Bitcoins aren’t just for online retailers. The digital currency is making its way to bricks and mortar locations across the globe. Merchants are implementing Bitcoin (BTC) payment systems in order to avoid the excessive fees charged for debit and credit card usage. One of the primary concerns, though, has been real-time pricing.
Are you interested in purchasing the sweater, but unsure how much it costs in bitcoins and in fiat money? Well, there’s a real-time physical price tag for that, which is hitting retail establishments to make it simpler for both parties.
Each BitTag lists the product name, the price in United States dollars or other currencies and the real-time price in bitcoin. It essentially acts as a remedy to the price conversion issue as it automatically updates the price of bitcoin as it displays the costs utilizing the power of wireless technology. BitTag was produced by Samuel Cox, a hardware prototype designer based in London, England.
The project, which was launched Jan. 30 and announced on Twitter, is the first time that a bitcoin technology has been designed specifically for in-store pricing and could very well enhance paper QR codes that has become popular for entrepreneurs.
“If the Bitcoin value suddenly fluctuates, the price on BitTag will instantly reflect this. The customer, therefore, instantly knows how much the item is worth, whilst the retailer does not incur any financial loss if the value of the Bitcoin changes,” the company states on its website.
“Each BitTag is managed with the assistance of an accompanying iPad app. The app can either be used to setup the Tag or process a Bitcoin transaction by simply placing the BitTag on the screen. Alternatively, the Bitcoin transaction can be activated by a simple ‘shake’ of the BitTag, enabling a Bitcoin QR code to be displayed on the OLED display and scanned by the user’s smartphone, using standard apps like BlockChain.”
The prototype costs $54 (40 euros), but Cox notes that the final design will be significantly less than that.
Businesses interested in registering for a BitTag can do so using the enterprise’s contact form. He told BBC News that he doesn’t think major shops will install this piece of technology, but rather “quirky” retailers will use it.
BitTag Image curtsy of http://samuelcox.net/
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