GoMining Launches Pure Bitcoin Payment System to Rival Square
Cryptocurrency mining company GoMining has unveiled a comprehensive payment solution that directly challenges established players like Jack Dorsey's Square by offering merchants a pure bitcoin experience. The company's new GoBTC Pay system represents a significant departure from existing payment processors that typically convert Bitcoin transactions into fiat currency for merchants.
The newly launched platform includes a software development kit (SDK) and application programming interfaces (API) that enable businesses to integrate bitcoin payments directly into their operations. Unlike competitors such as Square's Lightning-based service, GoMining's approach ensures that merchants receive bitcoin directly rather than converted fiat currency.
Revolutionary Approach to Bitcoin Payments
GoMining CEO Mark Zalan emphasized the company's unique philosophy during a recent interview, stating that their goal isn't to force bitcoin into traditional payment frameworks. The system addresses key challenges in BTC payments including high transaction fees, variable costs, and unpredictable settlement times while maintaining the core principles of cryptocurrency transactions.
"Our idea isn't to squeeze bitcoin into the old fiat experience and lose what makes it bitcoin along the way. It's to solve the real problems with BTC payments while preserving non-custody and onchain finality."
The GoBTC Pay system operates using GoMining's Stratum V2 mining protocol and settles transactions directly on the Bitcoin network. This approach delivers an average settlement time of approximately 12 hours, significantly faster than traditional bitcoin transactions while maintaining security and decentralization.
Competitive Positioning Against Established Players
The payment solution enters a competitive landscape dominated by Block's Square service, which utilizes the Lightning Network for bitcoin payments. However, Square's default configuration converts bitcoin payments to US dollars, requiring merchants to actively choose bitcoin retention. GoMining's system reverses this approach, delivering bitcoin by default and requiring merchants to handle fiat conversion independently if desired.
Transaction costs for the GoBTC Pay system are set at 0.2%, with fees split equally between wallet providers and miners. This fee structure positions the service competitively against traditional payment processors while supporting the blockchain ecosystem through miner compensation.
The company plans to onboard an initial group of 10 merchants during the rollout phase, focusing on businesses that want to embrace bitcoin's native properties rather than treating it as a conversion mechanism. This strategy reflects GoMining's belief that increasing numbers of businesses will prefer to receive and hold cryptocurrency directly as digital assets gain mainstream acceptance.
The launch comes at a time when bitcoin payment adoption is accelerating across various industries. While traditional payment processors have focused on seamless fiat integration, GoMining's approach caters to businesses that view bitcoin as a store of value and want to participate directly in the digital economy without immediate conversion to traditional currencies.
This development represents a significant step toward mainstream bitcoin adoption, offering merchants a pathway to fully embrace cryptocurrency payments while maintaining the security and transparency that makes bitcoin attractive to forward-thinking businesses.
