Mini-POS Allows Zero Confirmation BCH transactions In-Store
Recently, a British development team was able to create the bitcoin cash point-of-sale server that allow brick and mortar merchants to accept BCH as one of the forms of payments in their store. This startup started as an initial pre-sale. BCH Mini-POS devices may start shipping this summer. BCH is the decentralized cryptocurrency bitcoin cash that may soon have the point-of-sale (POS) server available for merchants that run their business in physical locations. The BCH Mini-POS is for the small stores and merchants that are in their startup. Aside from that, the device is compatible with a web browser that will allow merchants to accept 0 confirmation of BCH transactions in their store. Aside from that, the server solution is an open source. You may review its codebase on Github. Even if it is an internet-connected device, there may be no private keys stored inside the Mini-POS server.
Whenever you use the Mini-POS server to accept Bitcoin Cash transactions, there may be zero ongoing costs. It is not like the fiat world where all of the transaction fees are paid for by the one who sent the transaction like the customer and not the merchant.
You can use the Mini-POS system if the merchant types the amount that is charged in the terminal application. The device server may check the live exchange rate with the conversion rates in different local currencies. By following this, the terminal will display the on-screen QR code that is tied to a generated BCH receiving address. The customer may merely scan the QR and send the payment to the merchant. Since the server accepts 0-confirmation transactions, the process may become really quick according to the development team.
After 10-15 seconds and the Mini-POS server has confirmed the 0 confirmation transaction that is in the Bitcoin Cash mempool using different sources, the Mini-POS terminal will display the ‘Payment Completed’ window and complete the transaction as finished before they return to the welcome page that is ready to process the following payment.
The machine may have Bluetooth and Wi-Fi capabilities alongside the ethernet connection. The company already started its pre-sale and the cashier terminal kit and Mini-POS server is currently at $200 USD. There is an additional Mini-POS terminal that you may buy for $75 and the standalone server sells for $125. This September 2018, the development team will launch the wallet that allows the fiat conversion and they plan to outsource the product manufacturing by October. They are currently testing the terminal and server system at the UK based store.