A software company in Switzerland is now printing physical Bitcoin bills. They are the first physical, tangible manifestation of a cryptocurrency. They are definitely not the everyday paper bill. Tangem has extensive experience with microelectronics that allow the bills to maintain the security that cryptocurrencies use with. This is just the tip of the iceberg for further applications of nanochips with embedded flash memory
Each bill is essentially a standalone bitcoin wallet. The wallet is what creates security. In this way, not only is the security of the cryptographic passwords intact, but “breaking into” one one bill’s wallet does not provide access to any others.
Unlike using cryptocurrency online, physical transactions are immediate, free, anonymous and there are no fees. They are truly decentralized, meaning it will never be restricted by technological limitations. - Cofounder Andrew Pantyukhin
They will be available in similar places to where ATMs would be located. They are available in denominations of 0.05 and 0.01. With Bitcoin around the $10,000 mark, this is $500 and $1000 USD.
Other currency - This technology can be applied to any country’s standard fiat currency for added security benefits, or to materialize any other existing cryptocurrency. Starting with Bitcoin had the benefit that it is the most widely used cryptocurrency, but it also has no “owner.” Profits many when individuals exchange for the smart bills will go entirely to Tangem.
Identification - The technology of cryptographic signatures could be added to government or privately issued identification cards. It would provide an unhackable, unreplicatable form of identity verification.
Other - loyalty cards, gift cards, tickets - essentially any applications that require or could benefit from digital proof of something physical, or the reverse as in these Bitcoin Bills - physical proof of digital assets.
We are a new way of tying the physical and digital together, which has never been done before. Inherently we treat digital as easily copyable and this technology guarantees it cannot be copied. That again has never been possible or practical before. - Cofounder Andrew Pantyukhin
By: BGN Editorial Staff