40 Million Cash App Users Can Now Send And Receive Bitcoin Lightning Payments

Cash App users can send and get payments in BTC by means of the Lightning Network.Previously, the app might only send out on-chain BTC payments. Money App has a user base of over 40 million, over six-times larger than the population of El Salvador. Money App users can now send and receive bitcoin payments quickly via the Lightning Network, per a statement from the companys item lead, Michael Rihani.The process for negotiating in bitcoin through Cash App is basic. Initially, a user goes to the app, opens the “Money Tab”, selects Bitcoin, and after that a QR code or link will be produced allowing users to negotiate with other Lightning-enabled wallets.Michael Rihani, item lead for Cash App on TwitterImage sourceCurrently, the feature is readily available across all of the U.S., except for New York State. Thus, as long as users are communicating with other Lightning wallets, Cash App users can select to send or get BTC from the app in the U.S, per a statement from Rihani. In order to use this brand-new performance users are required to update to the most recent variation of the app, which is supported on both Apple iOS and Android mobile phones. Money App boasts a user base of over 40 million. This means 40 million users can now settle instant, back-and-forth payments in BTC, all by integrating with the Lightning Network. This past February, Cash App announced its initial combination with the Lightning Network. However, this performance only permitted users to send BTC to other Lightning wallets. Todays announcement enabled users to also receive BTC.The companys initial announcement was followed up with a function referred to as “Pay Me In Bitcoin,” which allowed Cash App users to convert their paychecks into BTC..

Other Questions People Ask

How can 40 million Cash App users send and receive Bitcoin Lightning payments?

40 million Cash App users can send and receive Bitcoin payments by utilizing the Lightning Network. To do this, users simply need to open the app, navigate to the "Money Tab," select Bitcoin, and generate a QR code or link for transactions. This feature allows for quick and efficient transactions with other Lightning-enabled wallets, enhancing the overall user experience.

What are the benefits of using Bitcoin Lightning payments for Cash App users?

The integration of Bitcoin Lightning payments for Cash App users offers several advantages, including faster transaction speeds and lower fees compared to traditional on-chain Bitcoin payments. With over 40 million users able to transact instantly, this feature significantly improves the efficiency of sending and receiving BTC. Additionally, it allows users to engage in seamless transactions with other Lightning wallets across the U.S., except for New York State.

What steps do Cash App users need to take to start using Bitcoin Lightning payments?

To start using Bitcoin Lightning payments, Cash App users must first ensure they have updated to the latest version of the app, which is available on both iOS and Android devices. Once updated, users can access the "Money Tab," select Bitcoin, and create a QR code or link to facilitate transactions. This straightforward process enables users to send and receive BTC quickly and efficiently through the Lightning Network.

Are there any limitations for Cash App users regarding Bitcoin Lightning payments?

Yes, there are some limitations for Cash App users regarding Bitcoin Lightning payments. Currently, this feature is not available in New York State, which means users in that region cannot send or receive BTC via the Lightning Network. However, for users in other states across the U.S., they can enjoy the benefits of instant transactions with other Lightning-enabled wallets.

What was the initial announcement regarding Bitcoin integration for Cash App users?

The initial announcement regarding Bitcoin integration for Cash App users was made in February when the company first introduced compatibility with the Lightning Network. At that time, users could only send BTC to other Lightning wallets. The recent update expanded this functionality, allowing users not only to send but also to receive Bitcoin payments, significantly enhancing the app's capabilities for its 40 million users.