One of the largest steps towards mass adoption is here with Cash App Lightning Network integration.  Covered: You Can Now Send Bitcoin For Free On Cash App Lightning Network TVL To Skyrocket You Can Now Send Bitcoin For Free On Cash App Cash App, headed up by the eponymous Jack Dorsey has finally brought the […] The post BREAKING: Lightning Goes Live On Cash App, Sending Bitcoin Is Now Free appeared first on CryptosRus.

BREAKING: Lightning Goes Live On Cash App, Sending Bitcoin Is Now Free

One of the largest steps towards mass adoption is here with Cash App Lightning Network integration. 

Covered:

  • You Can Now Send Bitcoin For Free On Cash App
  • Lightning Network TVL To Skyrocket

You Can Now Send Bitcoin For Free On Cash App

Cash App, headed up by the eponymous Jack Dorsey has finally brought the Lightning Network to Cash App. Through their official Twitter, the announcement was just made. This will allow users to send bitcoin, spend bitcoin and even buy bitcoin in a decentralized, free, and fast.

Cash App, founded in 2013 is sure to bring immense adoption to bitcoin. In 2021, Cash App generated “$5.9 billion revenue in 2020, a 353 percent increase year-on-year, primarily from Bitcoin trading.” There are currently over 36 million monthly active users and 100 million downloads. This is over 4.5 times over monthly users than Coinbase.

They also have a debit card that has over 7 million holders as of year-end 2020. 76 percent of Cash App revenue comes from Bitcoin. This is only set to skyrocket in light of adding lightning. 

The Lightning Network is the pre-eminent bitcoin layer 2 solution. “While other ways to send bitcoin can take up to 10 min and charge fees, Lightning lets you send BTC to any compatible wallet in the world in less time than it takes to tie your shoes — and free.” 

screenshot from cash app

Adding this decentralized layer to Cash App puts them far ahead of other competitors. Even Coinbase does not support Lightning Network. Neither does Binance. This move will likely skyrocket the total-value-locked on the Lightning Network and thus could greatly impact the price of bitcoin.

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Lightning Network TVL To Skyrocket

Currently, there is just $151 million TVL locked in Lightning, far less than many other chains in terms of layer 2’s for scaling.

credit: defillama

On the Twitter post with the announcement, hundreds are dropping their cash tags (cash app addresses) and are saying they are going to test it out. In many ways, this could bring the most adoption to bitcoin we have ever seen. Why? Because lightning is free and fast–this was always a bottleneck for bitcoin.

While Jack Dorsey is a maximalist focused solely on bitcoin, this is no doubt an incredible achievement and development for the entire crypto asset class.

Recommended: Twitter set to integrate Bitcoin’s Lightning Network

The post BREAKING: Lightning Goes Live On Cash App, Sending Bitcoin Is Now Free appeared first on CryptosRus.