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Cash App update allows users to send and receive Bitcoin

Cash App finally allows users to send and receive Bitcoin on the app

Image source: How Stuff Works

Cash App is among the mobile payment services that have thrived in this digital age.

Recently, the service innovated with the inclusion of Bitcoin payments.

The announcement

Cash App users can now use the Lightning Network to send and receive Bitcoin.

Michael Rihani, Cash App Bitcoin Product Lead, confirmed the news on Twitter.

Rihani later added the announcement on the platform’s help page, confirming the significant move.

In the past, users could only send Bitcoin with the Lightning Network.

The new update now allows them to receive the cryptocurrency.

Lightning Network

The Lightning Network is a “second-layer solution” that speeds up Bitcoin transactions so cryptocurrency can be used for small purchases.

The solution not only speeds up Bitcoin transactions but also reduces costs.

It scatters transactions through channels without having to use the main Bitcoin blockchain.

The solution settles the transactions later instead.

Supporters of the solution say it will help with the wide-scale adoption of Bitcoin as people will use it for daily purchases.

The app’s website says that there are little to no fees involved with Lightning. 

The solution sends smaller amounts of Bitcoin.

Cash App

Cash App is one of the most popular mobile payment platforms today.

It was launched by fintech giant Block (formerly Square), which Jack Dorsey runs.

Dorsey is a Bitcoin preacher and former CEO of the popular social media platform Twitter.

The app is only available in the US and UK, with over 44 million monthly users.

Only US users can send and receive Bitcoin with the Lightning Network on the platform.

However, the website notes that it is unavailable in the state of New York.

Last April, Block announced a “paid in Bitcoin” for Cash App users.

It allows users to receive either a portion or their entire paycheck in Bitcoin.

For some time, Jack Dorsey talked about how Lightning will make an impact.

In 2021, he said before leaving Twitter that he wanted to integrate the function into the social media platform.

Reference:

Cash App users can now send and receive Bitcoin via Lightning

Opinions expressed by Coin Week contributors are their own.

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