Block Inc. (XYZ), Square, has enabled more than 1 million merchants to accept Bitcoin.
Figure cited Block employee reflects the auto-enrollment wave that started March 30, after Square automatically switched BTC Payments by Default for Eligible U.S. Sellers
The feature was activated by a business every 8 seconds at its maximum pace. This roll-out is powered through the Lightning NetworkThe merchants will receive U.S. Dollars by default. This eliminates currency risk.
Customers can still pay with Bitcoin through Lightning, while the system handles the conversion behind the scenes. Sellers are also able to opt out of the Lightning payment option.
Use Bitcoins as your everyday currency
The Bitcoin Conference was held in Las Vegas. Block outlined an expanded push It is important to use bitcoin as everyday currency, rather than an investment. Miles Suter stated that BTC was the Bitcoin Product Lead on Nakamoto’s Stage. “must circulate, not just sit still,” The argument that cryptocurrency is no longer transformative if it doesn’t function as peer to peer cash.
Suter highlighted Block’s adoption metrics at the time, and revealed that more than 800,000. Square merchants now had BTC payment auto-enrollment activated. Suter claims that new businesses activate the feature at a rate of one every eight seconds. This company will also roll out tap-to pay BTC using NFC and Lightning Network. QR codes are being eliminated and there is no processing fee until 2026.
The company’s strategy is to integrate bitcoin into its entire ecosystem. Cash App users will be able to convert payments made between friends into BTC. They can also earn rewards of 5% Bitcoin Back at Square merchants and make withdrawals up to $25,000 a week and $10,000 a day.
Block introduced a new Bitkey hardware wallet with an improved touchscreen, a multisignature security system of 2-of-3 and streamlined self-custody.
Block released The Q1 2026 Proof-of-Reserves Report shows that the total amount of reserves is 28,355.05 BTC, which amounts to approximately $2.2 billion.
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Source: bitcoinmagazine.com
