Cash App announced the support for paying with Bitcoin in the Lighting network, providing more features for Bitcoin users. It’s another step toward bigger adoption for the Lightning network. Cash App is among the most popular payment apps in the market. It’s also one of the big supporters of Bitcoin and other cryptocurrencies.
Toward Faster Transactions
The support for the Lightning Network was announced in Cash App’s Twitter account:
Lightning Network is now available on Cash App. It's the fastest, free way to pay anyone in bitcoin.
Buy tacos, tip your favorite Twitter comedian, or send a friend money abroad—anywhere that accepts lightning. pic.twitter.com/65TXSJ6yL6
— Cash App (@CashApp) February 7, 2022
“Lightning Network is now available on Cash App. It’s the fastest, free way to pay anyone in bitcoin. Buy tacos, tip your favorite Twitter comedian, or send a friend money abroad—anywhere that accepts lightning.”
In the context of bitcoin, the lightning network is a second-layer technology that makes use of micropayment channels to increase the capacity of the blockchain to process transactions more quickly. Transactions carried out using lightning networks are significantly faster, less expensive, and more easily validated than transactions carried out directly on the bitcoin blockchain.
Designed to decongest the bitcoin blockchain and lower transaction fees by moving transactions away from the main blockchain and onto an off-chain ledger, the lightning network has the potential to significantly reduce transaction prices. Additionally, the lightning network can be used to execute other forms of off-chain transactions, such as cryptocurrency trades between other cryptocurrencies.
Cash App is a money transfer service that is mostly available through mobile applications. When using a service such as PayPal or Venmo, you can transfer and receive funds directly and rapidly. Cash App, on the other hand, includes a few additional functionalities.
Aside from money transfers, Cash App will also give you a bank account and a debit card, both of which may be used at any ATM worldwide. Through the app, you may also make investments in equities and Bitcoin. Some of these services are provided free of charge, while others are charged a cost.
The use and adoption of Bitcoin’s Lightning Network have skyrocketed in the last year, as has the number of people using it. When looking at the growth of the Lightning Network, the number of lightning nodes and the number of lightning channels that are active on the network are probably the two most essential data to pay attention to. With a rise in these numbers, there is greater capacity available on the network.
The number of channels linking nodes has also expanded significantly in recent years. The increase in the number of nodes and channels on the network helps the network to enhance its transaction capacity. The quantity of Bitcoin that can be stored in channels on the Lightning Network is referred to as the network’s capacity. The greater the increase in this quantity, the greater the amount of Bitcoin that is available for use in-network transactions.