Bitcoin Lightning is Live on Cash App
Frens, Block's payments app Cash App has officially integrated Bitcoin's Lightning Network. I wrote a post about this not too long ago but it is now officially live.
Free and Instant Bitcoin transfers
Like most cryptocurrencies, Bitcoin transactions are not free. Every time a transaction happens, the sender pays a miner fee. This is because the Bitcoin blockchain is a proof of work blockchain meaning transactions are verified by people that are mining. The bitcoin blockchain is the OG and it will always be the most well known. 2 major problems using BTC for regular transaction like paying for coffee is that you'll pay a miner fee on top of your purchase (easily double or triple the cost of your coffee) and the transaction is going to take time to confirm. Let's just say 10 minutes. So you paid $8 for your $2 coffee and had to wait an additional 10 minutes for the transaction to confirm and get your coffee. Not a great experience for the business or the user. Enter Bitcoin Lightning Network.
The Lightning Network is a sort of layer 2 solution for BTC transactions. Similar to how Ethereum has many different layer 2 solutions like arbitrum and polygon. Lightning Network allows users to transact tiny amounts of BTC from one user to the next instantly and for little to no fee. This is absolutely necessary for countries like El Salvador that want people to pay for every day things in BTC. Jack Dorsey's focus after retiring from Twitter has been to make BTC more usable for every day life. This integration of Lightning Network is a big step toward that. Now, the millions of cash app users can send bitcoin anywhere in the world instantly and for free. It does not support receiving BTC yet but that will come. Imagine using a bank wire transfer when this is an option.... It literally makes no sense.
the push to mainstream usage is strong
This is yet another giant leap toward a world where BTC can be used for every day transactions. As another user pointed out previously, this could also serve as a bridge between Hive and cash app once receiving via lightning network is enabled. The possibilities are endless and I'm just glad to see the push continues forward for mainstream usage of crypto. What do you think?
Thanks for reading. Much love.