People are comparing Bitcoin and innovations connected with Bitcoin to the emergence of the internet. That is certainly the case for most inventions, but the comparison with the US military technology advancement is maybe even more apt, at least in some cases. The US military technology status is about 35-75 years ahead from what we currently have on the consumer level. We see the rate of new ideas and technology that are being developed in the Bitcoin community continuously increasing at staggering speed.
Today there is a working prototype of a 3D-printed payment system called PEY. This 3D-printed payment system is the brainchild of a Hanoverian businessman Ricardo Rivero. We all know that Hannover is one of the cities in the world that has a “Bitcoin Boulevard”.
For those new to Bitcoin, a Bitcoin Boulevard is a name to label businesses located in a certain area of town that accept Bitcoin payments (exclusively or alongside other payment options like cash or credit cards). The Bitcoin Boulevard Hanover has a fairly long list of businesses that are accepting Bitcoin: a supermarket, a travel agency, to name a few.
Mr.Rivero explains PEY like this: “The 3D-printed PEY terminal is going to use iBeacon technology. This means that users who have the PEY app installed on their portable device will receive a push notification. This push notification is going to let the user know that a said retailer is happy to accept Bitcoin. The PEY app will load with one swipe, which means even faster transaction possibilities for customer and retailer. The aforementioned customer that wants to pay with Bitcoin can scan the QR code, which is generated by BitPay, to complete the transaction quickly and easily”.
There are already excellent options for businesses on the market so why develop another payment machine? Mr. Rivero answers: “PEY is more than just another “payment machine. Seeing that Hannover is included in the top cities Bitcoin boulevard list, it seems only logical to create something new that reflects the ideology better. PEY will make it even easier for customers to pay with Bitcoins. The PEY app will directly communicate with the PEY terminal. This means that customers don’t have to search through their installed apps to find their Bitcoin wallet. I’m also delighted that a lot of retailers have signed up so far. This could push Hannover to the hippest Bitcoin-esk place to be on planet Earth”.
For those eager people wanting to take a look at the app, you can download it already. There is one for the Apple users and one for the Android OS. This is another great development for Bitcoin and will allow Bitcoin to evolve into a more generally accepted payment method, more so than in this current stadium.