Thoughts on Stripe and Square Market

Stripe and Square Market are set to accept Bitcoin. Just some quick thoughts on what this means for Bitcoin.

Ultimately, Stripe is an API for online payments for businesses. If Stripe accepts Bitcoin, suddenly all of their clients have the capability to accept bitcoins. One will note that Stripe’s API is used by dozens of recognizable companies, meaning that every one of these household names will be able to accept bitcoins if they so choose. I’m not cheering just yet, considering the Bitcoin option is still in beta, and I’m sure clients will be able to opt out of accepting bitcoins. But considering the relatively small number of companies accepting bitcoin at the moment, this is extremely promising for Bitcoin as an independent currency. I’m looking forward to paying for my Lyft with bitcoins in the future, I’ll tell you that right now.

Square Market is more intriguing to me, considering Market lets individuals build their own online storefront through Square. This generates a potential for vastly many more peer-to-peer purchases using bitcoins as Square Market’s two-sided network grows. Theoretically, through Square Market, you can now purchase anything with bitcoins (if it happens to be sold by an individual using Square Market. The chance of this being true will increase as Square Market itself grows, of course). You could sort of do that before with Amazon gift cards from Gyft, but now the gift card middle man is eliminated in at least some cases.  I simply like this because it really lets your everyday consumer use Bitcoin more easily and freely. Again, good for Bitcoin as a currency.

In my next post I’m going to talk less about Bitcoin as a currency, and more about it as a payment processor, and even as the “Internet of Money”.

If you enjoy my blog, please feel free to donate bitcoins at onename.io/cremins, and please both subscribe to and share my blog. I’m no be-all, end-all authority on digital currencies, but the more people I can learn about this fascinating phenomenon with, the better.

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