Key Takeaways:
- Cash App will now allow Lighting Payments transactions.
- It was announced during the Bitcoin presentation.
- This feature will facilitate users in many ways.
In February, Cash App integrated Lighting Networking payments for its users and also processed small payments instantly and almost free of cost. However, in a presentation at Bitcoin 2022, the crypto product lead of Cash App, Miles Suter revealed a large number of bitcoin features that are to be added to their payments service.
Cash App is among the world’s most popular payment apps and has been in operation since 2018. During the presentation, Suter said that they believe that Cash App is like the financial app for all in America. Earlier, the app could not receive Lighting transactions even after the integration.
But now, Cash App is all set to allow its users to receive transactions as well. They are also introducing single QR codes. It will be available for both on-chain and Lightning Network transactions.
The reasons behind adding the new Lighting Network transactions features are:
- It will facilitate the allocation of daily earnings into BTC that will not be affected by inflation.
- It will help users adjust card payments and therefore will act as a strong sats-stacking technique. This feature will be beneficial to those who seek normal allocations of bitcoin that will be the average cost of the dollar.
“We’re starting to roll out ‘paid in bitcoin’. As far as I know, this is the largest deployment of a feature like this to date… With two taps you’ll be able to pick a percentage between one and 100 and boom, you’re done,” said Suter.
