Square Enables Bitcoin Payments for Eligible U.S. Merchants

Square has started rolling out Bitcoin payments across its point-of-sale terminals in the U.S. for eligible merchants, enabling millions of businesses to accept non-tangible assets automatically.

Introduction to Bitcoin Payments

The company's head of Bitcoin products, Miles Suter, announced the feature, stating that it will make it easier for millions of businesses to accept bitcoin. CEO Jack Dorsey also backed the announcement.

Benefits of Square's Bitcoin Payments

Eliminating Entry Barriers

Square seeks to eliminate entry barriers for merchants by removing volatility and custody risks, as funds are instantly converted into cash. Additionally, the company is offering zero processing fees until 2026.

Key benefits include:

• Instant conversion of Bitcoin to USD
• Zero processing fees until 2026
• Option to "stack" a portion of sales directly in Bitcoin

Impact on the Crypto Industry

This move marks a phase of maturity where Bitcoin transitions from being just a store of value to an everyday financial tool. As Miles Suter stated, "This is how bitcoin as everyday money begins."

The growth of crypto-backed loans at firms like Coinbase and Nexo also contributes to this trend.

Key Takeaways

• Square enables Bitcoin payments for eligible U.S. merchants
• Merchants can receive USD by default, eliminating volatility risks
• Zero processing fees are offered until 2026
• The feature will be available to all eligible merchants in the U.S. by November 10

Frequently Asked Questions

What are the benefits of using Square's Bitcoin payments?

Square's Bitcoin payments offer instant conversion to USD, eliminating volatility risks, and zero processing fees until 2026.

When will the feature be available to all eligible merchants?

The feature is expected to be available to all eligible merchants in the U.S. by November 10, excluding New York.