Square, led by Mr. Dorsey, has begun implementing Bitcoin Settlement.

## Bitcoin Settlement Introduction

The payment platform "Square," led by Jack Dorsey, has enabled payments using the cryptocurrency Bitcoin (BTC) at some retail stores.

While a formal announcement from Block, the company providing Square, has not been confirmed at this time, Mr. Dorsey and others made a statement on X on the 23rd. The plan to introduce Bitcoin Settlement was announced by Block in May of this year, stating that implementation would begin in late 2025 and be available to all qualifying retailers by 2026.

Block Inc. is working not only to position Bitcoin as a store of value but also to enable its use in everyday life, while offering music streaming platforms like "TIDAL". For instance, in the past, it launched the self-custody wallet for Bitcoin called "Bitkey".

The Bitcoin Settlement that has been introduced this time utilizes the Lightning Network to achieve inexpensive and fast transactions. Consumers can easily use Bitcoin Settlement by scanning a QR code, while Square handles the necessary complex operations behind the scenes.

What is the Lightning Network?

This refers to off-chain technology that primarily enhances the transaction processing capacity of Bitcoin.

The mission that Block Corporation displays at the top of its official website is to develop technology for economic support. It explains that providing Bitcoin Settlement options will serve as economic support for retailers.

Regulation development is necessary for widespread adoption.

As explained by Block in the announcement in May, the adoption of Square's Bitcoin Settlement depends on regulations. For example, as of May, it was explained that it could not be used in retail stores located in New York State or outside the United States.

In this regard, Block announced on the 18th of this month a blog titled "Policies to Liberate Bitcoin as Everyday Money." It states that in order to achieve Block's vision, it is necessary for Congress to modernize the regulatory framework.

The company pointed out that the inconsistent and fragmented laws in the United States hinder innovation, create barriers to market entry, and obstruct consumer convenience. Using the CLARITY bill, which is currently being discussed in Congress, they argued that clarification of the rules is necessary.

It was also pointed out that when creating regulations, it is important to distinguish the roles of various digital assets and Bitcoin. They explained that "we believe Bitcoin is different from other digital assets" due to reasons such as the predetermined issuance cap of Bitcoin and its high degree of decentralization.

Bitcoin (BTC) News and Price

Compare Bitcoin Exchanges | Which one allows for comfortable and cost-effective trading?

a.t3-set { text-decoration: none !important; }