Market Daily

Market Daily

Cash App finally allows users to send and receive Bitcoin on the app

Cash App lets users not only send but also receive Bitcoin in new update
Cash App lets users not only send but also receive Bitcoin in new update

Image source: How Stuff Works

Cash App is one of the mobile payment services that have thrived in this digital age.

The service has recently innovated with the inclusion of Bitcoin payments.

The announcement

Cash App users can now use the Lightning Network to send and receive Bitcoins.

Cash App Bitcoin Product Lead Michael Rihani confirmed the news on Twitter.

Rihani then announced the news on the platform’s help page, confirming the critical move.

In the past, users could only send Bitcoins with the Lightning Network.

They can now receive the cryptocurrency with the new update.

Read also: Paul Krugman Among Other Who Remain Skeptical of Crypto, Calls It a Modern Pyramid Scheme

Cash App’s Lightning Network

The Lightning Network is a “second layer solution” that speeds up Bitcoin transactions so it can be used for small purchases.

The solution not only speeds up Bitcoin transactions but also reduces costs.

It diversifies transactions between channels without having to use the main Bitcoin blockchain.

Instead, the solution settles transactions later.

Supporters of the solution claim that it will help the widespread adoption of Bitcoin as people will use it for everyday purchases.

The app’s website says there are little to no fees with Lightning.

The Lightning Network sends smaller amounts of Bitcoin.

Read also: Tesla Sells 75% of Its Bitcoins but Leaves Dogecoins Untouched According to Musk and Q2 Earnings Report

Cash App

Cash App is one of the most popular mobile payment apps today.

It was launched by the fintech giant Block (formerly Square), which Jack Dorsey runs.

Dorsey is a Bitcoin preacher and the former CEO of the popular social media platform Twitter.

Cash App is only available in the US and UK, boasting over 44 million monthly users.

Only US users can send and receive Bitcoins using the Lightning Network on the platform.

However, the website notes that the feature is unavailable in New York State.

Last April, Block announced a “paid in Bitcoin” for Cash app users.

It allows users to receive part or all of their salary in Bitcoin.

Jack Dorsey has been talking about how Lightning will make an impact.

Before leaving Twitter last year, he said he wanted to integrate the functionality into the social media platform.


Cash App users can now send and receive Bitcoin via Lightning

Opinions expressed by Market Daily contributors are their own.