Jack Dorsey, CEO of Block Inc., is revolutionizing global payment systems with the company’s latest Bitcoin-friendly feature on its Square platform. Block has now enabled over 4 million merchants worldwide to accept Bitcoin payments through the Square Bitcoin integration. This move not only changes how businesses handle cryptocurrency but also positions Bitcoin closer to mainstream financial transactions.
Bitcoin Payments for Merchants: Zero Fees Until 2027
The Square Bitcoin system allows sellers to accept Bitcoin at checkout with instant settlement through Bitcoin’s Lightning Network. What makes this rollout even more compelling is the platform’s zero-fee structure for merchants, which will remain in effect until 2027. Businesses can also choose to convert a portion of their daily sales into Bitcoin, offering tremendous flexibility for adopting cryptocurrency within their operations.
An Integrated Solution for Small Businesses
“Square Bitcoin is the first fully integrated Bitcoin payment and wallet solution for businesses,” Dorsey announced. The new feature ensures that Bitcoin payments are as seamless as card transactions. It not only gives small businesses access to high-end financial tools previously exclusive to large corporations but also provides flexibility in managing payment options. Sellers can now transact in “BTC to BTC,” “BTC to fiat,” “fiat to BTC,” or simply “fiat to fiat,” granting unparalleled control over their payment systems.
Innovation for Everyday Bitcoin Use
Jack Dorsey has been a vocal advocate for Bitcoin’s adoption as “everyday money” rather than being just a store of value. Part of Block’s goal is to bring cryptocurrencies into everyday commerce, starting with tools like Square Bitcoin. Dorsey is backing legislative changes that aim to remove capital gains tax reporting for small Bitcoin transactions, aligning further with the company’s push for smoother crypto adoption.
Bitcoin Wallet and More Features
Block hasn’t stopped at payment integration. The company previously launched BitKey, a self-custody Bitcoin hardware wallet, offering users full control over their crypto assets. Additionally, the Cash App, another product of Block, supports Bitcoin purchasing, transferring, and trading. A global map of businesses accepting Bitcoin—including those using Square Bitcoin—is also accessible via the Cash App, further streamlining the user experience.
Small Businesses with Big Opportunities
This rollout can redefine small business operations, giving them new financial tools and access to a global consumer base interested in Bitcoin payments. Entrepreneurs can also
