The newly-released Mycelium Gear is an open-source software that allows merchants to process their bitcoin transactions themselves, without giving up their personal information or paying any fees.
The new app launched by Mycelium on 8 May does not handle any money itself. However, according to the team, it supports all the operations one would expect from a bitcoin payment service: it sends invoices to customers, generates bitcoin addresses (a new one for every transaction), notifies merchants when the payment is carried out and alerts them when the order is underpaid or overpaid. It also allows users to set up prices in other currencies.
Since Mycelium Gear does not touch money, it does not need to comply with any AML/KYC regulations, says the site. It means that a merchant that uses Mycelium Gear would not have to give up their private information. The app also facilitates merchants’ independence from a payment service provider: nobody can close their accounts. In addition, according to the site, Mycelium Gear is free to use and takes literally minutes to set up. The company states,
According to the recent study by BitPay, at the beginning of 2015 the number of merchants accepting bitcoins reached 100,000 worldwide, with 53% of those using payment services provided by BitPay and 47% partnering with Coinbase and other bitcoin companies. Many of these merchants, concerned with bitcoin volatility, preferred to convert bitcoins into fiat currency immediately after the transaction. It seems that this is the only service not currently offered by Mycelium Gear to merchants. However, the site promises, “Euro payouts in the EU the same day (coming soon)”.
Is this the long-awaited bitcoin killer app?