compensate point 1 if it can be used that way. But I am feeling better knowing my coins are digital and not in the form of paper. Just my personal opinion at this moment.
But let me hear what you think about the smart banknotes?
It seems like these crypto banknotes are pretty much paper wallets, right? A certain amount of the currency is stored at an address and these smart banknotes know that address.
Interesting idea; makes cryptos feel more accessible to people who are only used to paper money.
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For people who never came in touch with cryptocurrencies it could be a way to attract them into this world. But for more experienced user I don’t know if this is indeed attractive.
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My questions are rather short
Why will bitcoin be paper fiat when one of its major use case is because its not
How about the security, what if it gets missing or stolen? These are the things bitcoin stood for, virtual currency, i really dont get it
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Good questions buddy.
See it also why?
Why paper when it was not meant like that in the first place and that for a reason.
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WARNING! The comment below by @ilhamyus leads to a known phishing site that could steal your account.
Do not open links from users you do not trust. Do not provide your private keys to any third party websites.
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You see my friend, from my own point of view, this is the future. A digital money with great usability then why would I want to put my money in banks. Why would have worry about credit card hacks , account hacks and all. If you’d agree with me, smart tokens will rule the future
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Do you mean cryptocurrency in general or specifically the smart banknotes?
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Crypto currency in general my friend
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Than we are on the same page buddy :)
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Yes we are my friend. I’m proud to be a crypto minner
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I naturally would prefer my coins digital. The smart bank notes would actually not cost anything for transactions but the process seems long. How about when I just want to pick up a bottle of cold drink and get moving? Then i’ll about the part of giving private keys
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Good points.
From what I understood the process would be time consuming when we calculate it for every spending. As I said Fiat would be faster. For that case I don’t need bitcoins or other cryptocurrencies.
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It might be a step to the future but some issue will always remain.Well lets see what happens if it gets to be in effect in mass.
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Hello Ray
I believe that It is better for normal digital payment to be used instead of there cards. It might just make holders unnecessary targets for people who may be around when they pay with it.
Digital payment via phones can still provide a level of anonymity and only the store owner will know you paid with Crypto.
And also I believe that things like using Crypto to pay cannot be rushed. It will happen with time.
Mobile payments straight from bank accounts have been around for a while now, but it is still yet to achieve wide spread use.
This adventure in my opnion is a waste of resources (Paper) in my opnion and I think we should stick to digital wallets and payments.
@ogochukwu
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Maybe it is another way for wider adoption of Bitcoin. But it is certainly NOT the future. We will all just use our phones for that in the future or specialized hardware like the Nano Ledger.
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