CashApp adds support for Bitcoin Lightning Network. Users can only send and receive a maximum of $999 worth of BTC every seven days.
Cash App, a mobile phone payment processing app developed by Block Inc., has reportedly introduced support for transactions over the Bitcoin Lightning Network, according to a new page uploaded to its support section on October 25.
Users of the Cash App can now transfer and receive Bitcoin (BTC $20,353) using the quicker, more effective layer-2 protocol thanks to the new feature. With processing times that are almost instantaneous compared to the minutes to hours needed on the Bitcoin network, Lightning is perfect for minor transactions.
Cash App has already provided Lightning Network compatibility for Bitcoin transactions, but only to the extent that customers could pay invoices by scanning Lightning QR codes. Now, unless otherwise stated, all Cash App transactions using QR codes will default through Lightning.
Only consumers from the United States, with the exception of residents of New York state, are eligible for this new option, which has a transaction limit of $999 per 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 transactions. 81% of the $12.3 billion in revenue generated by the app last year came from Bitcoin.
More than 44 million users actively use the app each month.Every seven days, users can deposit $10,000 worth of Bitcoin, and a tax form is made available for in-app accounting. Using the “Paid in Bitcoin” function, one can also automatically invest all or a portion of their direct deposit into Bitcoin without paying any fees.
The quantity of coins on Lightning, which only accounts for a small portion of the 19 million BTC currently in circulation, indicates that adoption has been fairly gradual.
If not, ordinary transaction costs are normally in the range of 2%.The Lightning Network currently has 4,570 BTC locked in and about 87,000 payment channels, according to data that was previously published. The quantity of coins on Lightning, which only accounts for a small portion of the 19 million BTC currently in circulation, indicates that adoption has been fairly gradual.
