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“Pay with Bitcoins” Unveiled by Square Market

By Nitesh Bualang
In Bitcoin
Apr 1st, 2014

“Pay with Bitcoins” by Square Market gives Bitcoin community a boost after an eventful week

“Pay with Bitcoins” gives Bitcoin community a boost after an eventful week. In what may appear as an April fools day joke, Square Market has adopted Bitcoin as a form of payment. Now buyers can use world’s leading cryptocurrency to buy goods or services on Square Market through a “Pay with bitcoins” option. The company announced this development through their official blog yesterday, March 31.

This news comes early in the week, in heels of another eventful week for Bitcoin, in which it hit its all time low in months. The news could be what the virtual currency needs to pick up following the IRS decision last week to treat it as property rather than foreign currency. Square Market Inc., a mobile payment aggressor, has put up mechanisms to ensure that the process of buying using bitcoins is straightforward and painless, and sellers at Square take no risk on Bitcoin value fluctuations. The sellers will receive the exact amount they posted on their products in dollars. And to facilitate this, the private company has partnered with Coinbase to facilitate Bitcoin to dollars exchange.

What Merchant’s Adoption Means for Bitcoin

Pay with Bitcoin

Sellers will receive payment in dollars

Even though there are still very few merchants who are willing to accept Bitcoins or altcoins, the move by Square Market could trigger a trend. There are quite a number of people who have Bitcoins but they hardly spend them due to the limited numbers of online merchants willing to accept virtual currencies. Just as Square Market Lead, Ajit Varma, puts it, the Square Market sellers should expect new trailblazing customers. The reason is simple, why change Bitcoins to dollars if you can use them directly to get what you want? For the past one week the currency has lost 17% of its value in response to the fears of ban in China and the IRS decision to tax capital gains on Bitcoin transactions. With the news of Square’s adoption, Bitcoin enthusiasts like me are expecting the bitcoin value to respond positively.

Advantages of “Pay with Bitcoins” to Square Market

  • The company has made a major step in taming rivals in competition for clients. Probably, we expect many more merchant to follow suit. The number of buyers is expected to increase.
  • The payment option will allow the company to charge low rates.

About Square Market

Square Market is a merchant account provider that also develops mobile payment solutions including square readers, square stands, square wallets and many more. The company’s Square Market is a storefront with online payment processing. The “Pay with Bitcoin” option is a free addition to a vast variety of payment options offered by the company. The company was co-founded by Twitter Inc. co-founder, Jack Dorsey. Square has for a long time been working to make e-commerce smooth and convenient. Though the company has made a number of mobile payment solutions, the move to create “Pay with Bitcoins” is going to be appreciated by many. If the company can develop something like Square Register for Bitcoin, then this payment system will soon be in the same league with Visa and Mastercards.

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