Bitcoin

4 Reasons to get Excited About the Penny/Nano Exchange

One thing everyone agrees on is how innovation is a key factor in the cryptocurrency industry. While not all projects are destined to achieve mainstream adoption in quick succession, no stone should be left unturned either. The Penny/Nano Exchanger is a very curious contraption, albeit one that can effectively serve a purpose. A niche purpose, perhaps, but it is still an interesting contraption.

Using Spare Change for Crypto

It is not the first time someone comes up with the idea of converting spare change to cryptocurrencies. In most cases, these efforts rely on using mobile apps which round up online expenses and use the “change” to buy Bitcoin or select altcoins. Those concepts work quite well, although they are far from commonly used in this day and age. 

The Penny/Nano Exchanger works very differently, as it takes physical change and converts it to cryptocurrency in a digital form. That in itself is rather interesting, although it also means one needs access to a device capable of facilitating these transactions. That may prove rather difficult at this time, albeit it seems anyone with a few hours of spare time could build this contraption in quick succession. 

The Required Hardware

While this device looks rather clunky, it is a lot more convenient than one may think. The components required all cost roughly 35 Pound Sterling, or between $45 and $50. It is a very cheap solution which anyone can build if they desire to do so. The software side of things can run on the Raspberry Pi Zero W, albeit using a proper case for it might incur some additional costs.

Users will also need a coin acceptor, a zero cam, and a few wires to make everything work. The coin acceptor has a microprocessor and can distinguish between 6 different coins. As such, users and tinkerers can build a version which suits their own national currency, as this concept is not limited to using Pounds Sterling. The camera is needed to scan a wallet’s QR code to receive the funds. 

An Interesting way to Boost Nano Adoption

The device currently out there in the real world was first presented during a recent Nano UK event. As such, it is capable of converting spare change below 1 GBP in value to Nano once money has been inserted. As the code for this project is completely open sourced, it can be modified to accommodate purchases for other cryptocurrencies, tokens, and assets as well. 

Finding use Cases is a Challenge

Most cryptocurrency enthusiasts will see the appeal of a Penny/Nano Exchanger right away. In fact, they might even find the concept useful for other currencies as well. Finding proper use cases for such a project outside of the crypto industry, however, may prove to be a very steep challenge. It is not something that will put Nano on everyone’s radar right away, unless such devices would start showing up en masse all over the world. 

Even so, one has to applaud efforts like these. It goes to show how one can easily put a different spin on cryptocurrency purchases. If a paper wallet generator would be added, it can become a far more versatile device altogether. There are many different possibilities and opportunities to check out, albeit it will probably remain a very niche project for some time to come. 


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Image(s): Shutterstock.com

The post 4 Reasons to get Excited About the Penny/Nano Exchange appeared first on The Merkle Hash.


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