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CashApp fully integrates Bitcoin Lightning Network



 According to a new page in the customer support section of the payment service provider Cash App, which was founded by Block Inc., on October 25, the service now also supports payments via the Bitcoin Lightning Network in its smartphone app. With the new feature, users of the Cash App can use both Bitcoin both send and receive. The significantly faster and more efficient Layer 2 network is ideal for small transactions that are settled almost immediately. On the Bitcoin network, on the other hand, this would take several hours.


Previously, the Cash App enabled Bitcoin transactions via Lightning to a limited extent, but users could only use it to pay certain bills by scanning designated QR codes. From now on, all transactions with QR codes will be processed via Lightning by default, unless otherwise configured. The new feature has a transaction limit of 999 US dollars per week and is initially only available to American users, the only exception being the state of New York.


The Cash App introduced BTC trading back in 2018 and in the years that followed has become an important service for Bitcoin transactions in the US and UK. In the last year alone, the service generated 81% of its $12.3 billion in revenue from bitcoin . More than 44 million customers use the app every month. 


Users can buy $10,000 in bitcoin per week and get help with tax-deductible investments. The "Paid in Bitcoin" feature also allows users to automatically invest part of their deposits in Bitcoin without incurring any fees. Otherwise, the transaction fees are just under 2%.


As reported, the Lightning Network currently includes almost 87,000 payment channels with a total of 4,570 BTC. However, the adoption of the Layer 2 network has been relatively slow so far, which can be seen not least from the fact that this amount of Bitcoin is only a very small fraction of the currently available supply of 19 million BTC.


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