- Users can now send and receive bitcoin at the speed of lightning using Cash App.
- Additionally, a user can send Bitcoin to any $Cashtag for free.
- Cash App now supports both send and receive over the Lightning network.
Transferring cryptocurrencies has never been this fast. According to “Documenting Bitcoin”, Bitcoin users can now transfer their tokens using Cash App. Customers will now be able to send Bitcoin faster with no complications thanks to this connection, the company said on Tuesday.
According to the product lead Michael Rihani, Cash App is meant to be an open app containing a money tab, which is Bitcoin in this use case. The App also has an option where users can share the app using a “share QR code” link making the application easier to transfer and use.
Additionally, a user can send Bitcoin to any $Cashtag for free, right from Cash App. The user just has to toggle from USD to BTC by tapping “BTC” or “USD” on their app`s home screen. They then have to enter at least $1 and tap Pay from the home screen.
The last step to let them pay is typing the recipient`s unique $Cashtag, current phone number, or email address and pressing Pay.
Following a blog post on their platform, the minimum amount per transaction to a $Cashtag is 0.00001 BTC or 1,000 sats (Satoshis).
For a withdrawal to be processed at the Standard withdrawal speed, a user must withdraw at least 0.001 bitcoin. There is no minimum withdrawal amount for priority and rush withdrawals according to the blog.
The Cash App emphasizes the benefits of this system, adding that unlike theirs, whose name is intended to reflect its quicker capabilities, ordinary Bitcoin network transactions might take some time to process and incur greater costs.
Some individuals however have given out their feedback stating that the App does not work normally in some countries.
Michael adds that Cash App now supports both send and receive over the Lightning network. This works as long as the other wallet supports the network.
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