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It's no wonder that Square just bought the food delivery startup Caviar. With recent talk of an IPO, and then a possible sale, I think they are finding that they don't have a future in transactions.
IMO Square should be bold and go full on bitcoin. They are positioned very well, and there is plenty of frontier there for the taking.
However, as a merchant, signing up for Local Register just seems like telling Amazon how to vulture your market.