Square has just rolled out a major new feature: more than 4 million businesses in the United States can now accept Bitcoin with a single click. This integration marks a concrete step toward the everyday use of BTC as an accessible, flexible, and fee-free payment method for merchants.
Simplified Bitcoin Payments for Merchants in the U.S. Thanks to Square and Jack Dorsey
Square, Jack Dorsey’s payment solutions subsidiary, has just taken BTC to a whole new level: more than 4 million businesses can now accept Bitcoin payments through their payment terminals.
This new feature, integrated into Square terminals, allows merchants to accept payments in Bitcoin or dollars and freely choose the currency in which they receive payment. They can thus:
- accept Bitcoin and receive dollars,
- accept Bitcoin and receive Bitcoin,
- accept dollars and receive dollars,
- accept dollars and receive Bitcoin,
- and even choose what portion of the payment to receive in BTC or dollars.
The option is currently limited to in-person payments; online and invoiced payments are expected to be supported soon.
Another benefit for merchants that should prove appealing: no conversion fees will be charged through 2027. After that, a 1% fee will take effect—well below bank fees on card payments, which typically range from 2% to 4%.
In recent hours, users have reported on social media that they were able to pay with Bitcoin at several businesses, particularly at coffee shops in the United States. For example, in Austin, Texas, Medici Coffee Roasters has already adopted the solution and welcomed several customers who came to spend their Bitcoin.
Square had already begun this transition last October with a feature allowing merchants to convert a portion of their daily sales into BTC. This new service takes the integration of BTC into retail businesses even further.
In addition, Cash App has launched an interactive map to locate merchants accepting Bitcoin worldwide. Jack Dorsey is encouraging users to promote local adoption by highlighting Bitcoin’s resilience in the face of the erosion of fiat currencies’ purchasing power, as well as by showing that accepting Bitcoin also attracts new customers.
Toward a More Favorable Tax Regime for Bitcoin Payments
Bitcoin adoption is changing around the world, but especially in the United States. Wyoming Senator Cynthia Lummis introduced a bill in early October aimed at reducing the tax burden on the everyday use of Bitcoin.
Lummis proposes exempting transactions under $300 from tax, with an annual limit of $5,000. This measure would reduce the administrative burden of calculating capital gains on every transaction and encourage the use of BTC.
The bill also stipulates that income from mining and staking would be taxed only upon conversion to dollars. Additionally, losses incurred in cryptocurrencies could be deducted from other investments.
This law would be valid for only 10 years, until 2035, leaving future administrations the option to amend it as needed.
