Image source: How Stuff Works
Cash App is one of the mobile payment services that has flourished in the digital age.
The service was recently innovated with the addition of Bitcoin payments.
The announcement
Cash app users can now use the Lightning Network to send and receive Bitcoins.
Bitcoin Product Lead Michael Rihani confirmed the news on Twitter.
Rihani then announced the news on the platform’s help page to confirm the monumental addition.
In the past, users could only send Bitcoins via the Lightning Network.
Now, they can receive the cryptocurrency with the new update.
Cash App’s Lightning Network
The Lightning Network is a “second-layer solution” that speeds up transactions so that Bitcoin can be used for small purchases.
The solution speeds up Bitcoin transactions.
Additionally, it also reduces costs.
The solution diversifies transactions between channels without using the main Bitcoin blockchain.
Instead, the solution settles transactions later.
Solution supporters claim it will help the widespread adoption of Bitcoin as people will use it for everyday purchases.
The Cash app website says Lightning has little or no fee.
The Lightning Network sends smaller amounts of Bitcoin.
Cash App
Cash App is one of the digital age’s most popular mobile payment modes.
It was launched by fintech giant Block (formerly Square), led by Jack Dorsey.
Dorsey is a Bitcoin preacher and the former CEO of the popular social media platform Twitter.
The app is only available in the US and UK and has over 44 million monthly users.
Only US users can send and receive bitcoins through the Lightning Network on the platform.
However, the site notes that the feature is not available in the state of New York.
Last April, Block announced a “paid in Bitcoin” app for Cash App users.
It allows them to receive part or all of their salary in bitcoin.
Jack Dorsey explained how Lightning would make an impact on society.
Before quitting Twitter last year, he said he wanted to integrate the feature into the social media platform.
Reference:
Cash App users can now send and receive Bitcoin via Lightning
