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Cash App now supports Lightning Network for fast bitcoin payments

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Cash App, the popular mobile payment service, now supports Lightning Network. This means that Cash App users can now send their bitcoin (BTC) via Lightning Network. The company announced this via Twitter on February 7.

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Lightning Network is a so -called layer-2 network for Bitcoin. Bitcoin can only process about 7 transactions per second, a major stumbling block for the blockchain network . Lightning makes it possible to process transactions off-chain and to bundle these transactions. This allows users to send bitcoins much faster and cheaper.

Lightning BTC for Americans

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Cash App is one of the most popular payment apps for the American public. This implementation can therefore provide a significant boost in the use of Lightning Network and the adoption of Bitcoin. However, it is not (yet) accessible to all Americans. New Yorkers don’t have access yet because of the infamous Bitlicense.

Block (formerly Square), the developer of Cash App, is the payments company of former Twitter CEO Jack Dorsey. Block actually announced a month ago that Lightning Network was being added, but afterwards it turned out to be for a small number of users. Now the layer-2 scaling solution has been officially added for (almost) all US users.

To use Lightning Network, Cash App users need to scan a so-called Lightning QR code. The Cash App’s Twitter account reports that it takes less than 5 seconds to send BTC this way, and at no cost.

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The use of Lightning increased sharply in 2021. The capacity grew by about 10% every month and the volume even increased by 20%. Recent research therefore estimates that by 2030 Lightning Network will have as many as 700 million users. The number of Lightning nodes also increased significantly in 2021 with a growth of 20% in the last three months of the year.

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