Square, the prominent payment processor owned by Block, has officially rolled out its highly anticipated Bitcoin (BTC) payment feature for sellers. This significant development allows merchants to seamlessly accept Bitcoin at checkout through their existing point-of-sale systems.
Jack Dorsey, co-founder of Block, announced the news on X, highlighting the flexibility of the new system. Merchants can now facilitate a variety of transaction types: Bitcoin-to-Bitcoin, Bitcoin-to-fiat, fiat-to-Bitcoin, or traditional fiat-to-fiat payments. This comprehensive approach ensures that both crypto-savvy and traditional customers can engage with the new payment option.
Currently, Bitcoin payments are available exclusively for in-person purchases and point-of-sale terminals. However, Jacob Szymik, an account executive at Square, teased that online and invoicing options are actively “in the works” and promised updates in the near future. This suggests a broader expansion of the feature across Square’s ecosystem.
One of the most attractive aspects of this launch is the fee structure. Square has confirmed that there will be no fees for Bitcoin payments until 2027. While Block previously indicated a 1% fee would apply after this period, this initial no-fee period presents a compelling incentive for merchants to adopt the new system. This compares favorably to typical credit card processing fees, which generally range from 1.5% to 4%.
Square had been hinting at its move into Bitcoin payments since October, when it introduced a conversion feature allowing sellers to convert a percentage of their daily card sales into Bitcoin. Both features are integral components of its “Square Bitcoin” payment and wallet solution.
The company’s commitment to rolling out this service by 2026 was well ahead of schedule, demonstrating the speed and urgency with which Square is embracing the crypto space.
Early Adopters Already Seeing Success
With over four million sellers across eight countries, including the United States, France, the United Kingdom, and Japan, Square has a vast network primed for Bitcoin adoption. Reports from X users confirm that the feature is already in use.
Parker Lewis, head of business development at Zaprite, shared his experience of buying coffee with Bitcoin at Medici, a Texas coffee roaster. He enthusiastically noted, “Great day for Medici, Square, all the Square merchants going live with Bitcoin and Bitcoin in general. Bitcoiners, support your local square merchants.”
Katie Ananina, Chief Marketing Officer at CitizenX, also reported being the first person to pay with Bitcoin at the same coffee roaster. She emphasized the impact of Square’s move, stating, “Many of us tried to onboard merchants to accept BTC. For so many years, it was painful… Today’s Square move is absolutely legendary and makes the entry point so much lower. Huge!”
These early testimonials underscore the simplification of Bitcoin acceptance that Square’s solution offers, potentially overcoming previous hurdles for merchant adoption. A July YouGov survey further supports the growing interest, revealing that 37% of US and UK respondents view payments as a leading use case for crypto and artificial intelligence.
Mapping the Future of Bitcoin Acceptance
In an effort to further promote and visualize Bitcoin acceptance, Jack Dorsey also shared the launch of a new map. Developed by the head of product design at Cash App, this map pinpoints all merchants worldwide that currently accept Bitcoin.
Dorsey urged users to take action: “Convince your local square seller to turn on Bitcoin acceptance for zero fees on sales. Convince them to keep it as Bitcoin to help them better survive dollar debasement.” This call to action highlights Dorsey’s ongoing advocacy for Bitcoin as a hedge against inflation and a viable everyday currency.
Square’s move is a significant leap forward for mainstream Bitcoin adoption, providing a streamlined and accessible pathway for millions of businesses to enter the world of cryptocurrency payments.
