Compass Coffee Accepts First Bitcoin Payment via Square Terminal

TLDR

• Compass Coffee in Washington, DC, became the first merchant to process a Bitcoin payment using Square Terminal.
• The payment was completed instantly using the Lightning Network during a live demonstration at the DC location.
• Ten different wallets were tested for compatibility, including Cash App, Strike, and Satoshi Wallet.
• The Square Bitcoin wallet solution allows businesses to accept Bitcoin payments with zero processing fees.
• Michael Haft of Compass Coffee praised the system for being fast, reliable, and enjoyable to use.

Compass Coffee in Washington, DC, processed the first Bitcoin transaction using Square Terminal, marking a significant milestone in retail crypto adoption. The shop conducted the payment instantly during a demonstration, showcasing fast and fee-free Bitcoin processing. This initiative aligns with Square’s recent rollout of a Bitcoin wallet solution for local businesses.

Square Terminal Supports Lightning-Fast Bitcoin Payments

Square Terminal completed its first Bitcoin transaction through Compass Coffee, using the Lightning Network for instant processing. The demonstration involved 10 wallet types, confirming compatibility and reliability across different platforms. Supported wallets included Cash App, Satoshi Wallet, Strike, Zeus LN, and Phoenix Wallet.

Michael Haft, co-founder of Compass Coffee, confirmed the seamless transaction experience and highlighted the technology’s speed.

The test also featured a self-custodial node, enhancing flexibility and secure payment options.

The Lightning Network reduced transaction delays, ensuring customers could pay instantly without waiting. Square enabled Compass Coffee to process Bitcoin without charging any fees.

DC Fintech Week Showcases Square’s Bitcoin Initiative

Compass Coffee showcased Bitcoin payments during DC Fintech Week to highlight retail use of Square’s new crypto tool. The demonstration promoted Bitcoin adoption by eliminating traditional transaction costs. This feature makes digital payments more accessible for both businesses and customers.

Square’s goal is to help small businesses like Compass Coffee enter the crypto payment space with minimal friction. Jack Dorsey’s team launched the solution to address transaction speed and cost challenges.

Miles Suter encouraged local participation in testing the Bitcoin payment system at Compass Coffee. Community members experienced the convenience of Lightning Network technology firsthand.

Bitcoin Adoption Expands Among Retail Merchants

Compass Coffee operates 27 stores, making it an ideal pilot location for Square’s crypto solution. Its leadership in Bitcoin payments sets an example for other retailers. The test proves crypto transactions can be fast, secure, and zero-cost.

Bitcoin’s utility in retail continues to increase, particularly with technologies like the Lightning Network. Square Terminal now supports faster, cheaper payments for small businesses.

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