Cash App now Support Bitcoin Lightning Network

Cash App, a mobile phone payment processing app developed by Block Inc., has reportedly added support for transactions via the Bitcoin Lightning Network, according to a new page added to its help section on October 25. Users of the Cash App can now transmit and receive Bitcoin BTC$28,323 using the quicker, more effective layer-2 protocol thanks to the new feature. With processing speeds that are almost instantaneous compared to the minutes to hours needed on the Bitcoin blockchain, Lightning is perfect for small transactions.

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Cash App had already provided Lightning Network support for Bitcoin transactions, but only to the extent that users could settle invoices by scanning Lightning QR codes. Now, unless otherwise stated, all Cash App transactions requiring QR codes will default through Lightning.

Relationship Between Cash App and Bitcoin

One of the most user-friendly financial applications is Cash App, and this is true when purchasing Bitcoin as well. Simply tap the Bitcoin tab on the home screen, choose or input an amount, tap “Buy BTC,” and then finalize the transaction to purchase Bitcoin using your Cash App. It is that simple.

Along with receiving Bitcoin, Cash App also makes it simple to transfer Bitcoin to other users (or to another Bitcoin wallet you own). The procedure of sending Bitcoin using a QR code or Bitcoin address to external wallets isn’t all that different from sending it to other Cashapp users.

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Only customers from the United States, with the exception of residents of New York state, are eligible for this new feature, which has a transaction maximum of $999 every seven days.

After introducing BTC trading for the first time in 2018, CashApp quickly gained enormous popularity in the United States and the United Kingdom for Bitcoin transfers. 81% of the $12.3 billion in income generated by the app last year came from Bitcoin. More than 44 million users actively use the program each month.

Every seven days, users can contribute $10,000 worth of Bitcoin, and a tax form is made available for in-app accounting. Using the “Paid in Bitcoin” feature, one can also automatically invest all or a part of their direct deposit into Bitcoin without paying any fees. Otherwise, normal transaction fees range from 2%

As Cointelegraph previously reported, the Lightning Network currently has around 87,000 payment channels and 4,570 BTC locked in. However, adoption has been somewhat slow, with the number of coins on Lightning representing a tiny fraction of the 19 million BTC currently in circulation.

Potential Issues Using a Cash App to Buy Bitcoin

While Cash App is one of (if not the) easiest places to buy, sell, receive, and send Bitcoin, it isn’t without its drawbacks. Here are some of the most important ones:

Fees: Not only does CashApp charge fees for buying and selling Bitcoin, but the fees are not transparent. There is no published fee schedule, and on Cash App’s website, it says, “Cash App may charge a small fee when you buy or sell bitcoin. If so, the fee will be listed on the trade confirmation before you complete the transaction.”

Bitcoin only: For the time being, at least, CashApp only offers Bitcoin. Most other app-based ways to buy Bitcoin offer at least a few other cryptocurrencies.

Simple platform: This is one of the biggest strengths and weaknesses of Cash App. There are a few educational tools about Bitcoin, but not many. Other platforms have extensive educational resources that can be extremely valuable when learning about Bitcoin and other cryptocurrencies.