Square Bitcoin Launch: Digital Cash Becomes Reality

Square Bitcoin officially announced its launch date this week. The maneuver, scheduled for November 10, 2025, will enable Square’s 4+ million clients to accept the world’s first cryptocurrency directly at their PoS systems. Notably, this decision brings Bitcoin (BTC +0.15%) one step closer to fulfilling Nakamoto’s dream of making Bitcoin digital cash. Here’s what you need to know.

Bitcoin’s Original Vision: A Peer-to-Peer Electronic Cash System

While Bitcoin’s use has continued to evolve since its launch nearly 16 years ago, its core mission remains the same. The original Bitcoin whitepaper describes it as a peer-to-peer electronic cash system. However, due to network delays, volatility, and regulatory uncertainty, the world’s first cryptocurrency has yet to truly fulfill its destiny.

Now, Square, the payment processing arm of Block (SQ +0.57%), has introduced a new feature specifically designed to enable merchants to make Bitcoin payments fast and easy. The technology aims to bring Bitcoin benefits to small and medium-sized businesses and empower local communities.

Square

Square entered the market in 2009. At that time, it was revolutionary as it was the first firm to provide a reliable mobile card payment processing system. This mobile device was a small square credit card reader that would plug directly into your smartphone, opening the door for vendors to expand their reach and capabilities. Today, it’s a leading payment processor that has strong support from institutional investors and the business community.

Notably, Square was founded by Jack Dorsey. If his name sounds familiar, it’s likely because he founded and led Twitter before Elon Musk’s purchase and rebranding of the platform as X. Dorsey has been a long-time Bitcoin advocate, continually integrating features that have helped the world’s first cryptocurrency gain notoriety.

Source – Square

Interestingly, the company officially changed its name in December 2021 to reflect the company’s shift from fiat currency services to supporting blockchain assets like Bitcoin. This maneuver coincided with the launch of several unique services, including digital banking options and more.

Square Banking

Square Banking services officially launched in 2021. The service aimed to simplify core business tasks, including sales, payroll, and inventory management. The platform introduced an easy-to-navigate interface that enabled anyone, regardless of their technical capabilities, to take advantage of Square Banking’s unique features and built-in financial tools.

Square Bitcoin

Now, Dorsey and his team have raised the bar even higher with the introduction of Square Bitcoin. This tool set features everything a business needs to instantly start operating in the digital assets space. The feature includes an easy-to-use point of sale (PoS) interface that enables users to accept both fiat and crypto payments with ease.

It also integrates a host of crypto-related features specifically designed to help businesses save and plan for the future. Square Bitcoin waives processing fees through 2026, with a 1% processing fee beginning January 1, 2027. This maneuver was intended to encourage businesses to transition into the Bitcoin economy.

Notably, Square Bitcoin had been anticipated, with the company previously announcing a 2026 launch date. However, they were able to get everything together early, enabling businesses to start accepting Bitcoin in every US state except New York this year.

Bitcoin Payments via Lightning Network

Square Bitcoin includes an integrated payment screen at the PoS, which provides instant settlement for vendors. To accomplish this task, Square integrated the Lightning Network. This maneuver significantly reduced fees and transaction items. It also enabled the company to offer Bitcoin payment support with zero fees until January 2027.

Impressively, the launch includes a suite of tools that were specifically designed to empower business owners and Bitcoin users, including wallets, market analytics, educational content, and more. The system makes it easy for businesses to accept crypto payments and automate their destination or other vital tasks, like conversions.
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Conversions

One of the standout features of Square Bitcoin is its automatic conversion tools. This feature was originally a separate entity but has since been absorbed into the Square Bitcoin economy. Impressively, the service has already seen a lot of use before the integration with company reports, showing that 142 Bitcoin was accrued during the company’s BETA testing campaign.

The conversion feature is a game-changer as it enables businesses to accept Bitcoin and fiat currency from the same interface. From there, merchants can decide whether to convert a portion of their payment into or out of Bitcoin. This option can be programmed to automatically convert a percentage of credit card sales directly into Bitcoin, streamlining crypto saving strategies. It can also be set up to convert Bitcoin payments into fiat currency at the time of sale, avoiding any volatility.

