Block, the Financial Technology Company shared by the X Jack Dormyy founder, can soon accept Bitcoin as a way to pay through some of its offers.
In the recent appearance of an interview, the serial businessman said that Bitcoin “will fail” if it ends only as a value store.
It touched on the importance of Bitcoin’s use of daily payments and stressed that Block is actively working to enable bitcoin transactions on both square stations and Bitkey.
While some critics argued that the start took a long time, Dorsi replied that the process was not simple as “switching the key”, but he reassured that the plans were in the movement. see below.
I am free Remain Skepticism, noting that Dorsi was “saying that for years”, referring to the previous comments from Dorshi.
What is the square, and what does this mean for bitcoin?
Block, previously known as Square, provides a wide mix of consumer tools and works designed to simplify financing.
Its pioneering product, Square, helps traders to accept payments, manage stocks, and operate operations.
As of 2024, Block had a base of user with an estimated 4 million sellers, treating about $ 228 billion annually. If Square begins to accept Bitcoin’s payments through its commercial network, it can determine one of the biggest steps towards adopting the prevailing cryptocurrency.
With millions of sellers who are already using the platform, BTCON’s transactions can immediately provide Bitcoin as an option for practical payment in daily trade. Moreover, some of its competitors in payments can also encourage payment to explore similar integration.
Another main piece of the Bitcoin Bitkyy batch is Bitkey, a portfolio of self -needs self -needs devices launched in December 2023. It is designed to give users safe and independent control over Bitcoin without relying on exchanges or guards.
Dorsi stressed that Bitkey will also support Bitcoin’s payments as soon as complementary is complete.
On the side of the consumer, the Block’s Cash app is already from the main slope of Bitcoin purchases. It allows users to buy, sell and transfer Bitcoin, and in Q4 2023 alone, make a profit of $ 66 million of BTC activity.
Beyond payments, Block is largely invested in bitcoin infrastructure. The company owns 8,485 BTCs more than $ 700 million, and builds a full bitcoin mining system.
It has recently developed an advanced 3NM mining chip and is now focusing on providing a full mining solution for marketing, and combining its power points in managing devices, programs and supply chain.
To determine the priorities of the Bitcoin initiatives, Block has expanded the scope of other projects such as Tidal’s music broadcasting platform and the TBD.
Square was previously tried with the merchants to accept Bitcoin again in 2014, but the feature was eventually stopped. In 2018 interviewJack Dorsi explained that most of Square users at the time were small companies that sell “candles and bicycles”, and that customers were not ready to create these types of daily purchases using Bitcoin.
Financial problems can hinder progress
BLOCK plans to launch Bitcoin can be delayed as a payment method, as the company recently reported weak Q4 profits and put more than 930 employees.
Workers’ demobilization operations, which affected about 8 % of the workforce, came just weeks after the difference in expectations in Wall Street, as it reached its revenues of $ 6.03 billion for $ 6.29 billion and profits per share 71 cents instead of the expected 87 cents.
In public comments, Dorsi claimed that employee discounts were part of a broader restructuring aimed at compatible with strategic priorities and simplifying operations.
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