One of the primary concepts about bitcoin most people struggle with is how the currency is not tangible. Even though paper and hardware wallets exist, it is not the same as holding or spending cash. Polymerbit announced they will soon start issuing polymer-based bitcoin banknotes. Every note is capable of storing up to 0.10 Bitcoin. Not only will this make for intriguing collectibles, but it is also a great way to give bitcoin a physical aspect everyone can relate to.
Polymerbit Brings Tangibility to Bitcoin
It is quite intriguing to think of a polymer-based bitcoin banknote. Even though bitcoin is designed to be as different from cash and traditional financial solutions as possible, the average consumer may need something tangible to fully grasp the concept of cryptocurrency in the first place.
As one would come to expect, the soon-to-be-launched product by Polymerbit will serve multiple purposes. First of all, this note is designed to be a cold storage wallet, even though it is only advised to store a maximum of 0.10 BTC on it at any given time. For most people venturing into cryptocurrency, that balance is more than sufficient. After all, not everyone needs to buy a full bitcoin right away.
Moreover, the polymer Bitcoin note can also be used as a way to gift cryptocurrency to others. With its balance right on the front of the note, it makes for an easy cryptocurrency gift solution. Whether or not that is a plausible scenario, remains to be seen, though. So far, Polymerbit has not announced pricing for these bitcoin notes yet. All we know is how the bills will become available in early 2017, but no specific date has been communicated either.
It is important to keep in mind the Polymerbit notes cannot be used as regular currency in most countries. This piece of paper should not be looked at as legal tender by any means, even though it has all of the appeal of being a regular cash bill. Some countries have made it illegal to barter with Bitcoin in public situations, and users need to be aware of these potential dangers.
Moreover, users also need to keep in mind these polymer notes will not come pre-funded. All customers are expected to buy bitcoin and put it onto the wallet themselves. Moreover, there is some handiwork involved in setting this note up as cold storage for cryptocurrency. Always do your own research before blindly following instructions related to funding a wallet address with bitcoin.
Header image courtesy of Shutterstock