Who Square Bitcoin Is Designed For

The launch of Square Bitcoin represents a milestone for the crypto community. This feature focuses on small and medium-sized businesses that seek to enter the digital economy. It allows businesses to eliminate previous concerns like volatility or technical roadblocks, enabling companies to maximize their intro into the Bitcoin ecosystem without the need to alter their current business model.

Bitcoiners

Another benefactor of Square Bitcoin’s launch is crypto users. Ever since Laszlo Hanyecz purchased two large Papa John’s pizzas for 50 Bitcoins, the viability of the digital asset as a currency has been edging closer to reality.

Now, the markets and public opinion have reached a point where utilizing Bitcoin for everyday payments is easy and practical. Notably, the trends show that consumers continue to turn towards cryptocurrency payments. One report predicts an 82% increase in crypto payments by 2026.

Wallet

Square Bitcoin integrates a helpful wallet as well. This custodial blockchain wallet enables businesses to manage their assets in real time fully. The wallet was specifically designed to integrate with other Square Banking options, providing users with a full overview of their financial situation and enabling them to better manage and plan their financial actions.

The Square Bitcoin wallet features core functionalities like buying, selling, and tracking asset values. Additionally, its withdrawal option is conveniently located on the main dashboard, making it easy for businesses to convert, store, send, or buy Bitcoin payments based on their current strategy.

Square Releases

The launch of Square Bitcoin was announced at Square’s bi-annual conference, Square Releases. This event is a crucial component of Square’s business strategy. It provides the company with dedicated space and time to demonstrate, answer questions about, and showcase their new products to the masses.

This year’s event features a host of major upgrades alongside the Square Bitcoin announcement. For example, Square AI is another new feature that will help to improve business owners’ capabilities, market overview, and response times. Notably, this voice-powered option utilized LLMs to make operating the platform as easy as texting a friend.

Excitement Surrounding the Project Launch

After years of successful BETA testing, Block executives are thrilled to see the Square Bitcoin protocol go live. Discussing the launch, Miles Suter, Head of Bitcoin Product at Block, spoke on how the new feature opens the door for a streamlined Bitcoin experience. He also highlighted the powerful tools provided and their potential to improve businesses’ bottom lines.

Block

The Block ecosystem continues to expand. It now includes several popular financial tools. Today, Block operates multiple companies that help to drive Bitcoin adoption and financial freedom. Additionally, the firm holds significant Bitcoin reserves. It’s currently the 13th largest Bitcoin reserve holder with 8,692 Bitcoin under its control.

Cash App

Notably, Cash App, which is owned by Block, was the first of the company’s subsidiaries to integrate Bitcoin payment options. These options included buying, selling, and transferring. Impressively, Cash App has +57 million active users and registered $5.23B in gross profit in 2024.

Other Companies Joining in the Bitcoin Fun

Block is by no means the only payment processor or tech firm getting in on the expanding Bitcoin economy. Several high-level firms have made recent pivots in this direction. These companies range from digital payment portals, all the way to search engines and more. Here are a few examples of companies that have recently added support for Bitcoin.

PayPal

PayPal (PYPL +2.06%) has been a leading payment processor since its launch in 1998 as Confinity. Since then, the platform has grown into one of the largest and most established online payment options. During that time, the company never gave up its pioneering spirit, leading to the launch of Bitcoin support.

Paypal’s Bitcoin wallet option went live this year to much fanfare. The feature was an immediate success, integrating a host of features that included the ability to instantly convert Bitcoin into stablecoins or fiat currency. Notably, PayPal has taken a more measured approach to its crypto rollout within the company, slowly integrating Bitcoin and now many other cryptocurrencies.

Google

Recently, the world’s leading search engine, Google (GOOGL +0.73%), unveiled an AI protocol that was capable of sending and receiving crypto payments. This open source protocol is a collaboration between 60 firms, including Salesforce, American Express, and many other leading payment processors. Notably, Google executives described how they intend for the new system to fully support cryptocurrencies and stablecoins as part of its infrastructure.

Is Bitcoin Finally Ready for Everyday Payments?

It’s impressive to see Bitcoin continue its journey towards day-to-day commerce. This latest venture demonstrates how demand for Bitcoin continues to rise across the business sector. These factors, alongside a favorable regulatory climate, growing governmental Bitcoin reserves, and a general desire by the public to embrace the asset, continue to drive adoption and the fulfillment of Nakamoto’s dream to see Bitcoin as a global peer-to-peer digital cash system.

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