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Bitcoin News | Breaking | Crypto News

Cash App Users Ready to Send and Receive Bitcoin LN Payments

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

3 mins
Last update

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Cash App users are now able to send and receive Bitcoin lightning payments. The lightning network (LN) is the most popular Bitcoin scaling solution that lets users send and receive payments in seconds and with almost no fees. In the past, Cash App users were only able to send LN payments but not receive funds. The information was released by the company’s product lead, Michale Rihani, in a recent Twitter post. 

Cash App Users Able to Send and Receive BTC LN Payments

The lightning network continues to expand thanks to companies working with it in the crypto industry. This time Cash App, one of the most popular apps to handle Bitcoin in the United States, informed that users are now able to receive BTC through the Lightning Network. 

In a recent tweet, Michael Rihani informed that users can now receive BTC instantly using the Lightning Network in Cash App. In order to do so, users need to open the Cash App, go to Money Tab, tap on Bitcoin and share their QR code or link to receive payments. Moreover, Rihani has also asked the community to give an opinion about this new functionality. Therefore, this could be a great way for users of the Lightning Network to give their opinion about it. 

The Lightning Network has been growing over the last few years. Indeed, the Bitcoin community decided to avoid scaling Bitcoin through on-chain upgrades and preferred to embrace the lightning network. The LN offers better privacy features (it is better for those that want to protect their privacy) and it is also faster and cheaper than on-chain Bitcoin transactions. 

According to data shared by 1ML, a website that shares detailed information about the Lightning Network capacity has surged by 6% in just a month to 5,120 BTC. This is currently valued at $102 million. The LN continues to expand and could become one of the largest networks in terms of transactions. Nevertheless, due to the nature of the Lightning Network, it is more difficult to compare its volume with on-chain transactions. 

The goal would be to use the main Bitcoin on-chain network to conduct large transactions and rely on the Lightning Network to make small and regular payments. Those that want extreme security could use the main Bitcoin network while small payments can be processed using the LN. Moreover, as the LN capacity continues to grow, it will be possible to perform even larger transactions on the LN. 

In El Salvador, the first country in the world where Bitcoin became legal tender, there is a large number of shops and commerces that are already accepting Bitcoin LN payments for goods and services. Indeed, even small shops are already accepting Bitcoin payments through the lightning network. With Cash App adding this feature, there could be a larger number of users relying on the LN to send and also receive BTC using one of the most popular apps online.