bitcoin Mining company GoMining said it is making it easier for businesses to accept bitcoins. payments, which puts it in competition with companies like Block’s (XYZ) Square.
What GoMining says differs from traditional ones 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 money will have to handle the conversion themselves.
“Our idea is not to introduce bitcoin into the old fiat experience and lose what makes it bitcoin along the way,” CEO Mark Zalan said in a Telegram interview. “It is to solve the real problems with BTC payments: high and variable fees, slow and unpredictable settlement, while preserving non-custodial and on-chain finality.”
GoMining’s software development kit (SDK) and application programming interfaces (API) for its BTC payment protocol GoBTC Pay, unveiled on Friday, allow retailers to access its GoBTC Pay system. The company plans to hire 10 initial merchants as part of the launch, he said.
