Square Inc.; a consumer and merchant payment network, unveiled a terminal point of sales (PoS) device which accepts Bitcoin on October 19 and it rekindled the hope and excitement of Bitcoin and other virtual currencies getting to the mainstream.
Square and Bitcoin PoS
As Square has unveiled its new device; an independent solution for merchants wishing to accept card payment on social media platform in an interview with the tech-based media platform, Nerdist. Analysts were quick to point out that this at a crucial point for Square as the company has been experiencing a nose-diving share price after the resignation of two high executives, the share price has dropped by 25 percent since the beginning of October.
It was on major media platforms as well as crypto-based media outlets in August that Square had filed a patent which facilitates acceptance of payment via cryptocurrency, though we are still yet to witness any product, the recent unveiling of the Bitcoin enabled PoS has further rekindled the excitement of crypto acceptance.
The Market is Evolving
Last year, Square partly integrated Bitcoin (BTC) into its product base, the integration which started with the introduction of a buying and selling icon on its consumer app, was completed this summer. This step had a touch of optimism to users who have been skeptical and to the already intimated users, this is Square meeting their teeming demands.
There is no way this new PoS cryptocurrency hook-up would not catch the fancy of any merchant who has been a fan of crypto acceptance. It appears that crypto merchant payment giants such as BitPay and Coinbase have continued to experience serious competition from startups service as viable alternatives for their payment system.
For BitPay this was borne out of their snail-like progress in the implementation of SegWit support coupled with the lack of reliability which has forced a developer to swear on driving the company into oblivion by creating his own bespoke solution BTCPay. Another added competitor is CheapAir.com, the travel and accommodation service which began accepting Bitcoin in 2013 but has now dabbled into this same market as well.