In a move that’s got the crypto world rather excited, Square has announced that it’s launching its own payment terminal. In a tweet, Jack Dorsey – Square CEO – said, “we finally have a simple way to replace all those clunky card terminals littering countertops around the world.” Current POS machines are unable to transact in cryptos, and Dorsey is a well-known crypto lover.
There is a high chance that its new POS machines will be able to accept payments in cryptos, or will have the feature added to them in the near future.
After 9 years, we finally have a simple way to replace all those clunky card terminals littering countertops around the world. A lot of work and thought went into Square Terminal, and we’re excited to see how sellers of all sizes use it. https://t.co/SJMTfoJWMQ
— jack (@jack) October 18, 2018
Another Step Towards Crypto Mass Adoption
Square’s Cash App allows users to buy Bitcoin and other cryptos in all 50 states, and this pro-crypto stance crosses over to the merchant side of its business too. Dorsey is a heavy backer of the Lightning Network project, so this move could give him early access to new technology and systems emerging from the project. Square could then be utilizing this in its merchant terminals, potentially creating 2 million stores around the globe that now accept Bitcoin overnight. All it would require is a simple global update to its merchant terminals that use its new POS machine – pretty simple really.
Soulja Boy Hits up Square
While it might not be the crypto trading endorsement Square was hoping for, Soulja Boy name dropped Square’s Cash App in his latest track titled Bitcoin. In his new song he raps about how he bought Bitcoin and made a fortune from the cryptocurrency. He then accredits his success to PayPal and Square’s Cash App – a pretty good piece of marketing, as Soulja Boy has over 5.3 million followers on Twitter alone.
Lightning Network Making It Possible
The Lightning Network is making Square’s crypto transactions possible. By taking payments off-chain, they can be completed much more quickly and at a lower cost – meaning microtransactions can now occur.
Hardware hackers from around the world have been building devices and systems that prove just how good the Lighting Network really is. One German Lightning Network fan has created a bike rental service that takes payment via the Lightning Network to release a bike from a rental shed. The user simply says how long they wish to rent the bike for, it then calculates the cost and takes a deposit from the user via a QR code. When the bike is returned the final amount is deducted and the payment channel closed.
Square could easily revolutionize the crypto industry by giving people around the globe new ways to pay for their shopping with cryptos. If merchants can accept cryptos, it will solve one of the greatest problems that Malta faces in the crypto world – the lack of merchants actually using crypto. Perhaps Square should look at providing its merchant terminals in Malta.