Bitcoin is the coolest currency in e-commerce and new ways to spend the digital cash are arriving thick and fast.
Square has joined the ranks of cryptocurrency traders as it announces full support for paying with Bitcoin from today.
The online marketplace lets you buy goods from local retailers, and will now accept payments straight from your e-wallet.
Square says it’s going to make sure that every customer gets a “VIP experience” whether they’re new to Bitcoin or not, with the company focusing on “making the experience smooth and simple.”
When you opt to “pay with Bitcoin”, Square will create a new Bitcoin address for your order.
You then submit your payment via the address provided, or by scanning a QR code as a mobile user.
Square will check for the funds in its own wallet, and then transfer the seller the equivalent amount in local currency, mitigating potential damage from Bitcoin’s notorious value fluctuations.
It’s exciting news for fans of virtual cash. If this takes your fancy, why not take a look at T3’s coverage of Europe’s first Bitcoin store?
By Sean Keach