Cash App plugged into the Lightning Network: transfer bitcoins at the speed of light
Love at first sight for Bitcoin – The transfers of money between individuals and micropayments are a colossal challenge for the coming years. Currently, in the hands of a few multinationals using and abusing their monopoly, the sector is on the cusp of major changes. Diaspora scattered around the world, population unbanked or ultra-connected youth, payments via smartphones and cryptocurrencies represent the future and even the old world is becoming aware of it. block and its application Cash App have already understood it, they even accelerate the movement by putting the power of the Lightning Network at the service of everyone.
Cash App, this payment app that loves Bitcoin
Block Inc. is a company founded by the former CEO of Twitter, Jack Dorsey. The latter has become one of the darlings of crypto fans around the world after his repeated declarations of love towards Bitcoin and cryptos. And from words to deeds, there is only one step that the little genius of Saint-Louis has taken cheerfully.
He created the company Square in 2009 –renamed Block Inc. – which specializes in mobile payments and has since multiplied projects around cryptocurrency. Web5 built on bitcoin eco-responsible crypto mining and more recently decentralized social network, Jack Dorsey is hard to follow.
Today is with Cash App that he is talking about him again. Founded in 2013, the application democratizes the concept of a username unique preceded by an “@” to identify a portfolio. Your name is “Jean-Pierre” and the domain name is free? You will be able to send and receive money using just the address @Jean Pierre. But the novelty of the day is the possibility of receiving bitcoins via the fastest network of the moment: the Lightning Network.
Send but above all receive satoshis on your smartphone
Planned since January of this year, the use of this second layer of the Bitcoin network was previously possible for sending money or paying bills via flash code. From now on, this solution will be adopted by default for all exchanges in bitcoins on the application. And it’s Michael Rihaniproduct manager at Cash App who announced it on Twitter earlier this week.
The idea is therefore to take advantage of small fees and some speed of the secondary network for democratizing payments in BTC. They will be limited to $999 for seven rolling days and will only be available to users American. And again, not for those who live in the state of New York. It will therefore be necessary to wait a little longer for the other customers, mainly British, before taking advantage of its new services.
Cash App is positioned as a potential leader in the Anglo-Saxon smartphone payment market and claims to date 44 million users. There is no doubt that other solutions will appear as technology advances and competition does not leave the company of Jack Dorsey alone in this niche. Incidentally, in this regard, we learned during the week that Twitter was planning to develop a crypto wallet system. Already an Elon Musk effect?
