Square, the financial services company founded by Twitter CEO Jack Dorsey, recently made a significant move in the world of cryptocurrency by launching a new service that allows merchants in the United States to accept Bitcoin as a form of payment at checkout. This service not only enables merchants to accept Bitcoin but also provides them with the option to hold the digital currency in a built-in wallet.

One of the key features of this new service is that it offers zero fees on Bitcoin transactions for merchants. This could potentially be a game-changer for businesses looking to diversify their payment options and cater to customers who prefer using Bitcoin for their transactions.

Square has been a pioneer in the integration of cryptocurrency into its services, with Dorsey being a vocal supporter of Bitcoin. The company first introduced Bitcoin trading on its Cash App in 2018, allowing users to buy, sell, and hold the digital currency. The addition of the new Bitcoin service for merchants further solidifies Square's commitment to making cryptocurrency more accessible and mainstream.

The decision to offer zero fees on Bitcoin transactions is likely to attract more merchants to adopt the digital currency as a payment option. With traditional payment methods often coming with transaction fees that can eat into businesses' profits, the zero fees on Bitcoin transactions could be a significant incentive for merchants to embrace this new service.

Moreover, the ability for merchants to hold Bitcoin in a built-in wallet opens up the potential for them to benefit from any potential price appreciation of the digital currency. By holding Bitcoin, merchants could potentially increase their profits if the value of the cryptocurrency rises over time.

The move by Square also highlights the growing acceptance and adoption of Bitcoin in mainstream commerce. As more companies and individuals recognize the potential of cryptocurrencies as a legitimate form of payment, services like Square's new Bitcoin offering are likely to become more common in the future.

Overall, Square's new Bitcoin service represents a significant step forward in the integration of cryptocurrency into everyday financial transactions. By providing merchants with the ability to accept Bitcoin at checkout, hold it in a built-in wallet, and enjoy zero fees on transactions, Square is making it easier for businesses to embrace the future of finance.

Source: https://cointelegraph.com/news/square-bitcoin-payments-merchants-crypto?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound