Noteworthy: Bitcoin Could Take On Physical Note Form

11 March 2021 | Updated: 11 March 2021

Bitcoin (BTC) might leap from being a digital asset to a physical one. Noteworthy, a new US-based startup is working on creating the very first bitcoin-backed banknotes to give Bitcoin offline transaction features, which would make it more efficient and appealing for non-tech-savvy users.

Noteworthy is a joint project by the former director of the US Department of the Treasury’s Bureau of Engraving and Printing (BEP), Larry Felix, and the founding chairman of the Bitcoin Foundation Peter Vessenes.

The startup’s primary aim is to make Bitcoin a tangible entity in the real world. However, the team behind the idea is yet to explain how they intend to make this possible. Nonetheless, the combined credentials of the team lend a lot of weight to the initiative.

The company noted that:

“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.”

Through the use of the proposed security measures, forgery, counterfeiting, or modification of the bills would be practically impossible. Noteworthy asserted that the cryptocurrency bills would have similar quality and security with official fiat banknotes.

That said, the team did not rule out the possibility of creating bills representing other cryptocurrencies.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — March 11
Just like we projected in a previous analysis, Bitcoin has now regained its bullish momentum following a break above the $51,400 pivot point. The benchmark cryptocurrency staged a bull run to the $57,400 area but got met with immense resistance.

That said, BTC has fallen into a correction mode and is looking to find some support (and a rebound) around the $54,000 area. However, the possibility of lower declines for Bitcoin in the coming hours is still possible. In that case, the bottom of the current correction should be at the $52,500 support.

Meanwhile, our key resistance levels are at $55,000, $56,000, and $56,700. While our key support levels are at $54,000, $52,500, and $51,400.

Total Market Capitalization: $1.67 trillion

Bitcoin Market Capitalization: $1.01 trillion

Bitcoin Dominance: 61%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.