It’s been confirmed! Most of CashApp’s customers in the United States have access to Lightning Network payments. This might be a watershed moment for the Bitcoin network.
The rumor has been going about for months, but now it’s official. Lightning Network is now available on Cash App, according to the business. It’s the quickest and most cost-effective way to send bitcoin to anyone.
They also stated that Lightning is not available to New York citizens at this time. They appreciate BitLicense’s help.
CashApp’s Opinion on Lightning
The announcement was only made on CashApp’s Twitter account; it was not made on their website or through any of their other official channels. In any event, the program is still in its early stages and has a limited scope.
Users can, for example, pay Lightning Invoices with Cash App, but they can’t create them for other people to pay.
The network was advertised by the app as a new, faster, and free way to send bitcoin. While conventional methods of sending bitcoin might take up to 10 minutes and incur costs, Lightning allows users to send bitcoin to any compatible wallet worldwide in less time than it takes to tie their shoes – and for free.
It’s worth emphasizing that users can also make payments on the blockchain. They have the option of sending bitcoin to a Lightning or on-chain address. Users can now send bitcoin on either network because it has been simpler for them.
To utilize the feature to pay a Lightning Invoice, go to the Bitcoin tab and launch the QR scanner by tapping the icon in the top-left corner. Users can scan the QR code with their camera, confirm their information, and pay.
A Possible Game Changer
The key effect is that CashApp’s new Lightning Network capabilities will be integrated with Square’s Point of Sale terminals.
These are among the company’s most popular products, available in practically every retailer in the United States. What happens if those terminals can receive Lightning payments at any time?
According to Michael Saylor, the shopkeepers were among the unbanked, according to Dorsey. Traditional financing only authorized 40% of POS equipment purchases. With CashApp, the percentage has risen to nearly 100%.
Will the world change overnight if these point-of-sale terminals support Lightning? Is it possible that folks are too early in the game for these to have an impact?
Bitcoin is still in the process of appreciating. It will be difficult to persuade individuals to accept BTC as a means of exchange as long as its purchasing value in currency terms continues to rise. But what if CashApp makes it incredibly simple? And you’re incredibly accessible? It would be amazing to see. A fascinating development could be on the horizon.
