I'm still thinking through whether this Square stuff is as exciting as it feels, but I will admit I'm excited.
pull down to refresh
184 sats \ 4 replies \ @elvismercury 7h
I have complex thoughts that I have yet to fully articulate.
One I can articulate is that it's interesting that anyone who does this just ignores the capital gains reporting issue. This is clever, I think - the old strategy of turning everyone into "criminals" means they can't possibly persecute them all, which could set precedent for the de minimus exemption we've all heard about.
Of course, this depends on anyone actually using this option, which they will not, at any kind of scale, for years. But zero to one is hardest. It's the beginning of a real grounding for btc, which is exciting even in theory.
reply
5 sats \ 0 replies \ @Solomonsatoshi 6h
The fiat debt slavery bankers cartel owns the US government.
Has for many decades.
This will be stomped on before it gets any scale.
Remember Elon Musk offering to sell his Teslas for sats?- that got shut down very swiftly.
The fiat debt slavery bankers own the US government...and most other governments for that matter.
Good on Square for at least trying to get this up and running- but I believe it will be shut down if before it can truly give people freedom of choice that might threaten the fiat cartel.
reply
0 sats \ 2 replies \ @Scroogey 3h
You mean the merchant accepting bitcoin, right?
The customer paying in fiat surely has no reporting to do? Why would they?
reply
0 sats \ 1 reply \ @anon 1h
No, the customer has to report a sale of BTC to USD.
reply
0 sats \ 0 replies \ @Scroogey 1h
But the customer is paying in USD in the screenshots...
reply
102 sats \ 4 replies \ @SimpleStacker 9h
How do they determine the exchange rate and what fees do they charge for the conversion service?
I imagine there is a lot of room for them to skim off the transaction.
reply
107 sats \ 0 replies \ @spiderman 9h
If they are saving card payment processing fees, that should balance off the conversion fee. Btc is already one of the most liquid assets in the developed world (judging by volume and bid-ask spreads), even more liquid than most traded commodities and currencies (outside major pairs).
So they should be able to pass some of that savings from credit card companies to the consumer. And as more merchants adopt, buy, sell, convert, the liquidity pool gets bigger further reducing the bid ask spread. That is how adoption spreads.
Eventually, BTC will be so liquid that it becomes the denominator, not numerator.
reply
0 sats \ 0 replies \ @DarthCoin 4h
Doesn't matter anymore, important is that the flow is going to bitcoin and not the way around.
reply
0 sats \ 0 replies \ @Scoresby OP 9h
Yeah, I'm sure that plays a role.
reply
0 sats \ 0 replies \ @SimpleStacker 9h
Which I'm actually semi ok with, as long as it's not abusively high. They should be able to earn a bit of return for promoting bitcoin adoption
reply
102 sats \ 4 replies \ @Fenix 11h
Why is this so special if bitcoin and ln is purely and work simply like that? Is it a hype about Jack project? Doesn’t make any sense for me.
reply
105 sats \ 3 replies \ @Scoresby OP 9h
I want to be able to spend sats everywhere. Then I don't have to convert to fiat to do things. If lots of people accept sats in trade for real goods, it becomes much more likely that all the kyc shit falls apart. The coffee shop isn't going to kyc me.
reply
0 sats \ 2 replies \ @Fenix 9h
Wallets with POS already do this, is it not the same? I’m seeing this like a good thing because doesn’t came with any bs “solution to fix” bitcoin.
reply
129 sats \ 0 replies \ @Scoresby OP 9h
There aren't 4 million merchant users of any wallet with POS.
Square is in place in real businesses. That has a big value, IMO.
reply
21 sats \ 0 replies \ @DarthCoin 4h
Is about creating an instant flow from fiat to bitcoin. That is big.
reply
107 sats \ 0 replies \ @spiderman 9h
In my opinion, one of the biggest hurdles to greater adoption is the lack of on ramp or off ramp options.
Any new seemless on or off ramp experience will make more people aware of it, easier to hold, easier to liquidate. When easier to liquidate people will hold longer as they think they can convert it anytime in the future instead of a risky asset that you need to get rid of now.
Easier to liquidate will also mean more sellers will be willing to hold for a while rather than instant liquidation.
All these will also make the IBIT buyers rethink their strategy (pun intended) as they see others are using btc as money but their btc (if they have any) is locked in a portfolio account.
In other words all these mean another good step towards BTC slowly gaining acceptance as a parallel money (rather than a high beta nasdaq). It will be particularly popular with bitcoiner visitors to the US (or other international travellers) who will not have to worry about buying foreign currencies and dealing with alien looking papers.
reply
107 sats \ 2 replies \ @OT 10h
Do I understand this correct.
Let's say I'm a merchant, I can turn on EVERY payment received from fiat into sats?
reply
5 sats \ 1 reply \ @spiderman 9h
Or the other way round.
I hope there are some options to do a mixture as well. Merchants need fiat to pay their bills, so they cannot afford to convert 100%, but depending on their cash flow and appetite, if they keep a few percent of their revenue in BTC that will signal a massive adoption too.
reply
5 sats \ 0 replies \ @OT 9h
I saw that merchants can keep whatever percentage they want in Bitcoin.
Not if they can pay their bills in bitcoin.
reply
104 sats \ 0 replies \ @BlokchainB 11h
Me too looking for a square merchant now!
reply
0 sats \ 1 reply \ @Solomonsatoshi 6h
Is Square and this Bitcoin payment option only available in the US?
reply
26 sats \ 0 replies \ @SwapMarket 3h
Their website lists several regions, so I assume as a POS it can be installed globally. But Bitcoin option is only mentioned for the US.
reply