Mobile payment service Cash App revealed that Lightning Network can now be used to transfer Bitcoin (BTC) through its app. With the new feature, its users can send their BTC to any Lightning or on-chain BTC address.
A few weeks ago, the company announced through a notification within the app that it has integrated the Lightning Network. Now, its users can finally use the feature and utilize the benefits that the Bitcoin Lightning Network brings into everyday BTC transactions.
To use Lightning Network on Cash App, users need to scan a Lightning QR using their cameras, confirm the details of the payment, and tap on pay.
The Lightning Network, sometimes called Lightning or LN, is a layer-2 solution that brings scalability to Bitcoin. Lightning eases the load on the Bitcoin blockchain by creating a separate network where users transact and creating minimal engagements with the Bitcoin blockchain to lessen fees and speed up transactions.
While many users rejoiced that they are able to use the Lightning Network feature through their Cash App, some could only watch.
As the firm mentioned a few weeks ago, the feature will be available everywhere in the United States apart from New York. “At this time New York residents aren’t eligible for Lightning,” Cash App tweeted.
Twitter users notgrubles disagreed. According to him, users in New York are still eligible if “they run their own LN node.” Because of the decentralized nature of Bitcoin Lightning Network transactions, it can be used by anyone regardless of their location outside of Cash App.
Cash App is a service developed and operated by Block Inc., a company founded by Jack Dorsey. Back in 2021, Dorsey stepped down as Twitter's CEO.
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While he mentions that stepping down is a way to give the company freedom from the founder's influence, many speculate that the move means that Dorsey will spend more time on Bitcoin. Source: Cointelegraph; Author: EZRA REGUERRA