Bitcoin will be physical thanks to Singapore entrepreneurs

The enterprise called Tangem has recently announced an ambitious initiative - paper money backed by Bitcoin assets (in two variations - 0.01 and 0.05 BTC). Modern NFC technologies allow to check if the banknote is valid by using special codes and the camera of the mobile phone. The firm is consulting with security companies to ensure the lack of breaches in this mechanism. A pilot test is already being conducted in one of the local stores.

This mirrors the popular concept of cryptocurrency assets backed by regular money - this approach has been taken by Tether and some other, less successful projects Bitnewstoday has already described in older reports.

Bitcoin’s most notable feature is that it largely depends on digital structures, and for this reason, some observers note that gold is still better because its value has been recognized several millennia before the first computer was ever invented.

Paper money connected to Bitcoin assets will likely meet the resistance of those states which consider the emergence of rivals to national currency unacceptable - for example, China and Russia. Chinese authorities do not appreciate the very existence of the crypto market, and the Russian officials are concerned with the strict adherence to legal principle of their currency being the only means of payment in the country.