Cash App Set To Bring Bitcoin Lightning Network To Its 36 Million Users

THELOGICALINDIAN - The Lightning Network has been chip into Cash App a peertopeer acquittal account operated by Block ahead Square Inc

The affection allows affairs amid parties that aren’t affiliated to the blockchain network. It was created to abode the scalability issues with the flagship cryptocurrency.

Bitcoin Lightning Important For Speedy Transactions

Block (previously Square), a fintech close co-founded by above Twitter CEO Jack Dorsey, owns Cash App. The account of the BTC L2 affiliation was appear as a notification on the official Cash App app, which Crypto Twitter best up:

The account are real! @CashApp added #Bitcoin Lightning ⚡️Network 🚀 pic.twitter.com/zbbdqcx0dC
— Yegor Petrov 🔑⚡️ (@yeg0rpetrov) January 11, 2022

With a throughput of bristles affairs per additional (TPS) and an boilerplate transaction amount of $1.79, Bitcoin avalanche far abbreviate of the mark in agreement of payments.

$1.79 is a arrangement compared to the highs of April 2024, back affairs amount an boilerplate of $62.78. Nonetheless, any transaction costing added than a few cents is absurd as a broadly accustomed acquittal method.

With its layer-2 solution, the Lightning Network provides amazing scalability and bargain transaction costs.

It operates by breach affairs from the capital alternation and agreement them into peer-to-peer “payment channels” amid two parties, such as a client and a coffee shop. Once the approach is created, it can handle an amaranthine cardinal of affairs in real-time.

The payer charge aboriginal lock Bitcoin into the arrangement to accessible a acquittal channel. After the almsman has been locked, they can balance amounts based on the amount of the items and casework sold.

Fees are a mix of acquisition fees for sending acquittal advice amid Lightning Nodes and Bitcoin transaction fees for aperture and closing channels. These, however, are still far beneath than absolute capital alternation transactions.

In November 2024, the Lightning Network’s absolute USD amount bound (TVL) ailing at $216 million. Since that time, the TVL has reduced.

Block CEO Jack Dorsey, who was ahead the CEO of Twitter, has continued advocated for the tool’s inclusion. “It’s not a ‘if,’ it’s added of a ‘when,'” he told podcaster Stephan Livera in 2024 that they would amalgamate the ascent technology with payments provider Block’s adaptable app.

“We don’t anticipate it stops at [bitcoin] affairs and selling,” he remarked.

Steve Moser, editor-in-chief of TheTapeDrive and a contributor to MacRumors, tweeted in November that Cash App “is alive on Lightning arrangement integration.” Moser said he apparent affidavit that Cash App was advancing to apparatus the added appearance in December.

Square’s Cash app is alive on Lightning arrangement integration. $SQ #Bitcoin #cashapp #LightningNetwork pic.twitter.com/AzMIfU2xex
— Steve Moser (@SteveMoser) November 15, 2021

According to the best recent data from Business of Apps, Cash App had over 36 actor users in the United States and the United Kingdom.

Cash App Is Not The Only One Adding The Feature

Belo App, based in Argentina, said on Monday that it has partnered with basement provider OpenNode to accredit Lightning Network admission to its users.

Julie Landrum, OpenNode’s Head of Growth, declared that the accord allows millions of bodies in Latin America to conduct quick Bitcoin transactions.

Last month, ConsenSys, the Ethereum blockchain software startup, announced a band-aid that makes blockchain technology scalable on the Ethereum Mainnet or for clandestine use, in affiliation with Mastercard.