$ 1,223.37 6.09%
$ 41.36 5.70%
$ 0.067616 3.10%
$ 4.47 0.65%
$ 21,308.00 1.02%
$ 238.72 2.82%

Cash App announces support for Bitcoin Lightning Network

Cash App

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.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Cryptocurrency Investments To Make in a Bearish Market - Shiba Inu (SHIB), Dogecoin (DOGE), and RoboApe (RBA)
ISO 20022 compliant crypto-list
Bitcoin price analysis: Seller exhaustion makes BTC/USD knock at $21k resistance
Shiba Inu price analysis: SHIB expected to stay bullish for the next 24 hours

Follow Us

Industry News

Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users
BAYC caught in a public opinion storm over Nazi club NFT racism
ISO 20022 compliant crypto-list