Everything you need to know about bitcoin banknotes in Singapore
Amidst the rise and fall of bitcoin prices in Singapore, the bitcoin market is introduced to newer ways of boosting the usage of this most sought after cryptocurrency in the Asian markets. When bitcoin was new in the market in January 2009, not many people were aware of its innumerable utilities as a digital currency. Its volatility led to it becoming a potential investment tool for investors across the globe.
And till date, we find polarised opinions on the investment potential of bitcoins. On one hand, profound investors like Warren Buffett do not even consider buying bitcoins as an investment. Instead, he considers it to be something that lacks intrinsic value. On the other hand, there are the billionaire twins, Tyler and Cameron Winklevoss, who made a fortune through bitcoins. The debate still continues and as time goes by, bitcoins, along with other cryptocurrencies, are gaining acceptance. A major move towards mass adoption of bitcoins was the recent launch of the Bitcoin banknotes. Yes, physical banknotes similar to the regular currency notes! Tangem, a new smart banknote platform, has launched bitcoin banknotes for pilot circulation in Singapore.
The tangibility aspect
Tangem is a Switzerland based platform developer. With connections and affiliations in various countries, they are pioneers in the field of bitcoin banknotes in Singapore. These smart banknotes are immediately available in two denominations – 0.01 BTC and 0.05 BTC.
Unlike regular fiat currencies, these smart bitcoin banknotes are made using S3D350A chip from Samsung Semiconductor.
Owing to this development, users will be able to use bitcoins in offline settings without any transaction fees. Bitcoin marketers are hoping that this new sense of tangibility will prompt traditional users to opt for bitcoin banknotes.
The security concerns
Tangem claims to offer the first hardware storage solution on the market with its entire electronics and cryptography certified as per the Common Criteria EAL6+ and EMVCo security standards. The Kuldesi group, a Swiss manufacturer of hardware and software digital security and convergent media systems for the delivery of digital and interactive media content, had done an in-depth review of Tangem’s security framework to make sure it has the best security standards. Tangem also claims to have irretrievable private keys.
As with traditional banknotes, Tangem Notes have to be kept physically secure at all times. The whole cryptocurrency value is always on the chip inside and cannot be accessed without the note. If you lose a Tangem Note, you lose the value.
The tighter the security, the easier it is for users to consider it to be a reliable option. With so many security breach issues in the digital platforms, it is important that users have highly secure avenues to transact their bitcoins.
How Tangem’s bitcoin banknotes work and how can you get them?
Tangem banknotes are fairly easy to use. All you have to do is touch your bitcoin banknote with your NFC-capable smartphone to be 100% sure it has valid assets. And you can anonymously transfer banknotes in an instant.
As consumers, you can purchase Tangem Notes at select retail stores around the world. At this point in time, these banknotes are available only in a few countries. But as time passes, there will be a wider reach. There will be ATMs, vending machines, and money exchangers that offer Tangem banknotes.
How can you use Tangem bitcoin banknotes?
Tangem notes give you the option of holding them and using them as and when you want to. If you are not using them, then you can choose to keep them in a safety deposit box or store it just the way you would store your fiat currency. You can physically sell or give a Tangem note to anyone and they can easily verify the value of the note on their smartphone. It could also be given as a gift, just the way you would give someone a gift card.
Extracting value from a Tangem bitcoin banknote
At any point, you can extract the whole value of a Tangem Note using the official Android app. You can then deposit the value of the note into any cryptocurrency account. All you have to do is hold your Android phone carefully against a Tangem Note for one or two minutes. This is a secure process. The security delay in the process prevents the third party from extracting value from your tangem notes when you briefly show your notes around. Imagine if the delay wasn’t there. Anyone could just use their phone and transfer value into their account while you take your tangem note out.
After extraction, a Tangem Note is basically empty until reactivated through a special process.
As of now, Tangem notes are still in the pilot phase, but soon these bitcoin banknotes will revolutionize the usage of cryptocurrencies in Singapore.
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