Here’s How Bitcoin Transactions Are Supported On Cash App Through Lightning Network

Here’s How Bitcoin Transactions Are Supported On Cash App Through Lightning Network

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October 26, 2022 by Aishwarya shashikumar

The first cryptocurrency ever created, Bitcoin [BTC], went on to become more of a store of value than a payment method. However, it became much simpler to use Bitcoin as a payment method after the Lightning Network was included. The Jack Dorsey-developed Cash App has consistently supported Bitcoin throughout. The platform then continued to make transmitting and receiving the asset easier.

In February, the company made its initial announcement about integrating Lightning Network with Cash App. The platform has since stated how BTC can be sent or received via QR codes or URLs. This statement was made on Twitter by Michael Rihani, the product lead at Cash App.

You can now receive #bitcoin instantly via the Lightning Network in @CashApp! ⚡
– Open Cash App
– Money tab -> Bitcoin
– Share QR code or link
What do you think?
Try it by sharing your link below 👇 https://t.co/rg1BbzyLMB

Rihani added that only Cash App users in the US were presently able to use the feature. However, using the service would not be permitted for New York State citizens.

But for some users, this wasn’t functioning. Rihani confirmed that both iOS and Android users could access this upgrade. The most recent version of the software should be installed or updated, users were advised. In addition, he mentioned that users will also transfer BTC to other wallets. He further tweeted,

“Cash App now supports both send and receive over lightning. As long as the other wallet supports LN, you should be good.”

Due to the fact that Cash App initially only permitted users to send Lightning transactions and not receive them, this most recent update is thought to be highly important.

October: The Month Of Peaks For Bitcoin Lightning NetworkThe overall capacity that all Lightning Network nodes have is indicated by the term “Bitcoin Lightning Network capacity.” The capacity of the Bitcoin lightning network has been rising steadily. The achievement was made while the value of Bitcoin was falling. When BTC was attempting a rebound in the middle of this year, the capacity acceleration began. The lightning network continued to expand, supporting rising usage even when BTC’s price did not improve.

The capacity of Bitcoin Lightning has been at its highest point throughout October, as shown in the chart below.

At the time of writing, BTC was priced at $19,503.23 with a rise of 0.03%, over the last 24 hours.

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