Online mall Square Market latest to accept bitcoin

Sellers will still be credited with U.S. dollars to reduce exposure

Next time you want to buy a bamboo iPhone case or a vintage Superman comic at online mall Square Market, you can pay with bitcoin.

Mobile point-of-sale player Square is accepting the digital currency for retailers hawking goods on Square Market, which was launched last June as a potential rival to Amazon.com, eBay and Etsy.

"For sellers, the experience won't feel any different," Square Market lead Ajit Varma wrote in a blog post.

"Whether selling services or goods, sellers don't have to change a thing, except potentially expecting new trailblazing customers and more sales."

When shoppers choose to buy things with bitcoin, a new Bitcoin address is generated and attached to the order. Buyers can use either mobile or hosted Bitcoin wallets.

Sellers, however, don't have to worry about receiving payment in bitcoin since they will be credited with the U.S. dollars quoted in the sale, and not with the cryptocurrency.

That way, sellers won't be exposed to risk from the volatility in the price of bitcoin, which recently dropped below US$500 amid speculation that China may prohibit banks working with Bitcoin exchanges.

Square is known for its magnetic-stripe reader that lets sellers take credit-card payments by smartphone, but has branched out to cover other payment areas. Last fall it launched Square Cash, which lets users send money via email. A recently added feature helps users collect payments from debtors.

Square is the latest e-commerce company to show interest in Bitcoin. Last week, San Francisco-based mobile payments startup Stripe announced it is experimenting with Bitcoin support, adding the digital currency as a payment option for online backup services firm Tarsnap.

The move followed major online discount retailer Overstock.com's decision to accept Bitcoin in early January.

Overstock, which had revenues of $1.3 billion in 2013, said on March 4 that it was surprised to have already topped $1 million in Bitcoin sales. It logged more than 4,300 Bitcoin customers and said it believes nearly 60 percent were new to Overstock.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internetInternet-based applications and servicesSquare

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tim Hornyak

IDG News Service
Show Comments

Father’s Day Gift Guide

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?