Startup Noteworthy will issue Bitcoin-Backed Banknotes
Startup Noteworthy will issue bitcoin-backed banknotes
If you think that BTC is only digital money, then you will be surprised, but pretty soon Bitcoin can get a physical appearance.
A new startup, Noteworthy, has begun work on the first bitcoin-backed banknotes to enable the use of bitcoin in offline transactions for those with limited technical knowledge.
New solutions for Bitcoin wallets and other BTC-related services are simplified as much as possible and become intuitive. The project was created by the former Director of the Bureau of Engraving and Printing of the US Treasury Department Larry Felix and the founding chairman of the Bitcoin Foundation, Peter Wessenes.
Noteworthy’s main goal is to bring bitcoin into the real world, although the team has yet to provide a physical prototype of the note.
“Each banknote is equipped with a secure cryptographic microprocessor and has the highest security features. Noteworthy banknotes will look and feel like the best currency while delivering the highest level of digital security that characterizes every note.” – the official statement said.
The use of this advanced technology makes it nearly impossible to copy, counterfeit, or alter each unique bill. The Noteworthy team does not exclude work with other cryptocurrencies, which will support the value of each banknote.
Physical Bitcoin Idea
The idea of physical bitcoin has long been in the minds of many crypto enthusiasts. It is applicable in places with limited Internet access, in poor areas, the population of which is not covered by banking services.
Other bitcoin physical initiatives have more related to collectibles. For example, companies like Titan Bitcoin issue commemorative coins with keys to a wallet with a certain amount of bitcoins.
Peter Wessenes expressed great optimism about the relevance of the startup’s product:
When I think about this project, I realize that “Bitcoin has hired the best banknote team in the world.” When I started working with Bitcoin, 1 BTC was worth less than $ 0.0005. Today we’re talking about a $ 50,000 banknote, and it’s an incredible thing. I am very glad that Larry, Manuela, and Thomas bring it to life!
How will the Bitcoin community react to this initiative? Will people feel the same excitement, since many bitcoin supporters dream of a cashless society?
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