Author: David Barnes | Bitcoin Co. Ltd. 2015-07-17 02:26:01
Published on: 2015-07-17T02:26:01+00:00
The BIP0074 draft proposal aims to simplify Bitcoin payments at physical shop locations. Presently, merchants require an app of some kind to calculate the amount of bitcoins a customer needs to pay them to cover their purchase, which can be problematic if employees are not trained on the app or if the owner is not present. A simpler way would be for a fixed QR code, but the issue here is that printed QR codes cannot calculate any exchange rates, so it would be up to the customer to choose how much to pay. However, this could lead to problems as there may be discrepancies between what the customer thinks the rate should be and what the merchant thinks it should be. BIP0074 allows the merchant to specify which exchange rates they are using, which customers can then look up from the source and pay accordingly. This proposal could prove beneficial to businesses that do not get enough Bitcoin business to warrant training sessions or hardware dedicated to running the app. It offers a simpler, more straightforward way for merchants to accept payments without requiring extensive training or costly hardware. The proposal can be accessed through the GitHub link provided, though it should be noted that it is a draft proposal and may be subject to changes.
Updated on: 2023-06-10T02:49:21.621729+00:00