The crypto community on Twitter is continually a treasure trove of observant enthusiasts and traders. One needs only to scroll down the numerous posts about crypto to have a feel of how up to date many are with the daily developments in the industry. One such example is @kerooke who had this to say about Square Inc (NYSE:SQ) on the future of Bitcoin (BTC) and the general direction of crypto adoption:
“Square has…
2 million merchants, A CEO who loves Bitcoin and a patent for a cryptocurrency payment network
I’ll let you connect the dots here.”
His tweet was accompanied by the following screenshot of the patent filed by Square Inc.
Patent by Square Inc. Source, Twitter.com
Square Inc. made the news back in mid-June when it got the go-ahead from regulators allowing New Yorkers to trade cryptocurrencies on the rapidly growing Cash App. The option to trade crypto was only available in other states. The approval to operate in New York was lacking up until then.
Cash App has been growing rapidly since it was launched in 2015. With the option of cryptocurrencies on the App, the sky is the limit for Square Inc. through its vision of also providing merchant services by integrating it to mobile payments.
According to Reuters.com:
“[Square’s] commerce ecosystem includes point-of-sale software and services that help sellers make informed business decisions through the use of analytics and reporting. As a result, sellers can manage orders, inventory, locations, employees and payroll; engage and grow their sales with customers, and gain access to business loans. The Company monetizes these features through either a per transaction fee, a subscription fee or a service fee.”
Are 3rd Party Payment Processing Firms Needed?
One question that has been on the mind of many Satoshi Nakamoto fans, is whether there need to be additional third-party payment processing technologies. The individual ledgers of each of our favorite cryptocurrencies are already efficient for peer-to-peer payments and as envisioned by Satoshi. In the above instance, Square is simply trying to replace banks as payment processors in the traditional setting of payments.
One Twitter user responded to the tweet about Square as follows:
“The idea of crypto is not to use any 3rd party providers when interacting with merchants. All this BS is irrelevant, square, circle, robinhood, retardapp all useless attempts to install paypal 2.0”
The other side of the argument is that an abrupt shift by merchants from traditional Point-of-Sale systems to Peer-to-Peer transactions is near impossible. This is due to the fact that each sale transaction needs to be tracked in efficient software solutions that also have the added benefit of managing orders, inventory, payroll, and even taxes.
This is where companies such as Square Inc. come in to play a major role in integrating crypto payments into an already functional ecosystem of merchant services. As the Point-of-Sale solutions provided by Square expand, so shall crypto adoption.
What is your opinion on third-party merchant solution providers such as Square Inc.? Do we really need crypto integrated into Point-of-Sale terminals? Or is this a redundancy to an already efficient peer-to-peer system pioneered by Bitcoin? Please share your comments below.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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