Bitcoin banknotes see the light in Singapore

Posted 04 May, 2018

Singapore's Tangem has issued bitcoin banknotes, called smart-banknotes, according to the developers. Still, these banknotes are not actually made from paper and represent a hardware cold storage with integrated Samsung  S3D350A chip.

According to the news reports, the innovation also has some similar features with traditional banknotes. Specifically, every bitcoin-banknote has fixed BTC value and can be used for physical payment. As Tangem commented, this is "uncopiable cold wallets".

The technology in the banknotes is fully protected from external interference, addressing "all known attack vectors on hardware and software levels," a company statement reads.

Tangem has also added that the created banknotes combine the experience of the credit-card chip and SIM-cards development, which makes the breaking of one banknote too expensive.

Other benefits of these banknotes against online-transactions include immediate payments and no commissions. Still, they also have disadvantages of hardware solutions – the potential of theft and limited transfer distance among other factors.

Tangem's report reads that the current price for banknotes value 0.01 and 0.05 BTC is some $96 and $480.

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