With all that said, this is a massive step forward. Huge credit to the Square / Block team, , and . Taking out half the problem this fast is no small feat.

Square auto-enabling Bitcoin payments and effectively solving merchant distribution is a huge deal. But it doesn’t solve the hardest problem. Supply ≠ demand. Merchants accepting BTC is step one. Getting people to actually use it is step two. The closest comparison is Apple Pay. It launched in 2014 and even after more than a decade, tap-to-pay in the U.S. is still only a portion of overall payments. Something objectively better than cards took years to change behavior, and is used less than cards today. Apple Pay did not change the money. Same cards. Same dollars. Most people already had smartphones and cards on file. And even then, it took years to gain real usage. Bitcoin is different. You are asking people to -use a different currency -change how they pay (QR code) -rethink what money is -overcome any negative perceptions That is a much bigger behavioral leap than tapping a phone. So even if every merchant accepts Bitcoin, most people still will not use it without a reason to switch. The most reliable pattern we have seen is earn Bitcoin → learn → then eventually spend it Starting with incentives works. Starting with payments alone usually does not. This is not to say Bitcoin payments are doomed. Far from it. This is the exact problem we have been focused on at Oshi since 2020. After onboarding 100+ merchants, we have spent years trying to understand what actually drives real usage. What we have found is that adoption does not start with payments. It starts by giving people a low-friction way to interact with Bitcoin. The businesses that work best act as a modern day Bitcoin faucet. When that happens, customers engage more and are far more likely to eventually spend it. That is what turns acceptance into actual usage. You can learn more about what we're doing to help Square merchants along here: https://oshi.tech/integrations/square