Cash App Expands Lightning Network Integration, Allowing Users to Send, Receive, and Convert Bitcoin Easily

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Cash App Expands Lightning Network Integration, Allowing Users to Send, Receive, and Convert Bitcoin Easily

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Cash App has expanded its integration with the Lightning Network, making it possible for users in the U.S. (excluding those in New York) to send and receive funds through Lightning wallets. The Lightning Network is a second layer to the main Bitcoin network that introduces micropayment channels, addressing the scalability issues of the initial blockchain design. Currently, the Bitcoin network processes only five transactions per second, whereas Algorand's network boasts 6,000 TPS. However, according to a blog post by Bitpay, Lightning Network can allegedly handle up to 1,000,000 transactions per second, bringing it to the level of Visa's tens of thousands TPS. Cash App initially allowed users to send BTC to other Lightning wallets earlier this year but now also enables them to receive BTC. In addition, Cash App introduced several free features in April, facilitating the conversion of paychecks into Bitcoin and the rounding off of debit and credit card payments into Bitcoin.