This. Is. Huge. 👀🚀
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Is this equivalent to tipping 2-3%?
This means anyone with dollars in their Cash App account will be able to scan a bitcoin/lightning invoice and pay it without needing to first purchase the bitcoin. This is MASSIVE.
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Oh right, I missed that the original charge was expresssd as bitcoin. And now I realize that I have no clue if cashapp charged a 2-3% fee on fiat (not a user). If so, seems a merchant could give themselves a 2-3% tip by selecting bitcoin invoice, prividdd it doesn't spook customers. Or am I too optimistic?
Too bad we can't connect to the cash app wallet via NWC.
Strike did it first 😎
Thanks for the breakdown. Will educate a merchant next chance I get 🫡
💯
does it include a lightning address?
Now you can send dollars from Cashapp and receive dollars in Strike, and vice versa, instantly without ever involving slow and costly bank transfers.
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yes it is
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Ok, you guys in the USA are moving too fast for us in Japan.
Perhaps I'm mid curving this but I don't understand the significance of this. Who is gonna pay a bitcoin invoice that doesn't already have sats?
i think yodl's brilliant point is that by saving the merchant their credit card transaction fee, you're essentially tipping them. or every credit card customer is anti-tipping, same thing
I'm still a bit lost on details, but there's a bit more to it. Will reread later, but fyi. Also they're actively running some incentives for now and a year or two to come, so not sure where that fits in. Good stuff regardless
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every person who uses cash app and every merchant who wants to save on fees and enjoy instant settlement.
credit card companies dealt a death blow this week. expect the wartime atrocities to intensify
when the incentives end and the processors want to charge fees again, then we begin another long cycle of education and adoption for customers and merchants to use base layer lightning to cut the processor out of the loop. this week proves (assuming this bears out successfully) that the pattern is possible.
🙄
Then it should come down to the fundamental properties I'd imagine (won't bore you with list). And I assume the equilibrium middleman fees will fall well below where it is now with CCs
It won’t succeed
The vast majority of people won’t use it. It will return to background where it was when it’s perceived value is small.
"Some Square merchants manually add a service charge when paying with paying with cards to cover the card fees"
This is good to know. I figured Square was likely baking the card fees right into the service. Instead, it sounds like merchants actually already have the option to not 'tip' themselves the amount of the card fees if the customer is paying in btc (offering a lower cost to the customer does tend to lead to having more customers after all).
ah... i see.
With no card fees, since Square will be charging a lower (or initially zero) processing fee to the merchant for transactions in BTC, hopefully, Square will ultimately make it easier for the merchant to choose to automatically pass those lower processing costs on to the customer.
6 months