19 April 2015

Bitcoin POS system developed

21 October 2011  |  11458 views  |  0 US Coin Cash

A point-of-sale system, based on a VeriFone terminal, which enables retailers to accept virtual currency Bitcoin has been developed.

To accept a payment a merchant enters the details in a VeriFone Vx510 or Vx570 terminal which then prints off a QR code. The customer then scans the code with their smartphone.

Alternatively customers can pay by giving the retailer a QR code holding Bitcoin value to scan or a private key to type out.

The system can also dispense the virtual currency, selling customers the coins using a printed QR code or private key, a stored value card or Bitcoin address.

Meanwhile, Bitcoin continues to see its value spiral downwards on exchanges. From a high of around $30 a coin in the summer it is now trading at less than $3, less than it costs to "mine" them.

You can read more about the POS system on the Bitcoin Wiki.

KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

22 August, 2011
27 July, 2011
05 July, 2011
20 June, 2011
09 June, 2011

Top topics

Most viewed Most shared
UK banks covering up cybercrime losses - C...
6927 views 14 comments | 26 tweets | 13 linkedin
BBVA buys UX firm Spring Studio
6651 views comments | 33 tweets | 17 linkedin
Card is king as cash usage continues to fa...
6191 views comments | 22 tweets | 14 linkedin
World Bank reports big drop in numbers of...
4907 views 10 comments | 37 tweets | 15 linkedin
Digital and core renewal to drive bank IT...
4889 views comments | 32 tweets | 25 linkedin

Featured job

up to £100K base, £200K OTE, benefits
London, UK

Find your next job