Bitcoin payments will be implemented by Jack Dorsey’s firm, Block, Inc. via its Square service. The implementation will commence in late 2025 and will be extended to eligible sellers at Square by 2026. The firm announced it at the Bitcoin 2025 conference in Las Vegas on May 27 this year.
BTC Inc. organized the demonstration at its store during the conference, showcasing how the system would work. Consumers will be able to pay with Bitcoin via Square’s existing readers that are integrated with the Lightning Network. The network facilitates Bitcoin payments a great deal faster and lowers the general payment processing costs for businesses.
The new system lets sellers either retain the Bitcoin or convert it immediately to local currency after receiving payments. The functionality helps sellers who want traditional currency and still get the convenience of digital payments. Jack Dorsey stated firmly that the move gives sellers flexibility and more control over their payments.
Square expands Bitcoin payments with lightning network
The new payment service is an extension of Square’s past system that allowed businesses to automatically exchange their earnings for Bitcoin. Customers are able to make payments by simply scanning a QR code, with all technical steps handled automatically by Square. Lightning Network facilitates fast and seamless payment confirmation, making it suitable for regular use.
Block also announced that in May, it began enhancing its digital wallet, Bitkey, which launched in 2023. The new Bitkey wallet now comes with enhanced privacy and security aspects, and it is easier to utilize self-managed Bitcoin without the need for complicated seed phrases.
Stake n’ Shake’s operations head, Dan Edwards, presented at the same event and told their Bitcoin payment success story. It reduced their fees for transactions by half, he said. Customers pay quicker with Bitcoin than with a credit card, according to Edwards.
All the restaurants of Steak n’ Shake will accept Bitcoin as of May 16, the company announced on May 9. The decision saves the company capital and responds to increasing demand for payments by digital means.
