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Retailers pushing Square to accept bitcoin

Ryan Brinks 15 March 2018 NEWS

Merchants push Square for bitcoin payments

A majority of retailers that use Square for checkout want the payment service to accept bitcoin.

The convenient payment processor that enables businesses to quickly accept cashless transactions with as little as a smartphone or as much as a point-of-sale register has whet its merchants’ appetites for digital currencies with the addition of bitcoin to its Cash App, and now they want more.

Square’s Cash App allows users to exchange money for both personal and businesses purposes, and in all but four states, users can buy or sell bitcoin through the app. Currently, that bitcoin can be moved to a bitcoin wallet but not sent to other users through the app.

Merchants are now clamoring for Square to take the next step and make bitcoin a payment option for goods and services. A new survey by equity broker Nomura Instinet concluded that 6 in 10 business owners that deal in at least $100,000 of revenue every year would take bitcoin as payment, Bloomberg reported.

The results surprised the broker’s analysts, who thought merchants’ appetite for bitcoin would have waned in the wake of the cryptocurrency’s extreme volatility and issues with transaction speed and fees.

While Square hasn’t announced a timeline for when such a functionality might be added to its payment processing technology, its leaders are not shying away from talking about its potential.

“We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible,” Square CEO Jack Dorsey said in the article.

Meanwhile, others have pioneered the bitcoin payment frontier, including Microsoft and Overstock, while fellow payment processor Stripe is actually shutting down its bitcoin payments next month. And while not transacting in bitcoin, at least one new credit card is now rewarding cardholders with bitcoin and Ethereum.

Disclosure: At the time of writing, the author holds XRP, CND, ANT and DRGN, and actively trades BTC and ETH.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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