The digital phone wallet as pure cash

I defined the atomic exchange, here is a five dollar bill. OK.

That is atomic exchange.  This is implied in current phone wallets, they have an implied counterfeit proof defense. The phone holds the keys to spending, but they need the human passcode. It is difficult to duplicate the setup in two identical phones, certainty not impossible.  But it is just enough of a barrier to call the phone pure cash, they can be given away like debit gift cards, without the bank. I can give you a working phone with $100 accessible. It is exactly like a $100 bill with very high inknpaper costs, and high probability of counterfeit.  But still an atomic swap of a cash denomination.

But the analogy can be compacted to the point that my phone just sends the cash encryption keys to your phone, and erases them honestly from mine. Then we have counterfeit proof digital cash denominations with a material cost of zero.

Intel tells me they can do this, after they send me my check.