A major mobile phone application known for processing payments has made a major announcement. The application has announced that it has adopted the Lightning Network for the fastest transactions.
CashApp’s Major Announcement
On October 25, the officials at CashApp announced that they had tapped a partner with Bitcoin Lightning to offer a new utility to their users.
CashApp is a major application that has been created by Block Inc. The company has announced that they have added more support for users when performing transactions.
The support has been added in the form of the Bitcoin Lightning Network. Through the new functionality, the users would find it easier to send and receive Bitcoin via CashApp.
Benefits of the Lightning Network
The users would now have access to a much faster transaction processing platform that is based on the layer-2 protocol.
If any platform wants to achieve near-instant processing times for small transactions, then it is the Lightning Network that wins the competition. Technology is considered the very ideal for such transactions.
The Bitcoin blockchain is much slower when it comes to competing with the Lightning Network. On the Bitcoin blockchain, it can take from several minutes to multiple hours to process the transaction.
However, the Lightning Network makes things much easier for the users letting the users perform near-instant transactions.
CashApp was used for the Lightning Network
According to the previous claims, CashApp was already using the Lightning Network for the processing of Bitcoin transactions.
However, these transactions were capped by the CashApp developers, which means that the Lightning Network was not used by the payment processor entirely.
The situation seems to have changed now because CashApp has fully adopted the Lightning Network.
In the past, CashApp has allowed users to make payments for invoices as they can do it through the Lightning QR codes. They can simply scan the code in order to execute the transaction.
Following the announcement, any transaction processed through the CashApp would take place through the Lightning Network by default.
However, the users would have the freedom of setting up a different (available) payment method they would be able to set as a default one.
The team has communicated that although there is no limit on the utility there would be a limit on the transaction amount.
The users using the new feature would be able to use it for up to $999. The limit would reset every seven days.
For now, the service would be available to users based in the United States. However, the service will not be available for users based in New York.