- 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 such a Bitcoin network
- 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
- The merchants, according to Dorsey, were unbanked. Traditional financing only authorized 40% of POS equipment purchases. In a recent interview with Michael Saylor, he stated, With CashApp, the figure is now close to 99 percent
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 such a Bitcoin network. The rumor has been going about for months, but now it’s official. Lightning Network is now accessible on Cash App. It’s the quickest and most cost-effective way to send bitcoin to anyone, the company said in a tweet.
At this moment, New York citizens are not eligible for Lightning, they added. So, thanks a lot, BitLicense!
What Did CashApp Have to Say About Lightning?
The announcement was only made on CashApp’s Twitter account; it was not made on their website or through any of their other appropriate channels. In any event, the program is still in its early stages and has a limited scope. You could pay Lightning Invoices with Cash App, but you can’t produce them for other people to pay, for example.
The Lightning Network is a revolutionary way of sending bitcoin that is faster and free, according to the app. While conventional methods of sending bitcoin can take up to 10 minutes and incur costs, Lightning allows you to send bitcoin to any compatible wallet worldwide in less time as it takes to tie your shoelaces — and for free.
Users can also make on-chain payments. You can send bitcoin to a Lightning or on-chain address, says the website. they’ve made it as simple as possible for you to transfer bitcoin on either network.
Simply follow these easy procedures to use the feature: To pay a Lightning Invoice, go to the Bitcoin tab and launch the QR scanner by tapping the symbol in the top-left corner. You can use your camera to scan the QR code, then follow the steps to confirm and pay!
What Are The Consequences? This Could Be a Game-Changer Because…
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?
The merchants, according to Dorsey, were unbanked. Traditional financing only authorized 40% of POS equipment purchases. In a recent interview with Michael Saylor, he stated, With CashApp, the figure is now close to 99 percent. Will the world change overnight if these point-of-sale terminals support Lightning? Or are they still too early on in the game for things to matter?
Bitcoin is now 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.
What Are People Saying About CashApp And Lightning On Twitter?
This has since been rolled out to 100% of clients, Miles Suter, the Crypto Product Lead at CashApp, tweeted. Millions of clients have been quickly onboarded to LN, which is a watershed moment for the industry. So pleased to get to develop on this over the last several months, and now they’re releasing lightning withdrawals to 100 percent of customers, another CashApp employee, Bitcoin software developer Danny Diekroeger, ttheyeted.
This is what their sister firm, Spiral BTC, had to say about the Lightning Development Kit that CashApp used in the integration. If CashApp can use Lightning Development Kit to onboard it has many, many millions of users to Lightning, so that your wallet, application, or whatever you’ve been working on since *they* came on Earth. Jack Dorsey, for one, kept it simple and tweeted a lightning emoji.