Is there any information about the details of how it will work when square starts accepting bitcoin on their retail payment systems?
1. Will everyone be able to pay via lightning by default?
2. Will the merchants just get fiat in their account by default? And if so will they even see how much money is coming in via bitcoin?
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Great questions. You should ask nostr:nprofile1qqsxcgma3va3yqj3cwxzxrqxm8jg7rfszajhckm9erpkzyhtzhzj46cpr9mhxue69uhhyetvv9ujuumwdae8gtnnda3kjctv9uq32amnwvaz7tmjv4kxz7fwv3sk6atn9e5k7tc97z8fh and check his posts:
https://squareup.com/us/en/the-bottom-line/inside-square/square-opening-the-door-to-bitcoin
Miles, same questions. The linked article msde it sound like bitcoin payments would not be enabled unless the merchant opted into them, so I'm keen to hear if you can comment on this.
To find out more, I just logged into Square (my business partner runs it, I have access to bill clients in fiat and mark things as "paid"). It looks like you only have to opt into their conversion feature. Invoices/etc. are not paid in Bitcoin by the customers per se, but a percentage of card payment accepted are converted into Bitcoin.
Here are the disclosures: https://squareup.com/us/en/legal/general/square-bitcoin-disclosures?host_name=squareup.com
Here are the disclosures: https://squareup.com/us/en/legal/general/square-bitcoin-disclosures?host_name=squareup.comThanks for checking. I believe that is a seperate feature because the blog post mentioned it was going to allow customers to pay in bitcoin to not miss out on a sale. If they laaunch on time, it'll be sometime this month
Oh, I thought you were referring to the latest feature release ,which is conversion of fiat payments into bitcoin, which starts Nov 10