Lightning Network Transactions for Cash App Users

Lightning Network Transactions for Cash App Users QouteCoin

New York City: Cash App informed its customers of a noteworthy upgrade that was just released. The notification indicates that customers may now send and receive a restricted quantity of Bitcoin (BTC). They are, however, mandated to use the lightning version of the network.

The Cash app now allows users to send and receive bitcoin. Cash App was first established by Jack Dorsey’s Block, a financial technology company formerly known as Square. It is an application for mobile payment that enables the transaction of a number of different legal tenders.

The support website of the platform was updated on October 25 to add Bitcoin as one of the payment methods that were accepted. However, in order to use this brand-new service, one must first connect to the company’s lightning network. Users are able to conduct Bitcoin transactions quickly thanks to the lightning protocol, which is a layer-2 mainnet.

In the meanwhile, prior to the announcement, users of Cash App were prevented from carrying out transactions relating to bitcoin. That, however, is no longer the case given that the platform has announced that the service is now actively functioning. However, individuals located in New York are unable to take use of this service at this time.

Lightning Network Transactions for Cash App Users QouteCoin

In addition, the lightning protocol is suitable for transactions of a low value and a short duration, and it processes these transactions very quickly. In comparison, Bitcoin’s mainnet demands significant time.

In the meantime, users will be compelled to pay for bills by scanning QR codes over the lightning network, unless they are specifically advised to do otherwise. All inhabitants of the United States are subject to a weekly transaction cap of $999, with the exception of New Yorkers.

Transactions using bitcoin were first made available via Cash App in 2018. Soon after that, people in both Britain and the United States learned about it. Bitcoin trading accounted for 81% of the company’s revenue in 2021, which was equivalent to $12.3 billion in total revenue.

The site is used by more than 44 million people on a monthly basis.

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