Cash App Officially Launches BTC Lightning Network

Cash App Officially Launches BTC Lightning Network

The Bitcoin Lightning Network will enable much faster transactions to any on-chain address on the mobile payment app.

Also known as the L2 payment protocol, the Bitcoin Lightning Network has been advertised as the solution to BTC scalability issues. It is based on a P2P (peer-to-peer) system so transactions require less gas, ensure privacy, and make them much faster.

While Jack Dorsey’s Cash App has been a major success since 2018, it still needed lesser transaction fees to be used as a viable substitute for other payment methods.

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Earlier last month, multiple users of the Cash App received a message that the Lightning Network was enabled on the platform. However, it wasn’t officially live until February 7th, and, now, users are able to send funds to Lightning or BTC addresses.

With that being said, New York residents won’t be able to use the Lightning Network for undisclosed reasons. However, some users on Twitter claimed that people from NY can actually run the BTC Lightning Network by enabling a personal Lightning Network node with the right equipment.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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