GoMining has launched GoBTC Pay, a bitcoin payment system aimed at enabling merchants to accept bitcoin directly, challenging Square.
GoMining has unveiled its new bitcoin payment solution, GoBTC Pay, which aims to streamline the acceptance of bitcoin transactions for merchants, directly challenging Jack Dorsey's Square.
New Payment Features for Merchants
The introduction of a software development kit (SDK) and application programming interfaces (API) for GoBTC Pay allows businesses to seamlessly integrate bitcoin payment options into their services. This system enables retailers to manage bitcoin transactions without the need for conversion to fiat currency, differentiating it from competitors like Square, which typically provides merchants with dollars instead of bitcoin.
Currently, bitcoin is priced at $62,439.20. GoMining's approach ensures that merchants receive payments in bitcoin directly, aligning with a growing trend among businesses that prefer to hold cryptocurrency rather than convert it into traditional currency.
CEO Mark Zalan emphasized the company's commitment to maintaining the integrity of bitcoin payments. He stated, "Our idea isn't to squeeze bitcoin into the old fiat experience and lose what makes it bitcoin along the way." He highlighted the need to address common issues with bitcoin transactions, including high fees and slow settlement times.
Transaction Details and Market Position
GoBTC Pay processes transactions directly on the Bitcoin network using GoMining's Stratum V2 mining protocol, with an average settlement time of around 12 hours. Merchants will incur a modest transaction fee of 0.2%, which is split between wallet providers and miners. The company plans to onboard an initial group of 10 merchants to utilize the new payment system.
In contrast, Square's payment system converts bitcoin payments into U.S. dollars by default, allowing businesses to opt for bitcoin only if they choose. GoMining's strategy appears to be capitalizing on the increasing interest from businesses wanting to accept and retain bitcoin, positioning itself as a forward-thinking alternative in the cryptocurrency payment landscape.
