Bitcoin has taken another step towards becoming a mainstream currency.
Blockthe proprietary payment company Square And Cash appintroduced bitcoin payment capacity for 4 million merchants thanks to its Square Bitcoin functionality. It allows merchants around the world to accept bitcoins at checkout with instant settlement. Sellers will not pay any transaction fees until 2027.
A BiTBO report Monday, Nov. 10, said the new platform was first publicly demonstrated at Compass Coffee in Washington, D.C., in October and cited Block Head of Bitcoin Product Miles Suter saying: “We’re making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been reserved for larger businesses. »
With Square Bitcoin, traders have the possibility of automatically convert a portion of their daily card sales into bitcoins, thus giving companies increased flexibility and exposure to cryptocurrency.
Additionally, sellers can now accept payments in multiple configurations such like bitcoin to bitcoin, bitcoin to fiat currency, fiat to bitcoin or fiat to fiat.
Square Bitcoin uses the Bitcoin Lightning Network to provide rapid settlement of transactions with low fees. This allows merchants to reduce typical credit card processing costs, while benefiting from rapid cash management.
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Block founder Jack Dorsey, a longtime Bitcoin advocate, has also pushed for a tax exemption on small transactions to promote everyday Bitcoin use, with the goal of making the cryptocurrency more convenient for Americans.
Given Block’s mixed results 3rd quarter result report, with revenues and earnings per share below analysts’ expectations, could this innovation provide a boost?
PYMNTS reported that the Square brand is expanding upscale: “This pivot marks a move away from Square’s original DNA as a small merchant, toward a more robust identity as a commerce operations platform that intersects commerce, customer relations and financial services. The company continues to add features, both productively and through AI-driven automation, to make seller operations increasingly turnkey.”
Block’s recent innovations also include bitcoin mining hardware and software And a Cash App feature that allows users to locate global merchants that accept bitcoin, including those using Square Bitcoin.
