According to Michael Rihani, “You can now receive #bitcoin instantly via the Lightning Network in @CashApp.”
CashApp now supports the Bitcoin Lightning Network, enabling its over 40 million users to make transactions using the network.
The company’s product lead, Michael Rihani, announced this development in a tweet.
CashApp also added a new page to its support section stating that users can now send and receive Bitcoin using the Lightning Network.
This new feature will allow Bitcoin transactions to be made on the faster and more efficient Layer-2 protocol. Also, users can perform transactions with little to no fees.
CashApp had previously supported Bitcoin transactions on the Lightning Network. But this was limited to invoice payments. Users were able to achieve this by scanning Lightning QR codes. With the new feature, the Lightning Network will handle all CashApp transactions requiring QR codes.
This new CashApp feature has a transaction limit of $999 every seven days. However, there is a higher limit for Bitcoin deposits. The platform allows users to deposit up to $10,000 worth of Bitcoin every seven days. Currently, this service is available to users in the United States, excluding New York residents.
CashApp also requires Bitcoin users to fill out a tax form after every deposit for in-app accounting purposes. This is done at a 2% transaction cost. Also, users can automatically invest a part or all of their deposit using the “Paid in Bitcoin” feature with no fees attached.
