By Nick Hamilton | United States
Cryptocurrency is about to become much more accessible when making purchases in public.
Square, a major digital payment service that Twitter CEO Jack Dorsey leads, has won the patent to allow merchants to accept crypto payments, such as Bitcoin. The service would then transfer the payment into the local currency.
Cryptocurrency: Payment of the Future
Dorsey has said that he believes cryptocurrency will be the leading method of payment in ten years. Adding Bitcoin to this service that already supports many major credit cards is a way to make this a reality. This system also eliminates latency in these transactions, meaning approval on purchases will occur much faster. They’ll be able to do this via a blockchain that records Square-managed wallets in real time.
Tackling Major Obstacles
This, of course, means that cryptocurrency payments will process at the same speed of credit card payments. Previously, one of the big drawbacks of crypto was the increased transaction time. Another key issue was a very low accessibility, but Square is tackling both of these issues.
It’s not often that companies who do blockchain research have such an enthusiastic CEO when it comes to cryptocurrency. However, due to this patent, and Dorsey being so invested in cryptocurrency, we could see cryptocurrency emerge more in the mainstream. At the very least, it now will be considerably easier to use. This could mean that Bitcoin’s demand will rise, thus raising its price.
A Bright Outlook
The patent may affect the backbone of the future economy, at least according to Dorsey, who tweeted earlier this year that Bitcoin would become a path towards financial success for all.
Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.
We also made this! https://t.co/z3u0liDNk4
— jack ??? (@jack) January 31, 2018
As the price of Bitcoin continues to rise, Dorsey’s dream of seeing crypto thrive in the future may be coming true.
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