Bitcoin Cash Mini Point-of-Sale Terminals Open 0 Confirmation Payments
Brick and mortar merchants now have something to smile about. This is after a UK-based development team created a bitcoin cash (BCH) point-of-sale which allows them to accept BCH for payment of their products and services by their customers in the store.
The traditional businesses running from physical locations will now have a point-of-sale (POS) server through which merchants will accept Bitcoin cash as a form of payment in-store.
The upside of this BCH point-of-sale terminal is that unlike the use of fiat money where transaction fees are met by the merchant, the Mini-POS server charges all transactions fees on the sender of the transaction. In which case the customer and not the merchant pays the fees with the brick and mortar merchant enjoying zero on-going costs.
The transaction process is quick and convenient. This is because the POS server is web-based and compatible with a web browser, and therefore allows merchants and stores to accept zero confirmation for Bitcoin cash transactions in-store. The server solution of the terminal is open source and its own codebase can as well be reviewed.
The BCH point-of-sale terminal is also easy to use by merchants as its operation is not complex. To use it, the merchant initiates the transaction by typing the amount to be charged in the POS application. The terminal’s server then cross-checks the prevailing exchange rate with the conversion rates given for the multiple local currencies. With the information, the device displays QR code on the screen. The code is tied to a BCH receiving addresses that has since been generated.
The only thing expected of the customer is to simply scan the QR code and send his payment to the merchant. The server accepts no confirmation transactions. And no private keys are stored within the Mini-POS server although the device is connected to the internet.
According to Mini-POS, the BCH point-of-sale terminal is intended for small merchants and stores. However, a word of caution to cryptocurrency merchants and enthusiasts, Bitcoin does not ratify the Bitcoin Cash Point-of-Sale. Users should tread carefully before engaging or taking action on Mini-POS or its affiliates.