Physical BTC Notes Are Coming Sooner Than We Expect: Opinion

Physical BTC notes are coming sooner than we expect thanks to Noteworthy which is a startup that is focused on creating Bitcoin-backed notes so let’s read more in our latest BTC news today.

The new startup is working on creating the first BTC-backed banknote with the goal of making BTC suitable for offline transactions and will offer an experience for non-tech savvy users. The startup’s name is Noteworthy and it is an initiative that was created by the former director of the US Department of Treasury’s Bureau of Engraving and Printing Larry Felix as well as Peter Vessenes who was the founding chairman of the Bitcoin Foundation.

The startup’s role and main focus seem to be to bring BTC into the real world but the team has still to share a physical sample of how they intend to do it. The credentials of the board members and explanations shared on the press release put a lot of weight on Noteworthy’s offering:

 “Each note comes equipped with a secure cryptographic microprocessor, and, utilizing all of the banknote industry’s highest security features, Noteworthy notes will look and feel like top-of-the-line currency while providing the highest grade of digital security directly embedded in each note.”

The use of new technology to make a unique bill that is impossible to replicate, modify, or counterfeit is quite hard. According to Noteworthy, the bills have the same quality and security standards as the official fiat banknotes as the startup said:

 “While digital assets are becoming more mainstream, they still lack the level of trust, familiarity, and accessibility that a physical banknote provides.”

The team didn’t rule out a chance on working on bills that represent other cryptocurrencies but they didn’t specify which ones or they didn’t even mention the method they will use to back each note. The idea for a physical BTC note has been going around in the heads of many crypto supporters for quite some time. One of the most critical use cases applied to location and limited internet access especially in poverty regions and heavily unbanked populated regions.

Some physical BTC initiatives are shifting towards collectibles as for example, companies like titan Bitcoin issue commemorative coins with the keys to a wallet that has a certain amount of BTC inside. However, a utility like real money has yet to be implemented properly so if Noteworthy takes off, it will have a good shot at achieving this goal.