Smart Bank Notes and Bitcoin: Is Widespread Adoption at Hand?

Bitcoin paper is here! Tangem Smart Banknotes was recently launched in Singapore and I am very excited about this.

For one, it means that people who are not exposed to cryptocurrencies simply because there is no physical component backing the value such as cash will gently be won-over to decentralized currency.

To use, one has to just hand over his Bitcoin banknote to the second party and just like fiat, value exchanges hands.

Bitcoin Bank Notes

Tangem claims that with an NFC enabled device, one can transfer ownership of these notes instantly and anonymously. To do this: “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. Irretrievable private keys prohibit replication of wallet and its assets.”

Would this solution work alongside existing regulatory frameworks in your locality?

Woo this is super cool! - Was just talking about this the other day in the thread about Crypto in developing countries - this could be a big deal in terms of whether they could use it 🙂

Do you think this innovation will be readily adopted or even allowed in your locality? @Sprocket

Asia generally has a progressive posture toward blockchain innovations, it would seem. I am keeping my fingers crossed. I believe widespread adoption at both private and governmental levels will begin from Asia.

I am sure going to buy some notes for myself. It would be nice to give them out as gifts. That will finally help me back my talk because I can swear some people see and be like "please god, don't let him talk about cryptos"

Yes the introduction of smart banknotes in Singapore will definitely improve the simplicity of using the bitcoin in physical form. People who were not much aware of the bitcoin, will be now encouraged to use them in the form of physical bank notes. The note maker company Tangem claims that the smart banknotes are featured with “high-grade EAL6+ protection for all the cryptocurrencies. The introduction of the physical form of the bitcoin, the cryptocurrency is expected to be widely accepted across the world.

@pawan03

Whoa, just occurred to me to figure out how central banks around the world will treat this new physical store of value?

At the moment, I don't see such an initiative being accepted in the west.

Okay, let me go on an imaginative ride here:

Suppose I am a Singaporean tourist visiting the US, and I have several thousands worth of Tangem Smart Banknotes in my possession when I enter the US. Would immigration promptly proceed to seize my cash from me because they do not recognize it? Or would they let me keep my money? I have no idea what might happen but I'd say the officers will not be very pleased.

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