Bitcoin is distinct from most financial assets due to the fact that it is a digital asset. However, many investors across the globe have decided to shy away from the cryptocurrency due to the fact that they are not able to touch it. This is why Tangem, a Singaporean/Swiss based start-up has decided to change things up and is making waves by starting a pilot sale of physical Bitcoin notes.
These physical bitcoin notes are called ‘Tangem Notes‘ and are described as smart banknotes. All of these notes have a chip developed by Samsung Semiconductor that will allow consumers to physically carry their bitcoin. Each note will be able to carry 0.01 BTC to 0.05 BTC depending on the denomination chosen. The first batch of 10,000 notes has been shipped from Singapore and will be available to partners and distributors all over the world.
The main idea behind these physical notes is to allow bitcoin to be spent easily. Users will be able to carry around their Bitcoin in their wallets and spend them like normal money. The notes themselves will be easy to use, with no special infrastructure or apps needed to use them. All that is necessary is for the note to be touched to an NFC-capable smartphone.
This is to confirm that the note has 100% of the digital assets it says it has. People will also hand over the note with a private blockchain key. This ensures that the process will be instant and will have no transaction fees levied on it. This new addition to the bitcoin world is par for the course for Singapore.
Singapore Committed To Cryptocurrency Technology
Singapore has become the hub of cryptocurrency and blockchain development in Asia. Just recently, the Fintech Association of Japan and the Singapore Fintech Association signed a memorandum that would allow them to collaborate further on the development of Fintech.
Another milestone for blockchain technology was when China and Singapore completed a gasoline deal using the technology. Finally, the central bank of Singapore has announced its full commitment to use blockchain for cross-border payments.
Tangem is a new name in the cryptocurrency industry but the company has spent a number of years focusing on developing an innovative platform that would allow for quicker and better adoption of blockchain technology. These Tangem Notes have received full security accreditation and the company is confident that they will do well in the market.