Overview
- Square, which began the rollout Monday, is switching Bitcoin acceptance on by default for eligible U.S. sellers, with multiple outlets reporting the change could reach about 4 million merchants over the coming weeks.
- Payments made in Bitcoin settle to U.S. dollars automatically at checkout, so businesses do not hold crypto or face price swings, and accounting continues as usual in cash.
- Transactions run over the Lightning Network for near‑instant settlement, and customers can pay by scanning a QR code at the point of sale.
- Square is waiving processing fees on Bitcoin payments through 2026, lowering costs for small businesses that often pay higher fees on traditional card transactions.
- Merchants can opt out or choose to keep a portion of receipts in Bitcoin, the feature is limited to verified U.S. sellers at launch, and New York businesses are excluded as industry leaders like David Marcus frame the shift as a potential protocol‑level milestone.