While the advantages of accepting bitcoins as an online merchant are rather obvious, BitTag thinks that it can help bring the digital currency to more brick-and-mortar stores. This “physical price tag for a digital currency” allows consumers to see the price of a particular item in both fiat currency and bitcoins at the same time. The price in bitcoins is then updated every minute until the shopper decides to make the purchase. BitTag can also be used with any other altcoin supported by the merchant.
Paying on the Spot
Another interesting aspect of BitTag is that it allows consumers to pay on the spot. As soon as they see an item they like, the shopper can scan a QR code displayed on the BitTag to buy the item right then and there. They can then walk out of the store without ever interacting with any kind of sales representative. While there will always be a need for security guards and helpful shopping assistants on the floor, BitTag makes it clear that we are getting closer to a future without cashiers. This kind of new technology would be perfect for a low-budget restaurant where the food selection is displayed in the style of a buffet. If you wanted a cheeseburger, you would go grab a cheeseburger and unlock it from its wrapper with a Bitcoin payment.
Increased Merchant Adoption
BitTag is one of the many new products in the Bitcoin ecosystem that will allow for easier and more practical merchant adoption. When a merchant can have a shopper scan a tag on an item to pay for it and then instantly have those bitcoins converted to dollars, the thought of integrating Bitcoin into one’s retail store doesn’t seem like such a bad idea. Having said that, there are some people that think increased merchant adoption could be a net loss for the price of bitcoins. While the success of Bitcoin as a payment system is all but guaranteed at this point, the jury is still out on whether or not bitcoins will takeover as a dominant form of money.
Last modified: April 20, 2014 18:28 UTC