TL; DR Breakdown
- Cash App adds Bitcoin lightning network
- The app wants to reduce the cost of transactions for its users
- Users can run their LN nodes to use the feature
Across the world, most participants in the financial market have been turning to digital assets, especially Bitcoin. This is partly due to the massive returns that these assets promise. But while much can be argued for investments, there’s another aspect of using Bitcoin to pay for goods and services. Cash App, a payment app, has revealed that it has infused the Bitcoin lightning network into its app for payment ease.
Cash App wants to reduce transaction costs for their users
This new feature will afford all its users the opportunity to send BTC to wallets on the lightning network. The first announcement of the new feature came some weeks ago, but users were not allowed to use it just yet. However, with this announcement, users can now enjoy the benefits of using the new feature.
In order to use the feature, users would need to log in to their Cash App and scan the wallet QR code before paying. The Bitcoin Lightning Network is a layer 2 scaling solution of the blockchain. The lightning network operates using two chains, which helps reduce transactions cost and increase transaction speed at the end of the day.
Cash App continues to record success
Although the update came with happiness for some users, others were not so lucky to enjoy the new feature. In a previous broadcast, New York users were exempted from using the feature. Making a tweet, the company said Cash App users located in New York will not be eligible for the update just yet. However, a Twitter user has countered that notion. He said any user in New York could use the update if they have their personal nodes. Cash App confined to make huge strides over the years. The company was founded by former Twitter CEO’s parent company, Block.