In recent days, a company has presented a physical bitcoin note, which could facilitate payment methods with the digital currency. According to its creators, with cash notes, bitcoin would be easier for anyone to store.
The three founders claim to have expertise in hardware, IoT, and technologies, thus creating the company Offline Cash. This organization then patented a way of issuing banknotes in cash, using technologies.
The idea would be to combine the ease of paying with cash, with the possibility of the bitcoin present in the note being actually passed on during the transaction.
Bitcoin note is created and patented by a company, does it work?
When Satoshi Nakamoto created bitcoin, his project foresaw a peer-to-peer digital currency project, that is, there is nothing in the initial vision that relates this technology to the physical environment.
Over time, companies put bitcoin on credit cards and tried to make payments easier. But last Tuesday (7), the bitcoin bill project was presented to the world, a colored paper that would supposedly have security in the storage of the currency.
According to its creators, the banknotes are printed with great technology, with an embedded chip. Thus, bitcoin stored with multisig can be validated by an NFC by anyone who wants to know if there is BTC in the note.
That way, the note would be verifiable and users would know if it really has the ballast it promises to have. The first versions of the note will be 1, 2, 5 and 10 mBTC, sold in packs of 2100.
“A physical cryptocurrency may comprise a physical medium and an attached processor. The processor can generate a public-private key pair or the public-private key pair can be generated in a secure and auditable manner external to the processor and stored on the processor. The private key can allow the execution of a smart contract on a blockchain to transfer an asset from a starting address to a destination address on the blockchain.”
Of course, the company’s bet is that the notes will be used as a means of payment or kept for posterity. If the owner of the note wants to redeem the bitcoin deposited in it, it is possible, but this would take the value of the note at the moment, according to the creators of the project.
Co-founder Says Kids and Seniors Could Easier Bitcoin With Note
One of the co-founders of the project claims that with the Bitcoin Note, anyone can have the digital currency, without worrying about passwords.
“Cash is the most common form of peer-to-peer payment, but previously it was unfeasible to issue cash notes in a self-custodial, reliable, and verifiable manner. The Bitcoin Note uses the same type of printing techniques as government-issued money with a secure chip added. We combine accessibility and portability in four denominations starting at 1/1000 of a Bitcoin. Now everyone from kids to grandparents can use and hold Bitcoin without the need for accounts or passwords.”
As the project is new, the community still doesn’t know if the “innovation” is serious and responsible, but in any case, the launch drew attention.