Singapore Launched a Bitcoin Banknote into Circulation

A Bitcoin banknote appeared in Singapore, the author of which is the company Tangem. The developers called it “smart banknote”, because it is not a traditional piece of paper, but a hardware wallet with an embedded S3D350A chip from Samsung. This has been reported by Finance Magnates.

At the same time, the novelty still has something in common with traditional money: each smart banknote has its own denomination, which is fixed in BTC, which will allow them to be transferred for physical payments. The developers of Tangem note that the created cold wallet can not be copied.

According to the company’s representatives, the technology that underlies the banknotes has reliable protection against external interventions and can protect from “all known vectors of attack at the hardware and software levels.”  Moreover, Tangem emphasizes that “the years of developing chips for credit, SIM cards, and identity cards led to the creation of a sufficiently safe product, so that the cost of hacking one banknote would be economically unprofitable.”

The listed points are not the only worthy features of the device. Immediate payment and no commission also deserve attention. In addition, bugs in the operation of other physical media are also taken into account, including risks caused by theft and limited transmission distance.

At the moment, there are banknotes with a face value of 0.01 BTC and 0.05 BTC for sale, which at the time of publication cost $96 and $480, respectively. It has been reported in a press release of Tangem.

We remind you that earlier we reported about a resident of the Netherlands, who was the first person to implant a Bitcoin wallet into his hand.

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