You Can Now Convert Your Sales into Bitcoin with Square and Block
If you’re a retailer using Square’s technology, the company has announced a new feature that will allow you to automatically convert a percentage of your daily sales into Bitcoin. Here are the key points regarding this new development:
Square and Block Join Forces
- Square, which rebranded as Block in 2021, is the company behind popular payment products like Square hardware and the Cash App.
Bitcoin Conversions Feature
- The new feature, called Bitcoin Conversions, will enable Square users with a Cash App account to receive 1-10% of their store’s revenue in Bitcoin.
- Sellers will pay a 1% fee for each conversion made from daily sales to Bitcoin.
Empowering Economic Participation
- Block sees Bitcoin as a tool for economic empowerment, allowing individuals, including business owners, to participate in a global monetary system.
- Feedback from Square sellers suggests a strong interest in Bitcoin for various use cases such as long-term savings and diversification of holdings.
Advancements in Bitcoin Mining
- Block also revealed the completion of a new three-nanometer chip for Bitcoin miners, aiming to support mining operations of all sizes.
Jack Dorsey’s Transition to Bitcoin
- Jack Dorsey, former CEO of Twitter, has shifted his focus to Bitcoin-related products, stepping down from his position at the social media platform in 2021.
Hot Take: Transforming Retail Sales into Cryptocurrency
As Square and Block introduce the ability to convert daily sales into Bitcoin, the landscape of retail transactions is evolving. This seamless integration of cryptocurrency into payment methods reflects a growing trend towards adoption and innovation in the financial sector. By empowering businesses to engage with digital currencies, Square and Block are not only facilitating convenience but also fostering broader economic participation through technology.
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