GoMining challenges Jack Dorsey's Square with payments system designed around bitcoin
GoMining has launched a new bitcoin payment protocol, GoBTC Pay, designed to facilitate direct on-chain bitcoin transactions for merchants. Unlike competitors like Block's Square, which often convert bitcoin to fiat currency, GoMining's system aims to keep transactions entirely within the bitcoin network.
Why it matters
This development represents a strategic push to increase the utility of bitcoin as a direct medium of exchange rather than just a speculative asset.
Where GoMining says it differs from incumbents is that the entire transaction is completed in bitcoin. Many competitors, including Square, allow customers to pay in bitcoin while delivering fiat currency to the retailer. GoMining retailers who want fiat will need to handle the conversion themselves.
The article provides a technical overview of a business product launch with balanced comparisons to industry incumbents.
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