GoMining launches bitcoin payment system challenging Square

GoMining has introduced its GoBTC Pay protocol, a new payment system designed to facilitate everyday purchases using bitcoin. This system allows merchants to accept bitcoin directly, with transactions settled on the Bitcoin network, aiming to address issues like high fees and slow settlement times. Unlike competitors such as Block's Square, which often convert bitcoin to fiat by default, GoMining's protocol defaults to merchants receiving bitcoin, requiring them to handle fiat conversion separately if desired. The company is initially onboarding ten merchants and charges a 0.2% transaction fee.