A tech start up has developed a proof-of-concept prototype for a wearable Bitcoin wallet.
The bracelet allows users to make small payments in Bitcoin or other virtual currencies just by making a gesture, according to start up company and creator of the bracelet MEVU.
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CEO and co-founder Apurv Mishra said: "MEVU could add a layer of payments for smaller value transactions: parking, tipping, and so on.
"If we use bitcoin or any other currency, if it has the facility for tipping, I think that’s what people would want."
Mishra and his team said that they believed payments of over $20 probably needed more confirmation than a simple gesture, but that two step authentication involving a user’s mobile phone was a possibility for larger payments.
The device uses Bluetooth low energy (BLE) to make contactless payments.
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By GlobalDataAs many mPOS devices based around tablets use BLE, MEVU says the bracelet will mesh seamlessly with existing infrastructure.
Mishra said the company was now focusing on developing a version of its software that will be compatible with Android, given Apple’s stance towards Bitcoin.
He added: "With Bitcoin, as we know, there are some challenges. We cannot bring this app to the Apple App Store. But I thought that demonstrating this is what we need, this is the direction, would be really interesting."
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