NewsCrypto MarketMarket

Cash App Integrated with The Lightning Network- Here’s What you Need to Know

This immersion in the crypto world has started to show its consequences, as a few days back Cash App Integrated announced its integration with the Lightning Network, which will allow its U.S. users to now send bitcoin to anyone, anywhere in the world, that too, for free. Former CEO of Twitter, Jack Dorsey stepped down from his position last year in order to give priority to his other company, previously called Square (Now named as Block). This other company, Block, was becoming increasingly invested in blockchain technology and cryptocurrency- similar to the owner of the company.

Though the app had been slowly rolling out this feature to its users to check its usability inconspicuously, there has not been any official statement from Cash App Integrated regarding the same. The company, remarking on the matter, said that the roll out is expected to be complete over the “coming weeks”, reaching all the app’s U.S. customers.

Once it goes live, all Cash App Integrated

users will be able to send bitcoin internationally, including their own family and friends, or even a self-managed wallet, that should be externally compatible with the app, for example, Chivo Wallet, BlueWallet, or Muun Wallet. Apart from this, these users will also be able to send bitcoin to those merchants that accept Lightning Network payments, that too, with zero fees. Though not yet normalized and made mainstream, some merchants do accept Lightning payments, and this will allow customers to buy goods and services over the Lightning Network or buy gift cards.

This very integration of Lightning Network into Cash App Integrated has the potential to help to empower the budding creator economy. How so? Fans could then send bitcoin, to show their support for their favorite creators or any cause that they are interested in, if they accepted Lightning payments.

Explaining the advantages of such a system,

Cash App Integrated remarks that typical Bitcoin network transactions often take some time to process and also see higher fees. Lightning Network on the other hand, the very name of the platform indicating its usage, is known for its speedier capabilities. The transactions that happen here are off-chain, i.e., they take place independently of the blockchain. This feature helps to reduce the fees, time, and energy usage that would have been involved otherwise. This doesn’t mean that the network won’t have benefits from blockchain technology. With the transactions taking place on the network later consolidates and recorded to the main Bitcoin Blockchain, it will draw benefits from the Blockchain’s technology and decentralization. Dorsey, according to his tweet in 2019, considers it to be a “cool example” of the experimentation taking place among #Bitcoin Twitter users. Recently, Block’s bitcoin- focused company, Spiral, presented the Lightning Development Kit (LDK), which offers a way to integrate bitcoin payments into any application easily. Spiral’s LDK has also powered this new Lightning Integration on Cash App Integrated. Cash App is also the first and largest payment apps to integrate with LDK at this time, the company notes.

Also Read: Advantages of Betting with Bitcoin at 1xBit 

Related Articles

Back to top button