1 year ago
There is simply a bounds of $999 each 7 days for BTC transactions connected the Lightning Network.
According to a new page added to its enactment section on Oct. 25, Cash App — a mobile telephone outgo processing app created by Block Inc. — has added enactment for transactions via the Bitcoin Lightning Network. The caller diagnostic allows Cash App users to nonstop and person Bitcoin (BTC) connected the faster, much businesslike layer-2 protocol. Lightning is perfect for tiny transactions, with near-instant processing times, compared with the minutes to hours required connected the Bitcoin blockchain.
Cash App had already supported Bitcoin transactions connected the Lightning Network successful a constricted capacity, with users constricted to paying for invoices via scanning Lightning QR codes. Now, each Cash App transactions involving QR codes volition default done Lightning unless different specified. This caller diagnostic has a transaction bounds of $999 each 7 days and is lone disposable to United States customers, excluding residents of New York state.
Cash App archetypal implemented BTC trading successful 2018 and soon became immensely fashionable successful the U.S. and United Kingdom for Bitcoin transactions. Last year, 81% of the app’s $12.3 cardinal successful gross came from Bitcoin. The app has much than 44 cardinal monthly progressive users.
Users tin deposit $10,000 worthy of Bitcoin each 7 days and are provided a taxation signifier for in-app accounting purposes. It is besides imaginable to automatically put a information oregon each of one’s nonstop deposit into Bitcoin by utilizing the “Paid successful Bitcoin” diagnostic with nary fees. Otherwise, regular transaction fees are typically astir 2%.
As Cointelegraph antecedently reported, the Lightning Network presently has astir 87,000 outgo channels and 4,570 BTC locked in. However, adoption has been somewhat slow, with the fig of coins connected Lightning representing a tiny fraction of the 19 cardinal BTC presently successful circulation.
This diagnostic is presently disposable to Cash App customers successful the United States, but residents of New York State.
— Michael Rihani⚡️ (@MichaelRihani) October 25, 2022
English (US) 