BTC/USD
 
ETH/USD
 
XRP/USD
 
BCH/USD
 
EOS/USD
 
Bitcoin Banknote

Bitcoin Smart Banknote in Singapore May be the Secret for Mass Adoption

· 05 May 2018 in Cryptocurrency News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

A new idea from Singapore has arrived at the bitcoin market. There is a new platform that launched pilot sales of bitcoin banknotes. These new bitcoin notes range between 0.01 and 0.05 BTC and would facilitate the use of bitcoin as a means of payment.

New Bitcoin Banknote – An Easier Way For Mass Adoption?

It is known that Bitcoin is changing the way we live. There are many useful things that we can do with this virtual currency. But some people may find it difficult to buy and sell digital assets on online exchanges. 

In order to simplify the overall experience, Tangem, a Switzerland platform developer, launched the first smart banknote at the Megafash Suntec City store in Singapore. The banknotes have NFC technology included and they would make easier day to day payments with Bitcoin.

The company said that the banknotes are certified to the Common Criteria EAL6+ and EMVCo security standards. With the new S3D350A chips developed by Samsung, Tangem is the first hardware storage solution on the market that has these security standards.

With this development, users wold be able to use virtual currencies with no transaction fees and in an offline setting. That has the power to allow more traditional users to try this new method to use bitcoin.

The new banknotes radically improve the simplicity and security of acquiring, owning, selling, and circulating Bitcoin. Moreover, it is not necessary to know anything about how virtual currencies work in order to use the sophisticated notes.

At the moment, there will be a first shipment of 10.000 notes that will be delivered to prospective partners and other businesses around the world. The intention is to try commercial pilots and decide whether they have good reception or not, find possible complications, and improve the overall experience.

Tangem operates from Switzerland and Singapore, and performs manufacturing activities in South Korea, Southern China with research and development in Taiwan, Russia and Israel. Tangem is developing different software platforms to foster mass adoption of blockchain technologies.

Image: Pexels and Pixabay

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.