Bitcoin has taken physical form

The Singapore company Tangem has released "smart money". “Bitcoin bills,” or so-called “smart bills,” are similar in appearance to a credit card. This is the first incarnation of digital currency in physical form.

The only similarity between these banknotes and ordinary money is that they are tied to a fixed nominal value of 0.01 and 0.05 BTC and the possibility of physical transfer, which makes instant payment for goods in bitcoins without commissions real. These banknotes are analogous to cash, but the new money has a number of significant differences.

Recall that Tangem announced its plans to create “cryptocurrency cash” at the end of last year.

In fact, each of the banknotes is cold wallet, a wafer with built-in S3D350A, a chip developed by Samsung. Additionally, the product is certified to Common Criteria EAL6+ and EMVCo security standards for all cryptocurrency private keys, which prohibit the copying of the wallet and its assets.  In addition, Bitcoin accounts will be embedded with an NFC chip, which will allow the assets of a particular account to be verified. All you need to do is simply connect your smartphone to NFC compatibility, and all the necessary information will appear on the device’s screen.

According to the creators of the new money, Bitcoin banknotes are protected from all known types of attacks at both the hardware and software levels. The company says this is the first hardware storage solution offered in the electronics and cryptocurrency markets.  Previously, the company's specialists were involved in creating chips for ID cards, credit cards and SIM cards. The team's accumulated experience has led to the creation of a product that is not economically viable to hack, even if it is possible. 

Among the obvious advantages of paying for purchases using this banknote, the developers are considering the possibility of instant payments without transaction fees, complete anonymity and speed of payment. There are currently notes with a face value of 0.01 and 0.05 BTC, which are worth over $96 and $480 respectively. It will be possible to use Bitcoin bills wherever the use of cryptocurrency is legalized. 

Tangem has begun a pilot sale of physical Bitcoin banknotes, presenting them in Singapore at the Megafash store. The first 10 thousand banknotes are expected to be distributed among distributors and partners around the world.. 

Critical comments from some experts have already followed about the appearance of banknotes from Tangem. In their opinion, today everyone is striving for a digital format, but the developers believe that the Bitcoin bill will appeal to those who are used to paying in cash, and will simplify the process of purchasing, owning and distributing Bitcoin for both advanced users and beginners.