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1031 sats \ 0 replies \ @MilesSuter OP 7h \ parent \ on: I'm Miles Suter, Bitcoin Product Lead at Block, AMA! AMA
Reinforcing no or low fees, instant settlement, and more of their profit back in their pockets. Spiral put out some materials aimed at everyday merchants which is worth taking a look at: https://www.bitcoinmerchantcommunity.org/
1183 sats \ 0 replies \ @MilesSuter OP 7h \ parent \ on: I'm Miles Suter, Bitcoin Product Lead at Block, AMA! AMA
I support Bitcoin Core.
Yes, it's more common today than it was yesterday, and it will continue to become more common every single day moving forward - thanks to the amazing work of the community and everyone building to make it happen (including my incredible team!).
If bitcoin only lives in ETFs and custodial exchanges, it fails its long-term mission. Our focus is on transaction velocity. We need payment infrastructure and custody (especially self-custody) solutions. Customers need places they can spend their bitcoin, and merchants need customers who want to spend their bitcoin. We’re uniquely positioned to serve both sides of the counter and help grow a two-sided marketplace.
Before I joined Block, I spent two years without an apartment, bopping from city to city as a City Launcher for DoorDash in its early days. I’d basically parachute into a new city and 1) go door to door knocking on businesses' doors to convince them to do delivery 2) sign up and train the drivers, and 3) get the word out to consumers!
In retrospect, this was actually amazing experience for what we are doing right now: building a two-sided marketplace based on new technology, and trying to kickstart a flywheel of adoption through education, marketing but most importantly adding economic value to both consumers and merchants.
We’re currently building auto-sweeps to self-custody, but this will roll out later. I’m excited about deeper Bitkey integration for self custody, for the funds you receive as payments or convert from daily card sales.
I’m active on NOSTR and think there’s a lot of potential!
I love the Bitcoin Maps project, and we recently gave them their first donation to expand their work. Nathan has written about the intersection of their project and nostr, and I’m excited to follow its evolution: https://habla.news/u/nathan@btcmap.org/2uBWmmKOqd-09vQVMH8X0
I’m actually blown away by how quickly we got this product to market. When we decided to announce it at Bitcoin Vegas in May, we were in the very infancy of building out any of these features.
Fun Fact: we actually powered the merch store there - the first time Square terminals were ever accepting bitcoin payments - with a completely different implementation. Every terminal at the conference was actually receiving payments non-custodially and had a wallet within the hardware. Basically doing our first test run on EXPERT difficulty 😂
It all went super well though, besides Jack immediately saying the 2026 timeline that was announced was out of the question - we were shipping this later this year!
The effort to get the Square Bitcoin Banking and Payments suite out to our four million merchants was the most impressive I’ve seen in my whole career, so massive shoutout to the entire team.
We’re a bitcoin company first and foremost - and always.
When it comes to stablecoins, I really view them simply as an improvement on our current TradFi rails. We’re looking at all possibilities, intend to be coin and chain agnostic to give customers as much optionality as possible, and remove as much friction as possible.
Customers can already bring USD into Cash App via paper money deposit, ACH rails, debit rails, and wires - and if customers want to bring in stablecoins, we’ll happily turn them into bitcoin.
I actually live a super simple life. Pretty much all I do these days is surf, lift weights, cook healthy meals, work super hard and repeat.
I have the coolest job in the world, and it's such a privilege to be able to drive products at scale that have a meaningful impact on what I think is the most important mission in the world: making bitcoin every day money.
Ultimately we are focused on education and accessibility - to remove any of the complexities underlying bitcoin. We want it to just work seamlessly for everyone, and we are building products across the ecosystem with that north star.
Merchants immediately get it when they hear they can save 3% on every sale. It’s a no brainer to turn it on.
Everyone is feeling the pinch right now with inflation and everyday necessities being so expensive. Local economies are struggling. For merchants, eliminating that fee is impactful when it could make up a significant amount of their profit.
I'm actually not super suprised in retrospect, but honestly what I've been blown away by the most is the community response!
I thought the Maps feature in Cash App was pretty cool before we launched it, but seeing the decentralized sales team activate en masse and go tell their favorite merchants to turn on bitcoin payments acceptance was so amazing to see!
WE ARE LIVE #1282685
GENESIS