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Singapore Introduces Smart Bitcoin Banknotes

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Digital banknote manufacturer Tangem, have taken a massive step forward in making Bitcoin available to the masses, by piloting Bitcoin smart banknotes in Singapore. The trial run was released at the famous Megafash chain in Suntec City. In the initial release, 10,000 banknotes will be made available in denominations of 0.01 and 0.05 BTC.

A Simple, Elegant Solution

The paper notes are based on Samsung Semiconductor’s S3D350A chip, which makes them technologically advanced on the inside – but easy to use. All users need to do is touch the note against an NFC-enabled smartphone and there is then automatic verification that the note indeed contains the requisite funds.

The firm says that the Tangem notes will “radically improve the simplicity and security of acquiring, owning, and circulating cryptocurrencies for both sophisticated and incoming users.” Released with Android and iOS compatibility, Tangem have emphasized the safety of the note in terms of security, which includes “high-grade EAL6+ protection for all cryptocurrencies. Irretrievable private keys prohibit replication of wallet and its assets.”

Mass Potential?

While Tangem’s release is no doubt revolutionary, it is at odds with the thinking in other countries. Most notably, South Korea have recently used crypto and blockchain to champion the potential for a completely cashless society. Indeed, the digitization revolution that blockchain has brought about wouldn’t appear to be heading in the direction of physical assets. However, in the current climate, Bitcoin and the concept of crypto is not universally normalized, so there is at least a clear benefit for the option to own a physical representative note, for now – at least for regular members of the public who need a bit more time to come to terms with the massive changes that Bitcoin could bring about in the future.

Will this pilot prove to be successful? Look into your crystal ball and send us your predictions.

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