A Peer-to-Peer Electronic Cash System

FAQ

What is Bitcoin Cash?
Bitcoin Cash is a peer-to-peer version of electronic Cash, established in 2009, that allows online payments to be sent directly from one party to another without going through a financial institution. More Info - bitcoincash.org  bitcoin.com


What is MiniPOS server?
Bitcoin Cash MiniPOS server is a simple self-hosted point-of-sale hardware server, intended for use by small merchants and brick-and-mortar stores, that can be operated via any device with a web browser. MiniPOS server allows merchants to accept secure, 0 confirmation, Bitcoin Cash (BCH) transactions in-store, anywhere in the world, with live conversion rates in multiple local currencies.


What are the advantages MiniPOS server?
This 100% open source MiniPOS server solution gives merchants and business owners, all over the world, the ability to accept Bitcoin Cash (BCH) payments in store without the need to sign up to any service or registration. There are absolutely zero on-going monthly fees and zero transaction fees for the merchant to pay when accepting Bitcoin Cash via MiniPOS server.


How secure is MiniPOS server?
Although it is an internet-connected device, at no point are any private keys stored within MiniPOS server. By using MiniPOS businesses can begin receiving Bitcoin Cash BCH payments in-store quickly and easily without exposing funds (private keys) to a third party, or even to cashiers, at any point in the process. By simply entering a PUBLIC address into MiniPOS server, merchants are able to securely accept Bitcoin Cash payments directly in-store with minimal risk.

 

What are the on-going costs?
There are zero on-going costs when using MiniPOS server to accept Bitcoin Cash transactions. Unlike in the fiat world, all transaction fees are paid for by the sender of the transaction i.e the customer, not the merchant.

 

What do i do with received funds (BCH)?
There are a number of options available to merchants who install MiniPOS server. Depending on the circumstances, merchants have the option to retain received funds in Bitcoin Cash coins directly (BCH) via a secure cold storage hardware wallet, or transfer funds directly to a local exchange service in order to trade for analogue currency.

 

How does MiniPOS work?
MiniPOS server connects to your in-store *Internet connected* local network, either directly via RJ45 cable to your router/hub or via WiFi. *Direct connection recommended

Once connected to the local network your independently created 'xpub address' is input into MiniPOS server config during initial setup, this allows 'on the fly' generation of multiple Bitcoin Cash addresses in order to receive and process transactions, all of which are linked to your master xpub address (and is never revealed to customers).

A MiniPOS Terminal and or SmartPhone/Tablet along with a dedicated MiniPOS checkout Application is used to directly connect to MiniPOS server on the local network in order to process transactions 'at the checkout'.

Transaction Process

  • The transaction amount is input into MiniPOS Terminal App.
  • MiniPOS server checks the current live exchange rate.
  • MiniPOS Terminal returns on screen with a QR code, a generated receive address, payment ID, and amount to pay (in BCH and local currency).
  • A customer then scans the QR code using a mobile Bitcoin Cash wallet and sends the payment to the displayed address.
  • Approx 10-15 seconds later, once MiniPOS server has confirmed the 0 confirmation transaction is 'in the Bitcoin Cash mempool' via multiple sources, MiniPOS Terminal displays a 'Payment Completed' window and completes the transaction as 'Finished', before returning to the welcome page ready to process the next payment.