Square announces 4 million stores in the US, Japan, and France will support Bitcoin payments; Jack Dorsey: Fighting fiat currency inflation.

CompareBitcoin payments have taken a historic step today (11th), with payment service provider Square announcing that its POS terminals now support Bitcoin (BTC) payments. This applies to over 4 million merchants across 8 countries, from the US to Japan, and from street-corner coffee shops to chain retailers. This means consumers no longer need to take out their credit cards; they can simply scan their phones to pay for coffee, books, or lunch in BTC, without worrying about lengthy processes or extra fees. The system also supports automatic conversions from fiat to Bitcoin and vice versa.

Combating the devaluation of fiat currency payments

For Jack Dorsey, the founder of Bitcoin and a long-time believer in the technology, this is a significant moment in bringing the concept of “everyday currency” to physical checkout counters.

Dorsey previously made a statement on the X platform:

“Start using Bitcoin for payments and hold Bitcoin to combat the devaluation of fiat currencies.”

This time, Square didn’t stop at online slogans; instead, it directly updated its terminal software. Merchants no longer need to purchase additional hardware. In eight supported countries, including the United States, France, the United Kingdom, and Japan, more than 4 million merchants are using it. Although features such as online checkout, invoicing, and subscriptions are still in testing, the official statement says they will be available “soon.” This shows that Square intends to embed Bitcoin into the entire merchant ecosystem and lower the entry barrier for small and medium-sized enterprises.

Lightning Network Extension Merchants

Bitcoin has long faced criticism for its slow transaction speeds and high fees. Square has opted for the Lightning Network to move transactions to Layer 2, enabling payments to be completed almost instantly, without waiting for mainnet confirmation. Regarding costs, Square has committed to completely waiving transaction fees until January 1, 2027, and thereafter charging only 1%, far lower than the common 1.5% to 4% fees charged by credit cards. For merchants, this not only means cost savings but also avoids the risk of order cancellations, as BTC transactions are irreversible once recorded on the blockchain.

The market responded quickly after its launch, with many stores and users posting their experiences . Early user Parker Lewis, business manager of Zaprice, has already completed testing at a coffee shop in Texas, and Ananina said that “the entry point is much lower.”

Katie Ananina, CitizenX’s Chief Marketing Officer , said she was the first person to use Bitcoin to pay at the same coffee roastery. 

Promoting Bitcoin payments has always been a painful process. You had to get the person behind the merchant completely accept Bitcoin, become a Bitcoin believer, and join in. But Square’s move today is absolutely legendary, significantly lowering the barrier to entry. Fantastic!

Volatility, Regulation and Settlement Flexibility

According to a YouGov survey in July of this year, 37% of respondents in the US and UK listed “payments” as a major application scenario for crypto and AI. Now that payment terminals are beginning to support BTC, the path for Bitcoin to move from “digital gold” to “everyday tool” is becoming clearer, and it is also bringing new liquidity to the overall crypto market.

The challenge lies in how individuals and merchants respond to the dramatic fluctuations in Bitcoin prices, potentially exposing merchants to exchange rate risks during the time lag between checkout and settlement. Square offers three options: full payment in BTC, full conversion to digital currency, or automatic daily conversion of up to 50% of card sales to BTC, helping merchants adjust their exposure. Regulatory uncertainties remain; due to stricter regulations in New York State, this feature is not yet available to local merchants. Square stated that it will continue to engage in dialogue with regulatory authorities and assist merchants in understanding tax and compliance procedures through information sessions.

From free transaction fees to flexible settlement, Square’s move brings Bitcoin to physical checkouts on a large scale and in a standardized manner for the first time. While it will take time to observe consumer habits and the regulatory environment, the expansion of payment scenarios has injected a new narrative into crypto assets. For Dorsey and millions of merchants, this is not just about putting another currency into the cash register, but a key bet on the future financial landscape.

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