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Top Crypto News Today: Bitcoin Transfers Available On Jack Dorsey’s Cash App Using The

Twitter is THE space for any crypto conversation, trending news or raising a query regarding any transactions of any crypto enthusiasts. It came as no surprise when back in April 2022, Block, a company run by ex-CEO of Twitter, Jack Dorsey announced that a ‘Paid in Bitcoin’ feature via the Bitcoin Lightning Network is soon to be launched on the Cash App. While the company had integrated Lightning to the app in February, users could only send Bitcoins via the network and not receive them. A followed up upgrade is what today’s news is all about!

According to Cash App Bitcoin Product Lead Michael Rihani’s Tweet, the users of the Cash App can now not only send Bitcoin but also receive Bitcoin using the Lightning Network.

What is Lightning Network?

In simple terms, the Lightning Network is a “second-layer solution” that helps in speeding up transactions, while reducing costs, by routing the transactions through other channels without needing to use the main Bitcoin blockchain. The Lightning Network later gets to settling those transactions. It is basically a scaling solution that attempts to address two of the main issues with Bitcoin; its slow transaction speeds and its high transaction cost.

What is the difference between Lightning and Bitcoin Network Transactions?

The main difference between Lightning and Bitcoin Network transactions remains in the scalability of the transactions and the fess involved. While the Lightning Network is most definitely the faster and cheaper way to send and receive bitcoin transactions; the Bitcoin Network (On-Chain or using the blockchain for transactions) takes more processing time.

With the Lightning Network, there is typically little to no fees involved, while with transactions taking place via the Bitcoin Network, there may be some fees involved. Along with that, all transactions via the Lightning network are almost instant, while all transactions through the Bitcoin blockchain can take upto several hours to process.

Read more: Top Crypto News Today: Bitcoin Transfers Available On Jack Dorsey’s Cash App Using The Lighting Network

Read More: Top Crypto News Today: Bitcoin Transfers Available On Jack Dorsey’s Cash App Using The

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