The First Bitcoin Banknotes Will Hit The Market Through A Global Rollout Soon!
Tangem, a Singaporean company managed to create physical Bitcoin banknotes after 3 years of development. One million Bitcoin Banknotes will be printed and sold in regulatory friendly countries like Japan, Switserland, Germany and Singapore via world largest retail chains and specialized ATM’s first, whereafter a global rollout is planned. When this really takes off it will be huge for Bitcoin adoption!
What is a Bitcoin banknote?
The Bitcoin banknotes are plastic cards with a small specialized chip inside. These chips are loaded with 0.01 or 0.05 BTC, and this can be verified by via NFC with a smartphone. You can simply check the balance on the blockchain. These banknotes can be handed over in a trade just like cash.
Why is this interesting?
The availability of Bitcoin banknotes could be more important than it looks like at the first glance, it will help Bitcoin on almost every front: It will make Bitcoin more resistant to overregulation, it will help with anonymity, it will make cold storage easier, it will help with scaling and it makes Bitcoin more accessible for everyone.
It would be great for humanity if we go back to the gold standard, but a Bitcoin standard is even better!
Bitcoin banknotes are accessible
Bitcoin banknotes will make Bitcoin accessible for people who are not educated about cryptocurrencies, you can exchange them without any knowledge as you can do with fiat banknotes. Also, exchanges will be more and more regulated and KYC and AML will be implemented, by buying these banknotes you can own Bitcoin while avoiding all of this (bullshit). Furthermore, blockchain analyse companies will not be able to track these notes!
If successful, these banknotes will spread over the entire world and will even be smuggled into counties where they are needed most and thus illegal (the reward is great, because they will trade for a huge premium).
For merchants it will be way easier to accept these notes, since they don't have to install any software to accept Bitcoin payments, only an app have to be installed and a NFC reader have to be present. Furthermore, there are no fees and a hack is not possible.
Bitcoin banknotes are a perfect form of cold storage
Cold storage is complicated when you want to do it properly and hardware wallets are expensive for most people. A Bitcoin banknote is actually a perfect form of cold storage, what is already done for you almost for free! Instead of a multiday study and making expenses to buy a device that has never been online to create a paper wallet, you can now just go to the post office or specialized ATM and buy bitcoins that are in high quality cold storage!
Bitcoin banknotes work offline
You can transact with the Bitcoin banknotes like you would do with normal cash, and it will have the same features too. The payment will be anonymously, instant and there will be no fee. This is also a great thing for the Bitcoin network itself, these transactions take place off the blockchain, so people ARE trading Bitcoin but are not putting load on the blockchain. These notes could realize mass adoption, without the need for progress in scaling!
A question for the readers:
I did some investigation on this subject, but one important point I can’t find any information about. I would like to know how bitcoins locked up on these notes can be brought online again. When people can do this themselves, it could be risky, because someone could take the funds off later while they were there when you checked at the moment of the transaction.
I think it makes more sense that only Tangem can extract the private key, so that they will buy back the note via there distribution channels when you want to do this. This creates a banknote as in the good old days of the gold standard, where you can redeem your notes for the real thing.
Does someone know how this is done? I would love to know it! Let me know in the comments!
Conclusion:
Bitcoin banknotes are about to hit the market and I think it will be huge for adoption and anti fragility of Bitcoin as a whole when successful. If it turns out to be successful, we will soon have the choice between holding paper money that can be printed at will of bankers or money that is as good as or better than it was during the gold standard. The future to an era of the Bitcoin standard is available, we only have to choose it!
Disclaimer
This is no financial advice, just my view on the market.
Never stress in a bear market anymore: Follow my diversification protocol
Store your Bitcoins securely
Ledger hardware wallet
Trezor hardware wallet
Trade Cryptocurrencies
Binance Exchange
Buy Bitcoins anonymous with cash
Localbitcoins
Protect your privacy with VPN and pay with crypto
Torguard
Buy gold securely with Bitcoin and store in Singapore
Bullionstar
Like this post? RESTEEM AND UPVOTE!
Something to add? LEAVE A COMMENT!
I don't have to read the article to know it's a flawed concept, like every previous iterations.
Require trust that the creator properly generated the key and didn't keep a copy then you need to trust that the tamper resistance of every intermediaries. Beside checking amounts there could be nothing in there until you break the seal.
The closest thing you can get to physically moving bitcoin off-chain are with OpenDimes. https://opendime.com/
Here's a similar article from someone who bothered to promote his content outside of steem : https://steemit.com/bitcoin/@styletokill/bitcoin-smart-banknotes-launched-in-singapore
Hey @transisto
Can you help a lot of people watch that video on my profile? It's a charity campaign.
https://steemit.com/tr/@mkucukbekmez/if-10-million-people-watch-this-video-life-village-will-be-established-en-tr-or-busy-org
this is so cool !!!
Very interesting. Great job!
First of all, the term "printing money" is figurative. Most money is electronic, and "printing money" consists of buying US Treasury notes and then electronically putting Federal Revenue Notes into an account. When you want to convert to paper, the bank calls up the Federal Revenue, the Fed subtracts the electronic money from the banks account, and shows up with a truck of paper money.
Yes. You can create paper that corresponds to a bitcoin wallet. All you need is to have an artifact with the private key and you have control over the wallet.
The problem that you run into with paper is that anyone can copy the paper, but you can encode the private key into a smart chip in a way that it is difficult to retrieve.
Great article, thanks for sharing. I've smashed the upvote button for you!
Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Quite an interesting concept. Should increase adoption as you said which is great news for everyone.
Swiss Bitcoin Cold Storage Banknotes ...
This post, with over $50.00 in bidbot payouts, has received votes from the following:
rocky1 payout in the amount of $29 STU, $60 USD.
smartsteem payout in the amount of $28 STU, $59 USD.
upme payout in the amount of $27 STU, $57 USD.
buildawhale payout in the amount of $26 STU, $55 USD.
For a total calculated bidbot upvote value of $110 STU, $230 USD before curation, with approx. $27 USD curation being earned by the bidbots.
This information is being presented in the interest of transparency on our platform @michiel and is by no means a judgement of your work.
The Virtual coin will be a physical coin.It is great news for the world.I can not believe.What an advantage it is!!!
It's about time for this to happen