Block, the payments company led by Jack Dorsey, has introduced a new Bitcoin payment option for approximately 4 million Square merchants. This allows businesses to accept Bitcoin at checkout and offers promotional fee relief to sellers.
The rollout began on November 10 and is aimed at Square’s existing merchant base in the United States. Merchants can now accept Bitcoin payments directly at the point of sale, with transactions settling via the Lightning Network for faster confirmations. The feature also includes automatic conversion options, enabling sellers to choose between receiving fiat currency or holding Bitcoin.
According to reports, Block will not charge processing fees for Bitcoin payments until January 1, 2027, after which a fee of about 1% per transaction is expected. Merchants may also be allowed to automatically convert up to 50% of their daily card sales into Bitcoin, providing an easy way to build a crypto position from regular revenue.
The current rollout is focused on the U.S. market, with certain regions like New York excluded for now. However, widespread adoption remains a key test, as simply offering a payment method doesn’t guarantee customer use. Uptake will depend on consumer demand, merchant settings, and the ease of the checkout process for shoppers.
Block is promoting the benefits of no chargebacks and the low friction of Lightning payments to encourage smaller stores to try Bitcoin. Technical and regulatory challenges, such as local rules, anti-money-laundering checks, and Lightning routing reliability for small payments, have also been noted. Accounting and tax considerations are practical concerns for merchants deciding whether to hold Bitcoin or convert it to fiat immediately. Block has committed to integrating conversion tools to help manage volatility.
Analysts suggest that if even a small fraction of the 4 million sellers enable Bitcoin, it could increase real-world payment usage on the network. However, adoption is expected to be gradual, with results becoming apparent only after merchants have used the feature for several months.
Frequently Asked Questions
Of course Here is a list of FAQs about Jack Dorseys role in businesses accepting Bitcoin designed to be clear and helpful for a wide range of readers
Beginner Definition Questions
1 Who is Jack Dorsey and why is he involved with Bitcoin
Jack Dorsey is the cofounder and former CEO of Twitter and the current CEO of Block He is a wellknown and vocal proponent of Bitcoin believing it can become the internets native currency and empower individuals through financial freedom
2 What did Jack Dorsey actually do to get businesses to accept Bitcoin
Primarily through his company Block He launched and championed tools like the Cash App which made buying Bitcoin easy for individuals and more recently Bitkey a selfcustody wallet and the Bitcoin Development Kit which provides developers with the tools to build Bitcoin payment solutions for businesses
3 What does accepting Bitcoin mean for a business
It means a customer can pay for a product or service by sending Bitcoin directly from their digital wallet to the businesss wallet just like using a digital version of cash
4 Is this the same as accepting credit cards or PayPal
Not exactly Bitcoin transactions are peertopeer meaning they occur directly between the customer and business without a bank or payment processor in the middle This can lower fees but also comes with price volatility
Benefits Motivations
5 What are the main benefits for a business that accepts Bitcoin
Lower Transaction Fees Often cheaper than credit card processing fees
Access to New Customers Attracts a techsavvy and global customer base
Finality of Payment No chargebacks unlike credit cards
Innovation Branding Positions the business as forwardthinking
6 Why is Jack Dorsey so focused on Bitcoin and not other cryptocurrencies
Dorsey believes Bitcoin is the most secure decentralized and resilient cryptocurrency He sees it as the best candidate to be a global open protocol for money similar to how TCPIP is for the internet
Common Problems Concerns
7 Isnt Bitcoins price too volatile for daily business use
This is a major challenge To manage this many businesses use payment processors that instantly convert Bitcoin into their local currency like US