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Square Inc (NYSE:SQ) To Grow Bitcoin Adoption

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Square Inc

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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Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

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Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

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Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

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Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

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Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…

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