Wen Lightning Network in CashApp? Now, now Lightning Network.
to its support section on Oct. 25, Cash App — a mobile phone payment processing app created by Block Inc. — has added support for transactions via the Bitcoin Lightning Network. The new feature allows Cash App users to send and receive Bitcoin on the faster, more efficient layer-2 protocol. Lightning is ideal for small transactions, with near-instant processing times, compared with the minutes to hours required on the Bitcoin blockchain.
Cash App had already supported Bitcoin transactions on the Lightning Network in a limited capacity, with users limited to paying for invoices via scanning Lightning QR codes. Now, all Cash App transactions involving QR codes will default through Lightning unless otherwise specified. This new feature has a transaction limit of $999 every seven days and is only available to United States customers, excluding residents of New York state.
Cash App first implemented BTC trading in 2018 and soon became immensely popular in the U.S. and United Kingdom for Bitcoin transactions. Last year, 81% of the app’s $12.3 billion in revenueUsers can deposit $10,000 worth of Bitcoin every seven days and are provided a tax form for in-app accounting purposes. It is also possible to automatically invest a portion or all of one’s direct deposit into Bitcoin by using the “Paid in Bitcoin” feature with no fees.
This feature is currently available to Cash App customers in the United States, except residents of New York State.
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