Replies (12)
I think the exciting aspect of Square terminals accepting Bitcoin via Lightning natively is that it will be on by default, so that you can go to a merchant that doesn't know a thing about Bitcoin, pay them with Bitcoin, and they receive dollars.
Those who want to receive Bitcoin can change their settings so they receive Bitcoin instead.
Going the Zeus route is better for merchants who want to be paid in Bitcoin, though, in my opinion.
Every merchant has to opt in. It is available to all but doesn’t just work without the approval and further settings by the business owner. They have to choose the outcome.
Interesting, that is not how it was being promoted earlier this year.
It can’t just appear as an option because Square has legal obligations in the custody and kyc of those payments. Before only sole props could convert a portion of sales. Now llc and corps can too. There was the requirement to accept and fill out more kyc before the option is made available to receive payments. Owners have to decide if they want bitcoin, some bitcoin or payments in bitcoin that land as fiat.
The zeus option is kyc free and pulls from square inventory and but still gives you a report.
Not sure at this time what the bitcoin withdrawal process is from Square custody or if it has limits like cash app. Again Zeus is self custody and can be used with cashu if business doesn’t want to maintain channels 🔥
Yep. If Square's option requires manual activation from the merchant, then Zeus is definitely the better way to go. I don't see most average business owners turning Square's Bitcoin option on unless they're already Bitcoiners.
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I’ve been giving that a lot of thought, too. Depends on how simple it is to turn on.
It was presented to us on the launch day when we signed into our dashboard. Simple enough but you still have to do something.
It is easier to train staff in square because they use it already. Just one different tap. With zeus it is a separate phone and several more taps.
When launch day comes around for the rest of Square users, if they bypass the notification on the dashboard as I expect most to do, do you know the steps to turn it on after-the-fact?
I am hoping it is just a toggle switch with a % bitcoin to retain selection.
It’s still not available until Nov. 10, correct? Your business is early implementation?
