Despite being very much a virtual currency, Bitcoin is going physical. Tangem, which is a start up, operating from Switzerland and Singapore have announced that they are launching a pilot sale of physical notes of Bitcoin. It might take more persuasion for many people to get on board with this idea, as part of the reason that people like cryptocurrencies is the anonymity of transactions and the speed at which they can be processed. That said, it might be a step towards Bitcoin replacing fiat currency, which was the aim when it was developed years ago.
So, just how will these ‘physical’ notes work? Well, the Tangem Notes have been described in the press release as ‘smart banknotes’, which are all fitted with a chip that was designed by Samsung Semiconductor. These smart notes allow consumers to physically carry Bitcoins that are stored in denominations of 0.01, and 0.05 BTC. The release of these notes is currently running a pilot at them moment, but it will consist of 10,000 notes, which will be shipped from Singapore to potential partners and distributors all around the world.
The reason behind the creation of these notes was to help increase the ability to spend cryptocurrencies, such as Bitcoin, which, although is being increased, is still not as widespread as some believed it would be.
Singapore have got a strong reputation when it comes to being a hub for cryptocurrencies. More recently, the Singapore Fintech Association and the Fintech Association of Japan have signed a Memorandum of Understanding to collaborate of fintech development. Back in April, China and Singapore have also completed a shipment of gasoline entirely using blockchain technology. The month before as well, saw Singapore’s central bank reaffirmed its commitment to using blockchain technology for cross-border payments.