Cash App Users Can Now Send Bitcoin for Free via The Lightning Network
In the next few weeks, a new era will emerge for peer-to-peer payments. Cash App will be rolling out Lightning Network integration for its users. It is confirmed that this feature will only be available for users in the United States at this time.
In Kate Rooney’s tweet, she includes a screenshot of Block’s announcement stating “Cash App customers in the United States will be able to use the Lightning Network to send Bitcoin for free to anyone, anywhere in the world, within seconds.”
Block CEO Jack Dorsey has always been vocal about his commitment to providing Bitcoin related products for Square and Cash App users. He mentioned his interest in Lightning as early as 2019 and left his CEO role with Twitter at the end of 2021 to work full-time on Bitcoin with Block.
How Does it Work?
With Lightning integration, bitcoin spends can be made practically free and instant. Lightning payments are generally suitable for lower value purchases and quick transfers of funds to friends and family.
If you are a U.S. citizen and have a Cash App account, there will be an option to send your purchased Bitcoin via the Lightning Network. The person or merchant you wish to send money to must request the funds by sending you a Lightning invoice. An invoice may be generated with any compatible Lightning wallet no matter the location of the receiver.
Once the invoice is received by the user, they may copy and paste the invoice into their Cash App and select to send the funds. Funds should be available to the receiver within a seconds.
The integration is rolling out to users in batches. Those who do see an option in their Cash App account are not yet eligible at this time.
Innovation is Not Dead in the U.S.
By allowing Cash App users the option to send funds for free and instantly worldwide, Block is providing more incentives for their users to begin using Lightning. Dorsey is one of the few CEOs in the payments space that is allowing the U.S. to benefit from Lightning Network development.
Strike CEO Jack Mallers is also spearheading the Lightning boom by allowing users in the U.S., El Salvador, and most recently Argentina to utilize these innovations. With Dorsey and Mallers, the U.S. is once again able to lead by example for other nations to adopt Bitcoin and Lightning.