GoMining launches GoBTC Pay to settle merchant payments in bitcoin

GoMining unveiled a software development kit (SDK) and application programming interfaces (API) for its bitcoin payment protocol, GoBTC Pay, enabling merchants to accept bitcoin for everyday purchases. The company says the entire transaction is completed in bitcoin by default; retailers that want fiat will need to handle conversion themselves.

The move brings GoMining into competition with companies including Block's Square. GoBTC Pay was built to settle payments directly on the Bitcoin network using GoMining's Stratum V2 mining protocol, with an average settlement time of around 12 hours. Merchants will pay 0.2% in transaction fees, shared 50-50 between wallet providers and miners.

The company plans to recruit an initial 10 merchants as part of the rollout and is offering the SDK and APIs to enable retailers and developers to build on the GoBTC Pay system. "Our idea isn't to squeeze bitcoin into the old fiat experience and lose what makes it bitcoin along the way," CEO Mark Zalan said in an interview over Telegram.

gomining, gobtc pay, bitcoin, sdk, api, stratum v2, mining protocol, transaction fees, merchant payments, square