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โ†ฉ replying to npub1a9hq...5e95
@jack So it is lightning, then how is the auto convert managed? Will square be doing auto-swaps to on-chain then converting to fiat? Will fees related to fiat converting come out of the merchants end or will be person paying with bitcoin have to cover those fees? How will converting to fiat impact merchants tax reporting? Will they now need to worry about capital gains/losses?
I can't recall when I last saw a Square terminal (it may just be less apparent now), but this is how the Bitcoin adoption problem is solved at the merchant level. Just give it to them with no requirements on their end if they want to remain on a fiat standard. Win-win. Removing the bullshit tax and KYC requirements (I don't care to hear how you ignore them - cool) would be game over. There would be practically no hangups left for most people. Just choose your wallet and go.
jack's avatar jack
it will be on by default for all sellers, allowing people to pay however they want, and sellers will never miss a sale. by default it will auto-convert to fiat, and sellers can switch that to holding the bitcoin instead. i hope most do that. but they can also use our reserves feature to convert a percentage of incoming sales to bitcoin. View quoted note โ†’
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I saw Americans use Alipay's payment method on McDonald's self-order kiosk(่‡ชๅŠฉ็‚นๅ•ๆœบ๏ผ‰ in China, and then it shows that it is a US dollar deduction, which is auto-conver into US dollars. but McDonald's price is marked by Yuan๏ผˆRMB)ไบบๆฐ‘ๅธ. Foreigners will deduct Fiat, and the backstage will automatically change to the customer's Fiat deduction. Although Americans use Alipay payment methods, they pay in US dollars.