Jack Dorsey’s Block Inc. has enabled over four million merchants worldwide to accept Bitcoin at checkout through its Square platform, opening one of the most accessible mainstream pathways for cryptocurrency payments to date.
Announced by Dorsey on X, the rollout allows merchants to process transactions in multiple combinations, including bitcoin-to-bitcoin, bitcoin-to-fiat, fiat-to-bitcoin, or traditional fiat-to-fiat exchanges.
Merchants can activate the Bitcoin feature through the Square Dashboard after completing a short verification process.
Payments are processed via the Bitcoin Lightning Network, which ensures near-instant settlement and minimal fees.
Customers simply scan a QR code at checkout, while Square manages real-time exchange rates and confirmation notifications.
Sellers can either retain the Bitcoin or convert it automatically to US dollars.
To encourage adoption, Block will charge zero fees on Bitcoin transactions until 2027.
Thereafter, a 1% fee will apply, still lower than the 2.5% to 3.5% typically charged for credit card payments.
Block’s third-quarter report revealed total revenue of $6.11 billion, slightly below the $6.312 billion analysts had forecast, with earnings per share of $0.54.
Square’s gross payment volume rose 12% year-over-year, reflecting continued momentum despite the earnings gap.
Notably, Bitcoin-related services contributed $1.97 billion, nearly one-third of total revenue, highlighting the growing role of crypto in the company’s ecosystem.
The launch follows earlier Square Bitcoin initiatives, including a demonstration at Compass Coffee in Washington D.C.
The platform integrates with Block’s broader crypto offerings, including the Cash App, which allows users to buy, sell, and transfer Bitcoin, and the BitKey hardware wallet launched last year.
Dorsey wrote in the company’s shareholder letter,
“Square Bitcoin is the first fully integrated Bitcoin payments and wallet solution for businesses that will enable sellers to accept Bitcoin payments and automatically convert sales into Bitcoin.”
Miles Suter, Block’s Head of Bitcoin Product, said,
“We’re making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been exclusive to the largest corporations.”
The Lightning Network, a Bitcoin scalability solution, ensures instant, low-cost payments.
Its integration into Square allows merchants to receive Bitcoin directly or convert it to dollars automatically, giving sellers flexibility while reducing transaction costs.
The system also removes the risk of chargebacks, unlike traditional card payments, lowering potential fraud for merchants.
Beyond payments, Dorsey has advocated for a de minimis tax exemption for small Bitcoin transactions in the US, aiming to remove reporting requirements for everyday crypto use.
He envisions Bitcoin as everyday money rather than merely a store of value, with Square positioned to bridge retail commerce and digital currency.
Block continues to expand its crypto holdings, with over 8,780 BTC on its balance sheet, despite a $59 million quarterly loss on Bitcoin investments.
Source: bitcointreasuries.net
The wider Bitcoin market has seen a bounce in trading activity, with volume rising 39% to $74 billion in recent days, aided by institutional purchases like Strategy’s $50 million acquisition of 487 BTC.
This Square rollout signals a growing integration of cryptocurrency into daily commerce, offering merchants and consumers faster, cheaper, and more flexible payment options while supporting the continued mainstream adoption of Bitcoin.
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