Bitcoin, the virtual currency that has its fair share of supporters and detractors, is back in the news again, although this time around there will be no kind of controversy surrounding it. We are talking about BitTag, a new kind of device which will be able to show a particular item’s price in the Bitcoin equivalent, while updating itself based on the existing market fluctuations. BitTag will rely on wireless technology in order to hook up to the Internet so that it can refer to the current price of Bitcoin, changing the tag display every single minute. The creator of BitTag hopes that this invention will ease shops that are averse to Bitcoin’s volatility to adopt the virtual currency.
Have you mined Bitcoins of your own in the past? There are special tools out there such as a Bitcoin mining motherboard from the likes of ASRock if you are interested, but it might be deemed to be too late by now to jump aboard the mining bandwagon. Samuel Cox, BitTag’s creator, said, “Bitcoin is becoming more popular. But there’s a lack of infrastructure for people to buy things in the physical world because the value changes all the time.” This prototype BitTag device will cost £40 to manufacture, and it will be a whole lot more affordable when sold to businesses that want to incorporate it, where it shows off the local currency in addition to the latest Bitcoin price as of that minute.
Do you think that retailers will bite?