Jack Dorsey’s Block Enables Bitcoin Payments For 4M Merchants

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Jack Dorsey’s block launched Bitcoin payments for over 4 million Square merchants, enabling instant payments and fee-free transactions through 2027.

According to an announcement on November 10th, the new feature will allow sellers to accept BTC at checkout and automatically convert a portion of their daily card payment proceeds into Bitcoin.

The service, available through Square’s POS system, aims to make using Bitcoin as easy as traditional payments, while keeping initial fees below credit card rates.

While currently limited to in-person transactions, online and invoicing features are “in development” and further updates are expected soon, Block said. The development reflects Dorsey’s efforts to position Bitcoin as everyday money, rather than just a store of value.

Block aims to make Bitcoin payments ‘seamless’

“We’re making Bitcoin payments as seamless as card payments, while giving small and medium-sized businesses access to financial tools that were once reserved for large corporations,” said Miles Suiter, head of Bitcoin products at Block. β€œSquare is uniquely positioned to create everyday money with Bitcoin, not just a store of value.”

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Block previously indicated that once the fee-free period ends, fees will start at 1%, which is still lower than the average fee range of 1.5% to 4% charged on credit cards.

Multiple X users report witnessing Bitcoin payments in action

Multiple users of X have already reported witnessing the Bitcoin payment feature in action.

Among them is Parker Lewis, head of business development at Zaprite. said He “saw for himself” the feature in action at Medici, a coffee roaster in Texas, and “bought some coffee.”

Meanwhile, CitizenX Chief Marketing Officer Katie Ananina reported that she was the first person to pay using Bitcoin at the same coffee roaster.

Ananina pays for her coffee with BitcoinAnanina pays for her coffee with Bitcoin

Ananina pays for coffee with Bitcoin (Source: Γ—)

New map showing who accepts Bitcoin around the world also released

Block currently serves more than 4 million sellers through its Square products in countries including the US, France, UK, and Japan.

As part of the rollout of new BTC payment features, Dorsey also shared a post from the head of product design for Cash App, a peer-to-peer payment service provided by Block. This post announced the launch of a map showing all merchants around the world that accept Bitcoin.

Dorsey called for a minimal tax exemption for everyday Bitcoin transactions several months ago, following a lack of legislative efforts.. Lawmakers are currently working on drafting a tax exemption bill.

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