By virtue of being a digital currency, Bitcoin the most famous cryptocurrency till date is not available in physical form. Tangem, a digital asset banknote manufacturer has however, launched Bitcoin banknotes in Singapore! It is an initiative taken by Tangem to make using cryptocurrency as easy as paper money! These Bitcoin banknotes were launched at Megafash Suntec City store on May 3, 2018. They are available for sale at this store in Singapore.
Bitcoin cryptocurrency goes physical
The current denominations available are 0.01 and 0.05 BTC. According to the website of Tangem, it has headquarters in Zug and Hong Kong. Zug is known as Switzerland’s crypto valley. The company has declared that they will be delivering their first shipment soon. It consists of 10,000 production notes to be delivered to prospective partners for commercial use.
There is no need for special infrastructure or complicated applications for the use of these notes. All you need is an NFC-enabled smartphone. NFC stands for Near Field Communication. Just touch the note onto the smartphone to ensure that it is a valid asset. Transferring ownership is also very simple. All you need to do is transfer the whole wallet along with its private key physically!
These notes are not actually made up of paper. Instead, they are hardware storage units with a S3D350A chip. This chip is manufactured by Samsung. These banknotes can be thought of as self contained wallets with their separate privacy key. Tangem states that these banknotes have high grade EAL6+ protection which ensures that there is no replication of the wallet and it’s assets. They guarantee that there will be no cloning, double spending or counterfeiting.