according to the materials of the site - By The Crypto Times
Block Inc. Jack Dorsey's company has taken an important step in promoting Bitcoin by implementing a payment function for bitcoins and an integrated wallet for small businesses using the Square POS system. This step is aimed at making Bitcoin more convenient for everyday transactions, rather than just for investments.
Starting Wednesday, sellers on the Bitcoin Square network will be able to accept payments in Bitcoin (BTC) and convert revenue to BTC without fees. From November 10, companies will be able to convert up to 50% of daily revenue into Bitcoin, which is significantly higher than the previous limit of 10%.
The company stated that the transaction fee will remain zero until 2026, and from January 1, 2027, a fee of 1% will begin to be charged. Currently, this feature is only available to sellers from the USA (except for New York state) and is not yet available for international sellers. The built-in Square Bitcoin wallet allows sellers to buy, sell, store, or withdraw bitcoins directly from their Square dashboards. The goal of the product is to simplify cryptocurrency management for small businesses wanting to work with Bitcoin.
Turning Bitcoin into 'everyday money'
'We are making Bitcoin payments as convenient as card payments, providing small businesses with access to financial management tools that have so far only been available to the largest corporations,' said Miles Satter, head of Bitcoin products at Block.
Satter added that Square's goal is to make Bitcoin 'everyday money, not just a store of value,' while helping sellers adapt to future financial trends. Block described this initiative as part of its broader strategy - 'Simplifying Bitcoin for Main Street.'
The launch reinforces Jack Dorsey's long-standing concept regarding Bitcoin. Dorsey, who left X to focus on Bitcoin projects, has repeatedly stated that Bitcoin should serve as a medium of exchange, not just a speculative asset.
Block already holds 8692 BTC on its balance sheet, placing it among the 13 largest public Bitcoin holders in the world. Other company products, including Cash App, already support Bitcoin trading, and a hardware wallet called Bitkey has also been released.
The market reacted positively to this announcement. According to Yahoo Finance, Block's shares (NYSE: XYZ) rose by 2.6% to $81, reaching a high since February.
Although the role of Bitcoin in retail payments remains limited, data from the Federal Reserve Bank of Kansas City shows that less than 2% of Americans used cryptocurrency for payments in 2024; however, analysts expect the popularity of cryptocurrency to grow. Research firm eMarketer forecasts an 82% increase in the number of users of cryptocurrency payments in the USA from 2024 to 2026.
Considering that Square is used by more than four million sellers, this step by Block could become one of the most significant attempts to integrate Bitcoin into mainstream commerce.
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