GoMining announced the launch of its GoBTC Pay protocol, a new system that lets merchants accept bitcoin payments directly on the blockchain, positioning the firm against rivals such as Block’s Square.
How GoBTC Pay Differs From Existing Solutions
Unlike Square, which converts customer‑paid bitcoin into fiat before crediting retailers, GoBTC Pay processes the entire transaction in bitcoin, preserving on‑chain finality. Merchants that prefer fiat must manage the conversion themselves, a design choice meant to avoid diluting bitcoin’s core attributes.
Technical Architecture and Fee Structure
The SDK and API released on Friday enable retailers to integrate GoBTC Pay with minimal friction, targeting an initial cohort of ten merchants for the rollout. Settlement occurs on the Bitcoin network via GoMining’s Stratum V2 protocol, delivering an average confirmation time of roughly 12 hours.
Transaction costs are set at 0.2 % of the payment amount, with the fee split evenly between wallet providers and miners, ensuring that participants share the revenue from each on‑chain settlement.
Potential Impact on the Crypto Market
By offering a non‑custodial, bitcoin‑only payment route, GoMining aims to address investor concerns over high fees and unpredictable settlement speeds that have hampered broader crypto adoption. If the pilot succeeds, the solution could attract additional merchants and stimulate further investment in blockchain‑based payment infrastructure.