"Starting today, the app will let you pay with Bitcoin instantly - even if you don't hold any - by automatically converting your USD balance on the app into bitcoin for the merchant. In a series of app features announced today, the app will now spend bitcoin locally, pay in USD over the Lightning Network, and send or receive stablecoins."
"In other words, this makes Bitcoin payments accessible to all 58 million monthly users of Cash App without taxable events or decreasing their Bitcoin holdings. Square merchants benefit too, with no fees or chargebacks, and the network operates without middlemen. Users can choose any payment path - USD to USD, BTC to BTC, BTC to USD, or USD to BTC - all powered by the open Bitcoin network. It will encourage merchants to ask customers to pay in bitcoin to avoid card fees."
"Following Square's bitcoin payments launch, the map shows where local merchants accepting BTC are located, letting customers pay instantly via Lightning QR codes. About 20% of Americans are open to using bitcoin for daily transactions, the company said, and Cash App wants to make that transition seamless for both consumers and businesses. In addition to all this, Cash App is introducing stablecoin support. Customers can now send and receive digital dollars globally."
Cash App enables instant Bitcoin payments by converting users' USD balances into bitcoin at checkout, allowing payments even when users hold no BTC. The platform adds local bitcoin spending, payments in USD over the Lightning Network, and stablecoin send/receive functionality. Cash Releases bundles these features and connects 58 million monthly users to fast, low-cost, borderless payments without taxable events or forced reductions in Bitcoin holdings. Square merchants can avoid fees and chargebacks while operating without intermediaries. Users can choose payment paths (USD↔USD, BTC↔BTC, BTC↔USD, USD↔BTC). A Bitcoin Map shows local merchants accepting BTC and enables Lightning QR code payments.
Read at Bitcoin Magazine
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