Square launches Bitcoin payment feature, supporting Lightning Network and fiat settlement

Jinse Finance reported that Block's payment platform, Square, now allows merchants to accept payments in bitcoin or traditional fiat currency through its point-of-sale (POS) system. This new feature provides sellers with the flexibility to choose how customer transactions are settled. Square's bitcoin payment feature utilizes the Lightning Network to achieve near-instant settlement, enabling merchants to process cryptocurrency, credit card, and digital wallet payments simultaneously. This integration allows sellers to choose whether to receive payments in cryptocurrency or convert them to fiat currency when accepting bitcoin payments.