(Cointelegraph) Block Inc.’s Cash App now supports the layer-2 scaling Lightning Network for fast transfers of Bitcoin.
Following the integration, Cash App users can send Bitcoin to any Lightning or on-chain BTC address.
The integration is expected to bring scalability to Bitcoin, with LN known to ease the load on Bitcoin blockchain by building a separate network where individuals can transact faster at low costs.
Users will be required to scan a Lightning QR with their camera, then confirm details before taping to pay.
The new features will be used throughout the US except New York where users will be required to run their own LN node if they are to enjoy the service.
Lightning nodes create payment channels with each other, with Bitcoin as the mode of payment. Upon completion of transactions, the channel balance is reflected without the need to show it on chain, thus creating a second layer on top of the Bitcoin network for scalability.
BTCUSD is currently down -1.09%.
