ChainCatcher report, according to Bitcoin Magazine, members of the Block team disclosed that Square, a subsidiary of the company, has automatically enabled Bitcoin payment functionality for approximately 1 million U.S. merchants, allowing customers to pay with Bitcoin via the Lightning Network while merchants receive settlement in U.S. dollars, with real-time conversion handled in the background. The feature has been default-enabled for eligible U.S. sellers since March 30, with a new merchant activating every 8 seconds at peak times. Miles Suter, Head of Bitcoin Products at Block, stated that Bitcoin must circulate rather than sit idle, or it will lose its transformative value as peer-to-peer cash.
Over 1 million U.S. merchants now accept Bitcoin payments via Square
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Summary
Bitcoin breaking news: Over 1 million U.S. merchants now accept Bitcoin payments via Square. Block automatically enabled the feature for eligible sellers on March 30, using the Lightning Network for customer payments and converting funds to USD. Activation peaked at one new merchant every 8 seconds. Bitcoin news: Miles Suter, Block’s Bitcoin product lead, said Bitcoin must circulate to function as peer-to-peer cash.
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