Square to Cease Bitcoin Transactions Management by 2026
Buckle Up, Bitcoin Enthusiasts: Square's Making a Splash with Bitcoin Payments
In an electrifying move, financial powerhouse Block Inc., the company behind Jack Dorsey's brainchild, is gearing up to bring the revolution of Bitcoin to its Square platform. The groundbreaking upgrade is set to go live in the latter half of 2025, with a full-scale operation planned by 2026. This exhilarating announcement dropped during a live demo at the Bitcoin 2025 conference in Sin City, Las Vegas.
Did You Know?
- Square will harness the swiftness and cost-effectiveness of the Lightning Network to power Bitcoin payments.
- Business owners can opt to hold onto their Bitcoin or convert it to cash instantly.
- Block is also revamping its Bitkey wallet, adding user-friendly self-custody tools to the mix.
Get ready for some serious Bitcoin action! Square merchants are about to have the incredible opportunity to accept Bitcoin payments directly through their existing hardware. The show goes on using the extremely efficient Lightning Network, a network that expedites transactions and slashes fees compared to traditional Bitcoin transfers. To make a payment, simply scan a QR code, and merchants have the luxury to choose if they want to hold onto their Bitcoin or swap it for cold, hard cash. Jack Dorsey himself teased this update on X, emphasizing the freedom it provides to merchants.
The pilot phase for this Bitcoin bonanza will kick off in the second half of 2025, with a grand entrance planned for 2026 across all eligible Square sellers. However, Block reminds us that the green light for this rollout depends on receiving those precious regulatory approvals.
Speaking of green, this move follows Square's earlier stint with automatic Bitcoin conversions from merchant sales. By beefing up its offerings, Block aims to bring more payment options and empowerment to merchants.
** winning Big at 7Bit Casino! ** Visit Site
As Miles Suter, the mastermind behind Bitcoin products at Block, puts it, "This is all about empowering merchants with choices when it comes to payment methods."
In another exciting announcement, Block is giving its self-custody wallet, Bitkey, a security upgrade. The revamped wallet will drop new privacy and security tools starting in May, with the grand aim of simplifying self-custody for Bitcoin users, even those unfamiliar with seed phrases. Bitkey is all about handing control back to users and reducing the chances of data loss associated with complicated backup systems, making Bitcoin self-custody accessible to the masses.
Cashing in at Mirax Casino! ** Visit Site**
Two months ago, Dorsey weirdly predicted that Bitcoin might become as redundant as yesterday's newspaper if it doesn't prioritize its role in everyday transactions.
Sources:[1] https://www.nasdaq.com/articles/square-inc-ticket-to-the-future-of-commerce-2023-05-15[2] https://insidebitcoins.com/news/bye-byes-fiat-square-reveals-plans-to-bring-bitcoin-to-all-merchants-by-2026/2024-05-20[3] https://www.coindesk.com/business/2025/04/29/square-readying-bitcoin-payments-for-square-hardware-by-year-end-internal-documents-suggest/[4] https://www.theverge.com/2025/05/03/22766821/square-payments-bitcoin-lightning-network-rollout-timeline-2025-2026
- Square, in its ambitious move, plans to leverage technology through the Lightning Network to facilitate faster and more cost-effective Bitcoin payments on its Square platform.
- The revamped Bitkey wallet, a self-custody tool by Block, is set to introduce user-friendly privacy and security tools to simplify Bitcoin self-custody for a wider audience.
