Bitcoin Banknotes Released in Singapore to Encourage Mass Adoption

It's 2018 and Bitcoin is a household name - savvy investors and newcomers alike have come to accept the new cryptocurrency as something that is widely prevalent and here to stay.

Tangem, a Singapore-based start-up, has made an effort to normalize Bitcoin and make it accessible to the masses through a secure, physical banknote that holds the cryptocurrency internally.

Tangem believes that the return to a traditional, physical representation of currency will encourage those on the sidelines to make their first purchase using cryptocurrency and enable an easier method of peer-to-peer exchange.

"With these banknotes you can conduct physical crypto transactions by just handing them over or receiving them. Unlike using crypto currency online, physical transactions are immediate, free, anonymous and there are no fees."

This week, Tangem launched their pilot batch of Bitcoin banknotes for sale in the Megafash Suntec City Store in Singapore.

Currently, the banknotes are only offered at denominations of.01 and.05 BTC. According to a press release made by Tangem, the company "Is delivering the first shipment of 10,000 production notes to prospective partners and distributors around the world for commercial pilots" - indicating a step towards wider exposure and adoption of this unique medium for cryptocurrency storage.

The Tangem banknotes utilize a Samsung Semiconductor S3D350A chip to meet the criteria for the EAL6+ and EMVCo highest security standards.

Tangem claims the embedded cold wallet is "Uncopiable" and that each banknote is independent of the others - making total network hacking nearly impossible.

This added functionality mimics the use of conventional credit or debit cards in daily transactions - simplifying the usability of the banknotes in comparison to fiat currency.

As cryptocurrency continues to become more prevalent in everyday usage, Tangem positions itself at the forefront of mass adoption by solving a problem blockchain never could: simple access.