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How To Send And Receive Bitcoins On The Cash App [Using Lightning Network]

how to send and receive bitcoins on the cash app [using lightning network]

Due to the advancement in technology, people no longer find the need to keep physical cash at hand but prefer storing their money online.

Cryptocurrencies such as; Bitcoin, Litecoin, Ripple, are a recent method of making profits online. You can engage in buy cryptocurrency when the exchange rate is low and selling them to clients when there is an increase rate.

As a means to facilitate trading processes amongst customers, Bitcoin and Cash App have merge together. Traders of Bitcoins can send and receive them on Cash app through the lightning network.

Cash App integrates with Bitcoin through a lightning network. A lightning network is a second layer technology that is applied to the bitcoin BlockChain and is intended to enable easy and faster transactions at a little course.

What is Bitcoin?

Before you can be able to send and receive bitcoins through lightning network on cash app, it will be wise to know what bitcoin and lightning network are.

Bitcoin is a widely recognized cryptocurrency that enables a peer-to-peer exchange of value digitally by using a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodical updated public transaction ledger called a BlockChain.

Bitcoin   is a digital money that allows for secure peer-to-peer transactions on the internet. Bitcoin operates on a decentralized financial system. This means that two people any where in the world can send and receive bitcoins from each others without involving a bank, government, or other financial institutions.

Bitcoin is also refer to as  BTC. It was created in 2009 and as of now, bitcoin is globally traded with over tens of billions of dollars.

Due to integration of  Bitcoin with Cash App, trading bitcoin is now easy and simple.

What Is Lightning Network?

Due to the extensive use of bitcoins in the world today, which has led to a lot of traffic in the blockchain, slowing down transactions time and increasing transaction cost, there is a need to ensure a quick and cheaper transfer.

For bitcoin to function as an effective currency in daily exchange, it has to posses the capacity to handle a significant number of transactions at a faster rate. This is for this reason that it has integrate to a centralized platforms like Cash App through a lightning network.

The Lightning Network  is a second layer for Bitcoin that uses micropayment channel to facilitate transactions and also reduce cost of transfer.

The lightning network help to solve the glitches associated with Bitcoin by introducing off-chain transactions. 

Note that Bitcoin was not design to be scalable. But due to it increasing popularity, leading to excessive used, there was a need to find a solution like integrating a lightning network to it. 

The lightning network opens up multiple channels and uses then to transfer Bitcoins, facilitating instant and simultaneous transactions. Some benefits of the Lightning Network are seen here---.

Below, we will be looking at how you can use the lightning network to send and receive bitcoins on the Cash App.

How To Send And Receive Bitcoins On Cash App? [Using Lightning Network] 

Cash App integrates Bitcoin, meaning that majority of Bitcoin transactions can be done through Cash App. Cash App  allows user to link up their bank account, meaning that it permit users to transfer money from their bank account to their Cash App Wallet.

How To Send Bitcoin Through Lightning Network On Cash App?

You can use Lightning Network to send Bitcoin on Cash App. Bitcoin lightning wallet app include; Muun, wallet of Satoshi, Phoenix and Cash App. These app already have the lightning network integrated.

To send Bitcoins, through the Lightning Network on Cash app,

  • Open your Cash App icon on your phone screen by tapping on it.
  • To open the Cash App home screen, tap the payment "$" tab.
  • Tap the QR Scanner on the top left hand corner of the screen.
  • Hold your camera over the lightning invoice QR   code to scam it.
  • Follow the prompts to confirm and pay the request.

How To Receive Bitcoin Through Lightning Network On Cash App?

To receive bitcoin with the Lightning Network, follow the steps below:

  1. Open Cash App by tapping the app icon on your android device.
  2. Tap the Money Tab on Cash app home menus.
  3. Tap the Bitcoin tile  bar.
  4. Next, tap the Airplane button.
  5. Tap Receive Bitcoin.
  6. Tap to enter the Amount (optional).
  7. Tap Share to Send your QR  code or Show your QR code to sender and then Scan.

Cash App has make it easy to send and receive Bitcoins through Lightning Network.

Frequently Asked Questions (FAQs) About Bitcoin

What is Meant by BTC?

BTC is an abbreviation for Bitcoin, which is a cryptocurrency.

Can I Used Lightning Network to transact Bitcoins on Cash App?

Yes, you can use cash app to transact bitcoins using a lightning network.

This means that you can request, send, receive, and withdraw bitcoins with others on Cash App.

What is the Difference Between Lightning and Blockchain Network?

  1.  The Lightning network is faster and cheaper to send and receive Bitcoins than blockchain. This is because, it has many micropayment channels that support multiple transactions.
  2. There is little or no fees involved for transactions through the Lightning Network and due to high traffic in the blockchain, the fee charge is high.
  3. Transaction through Lightning Network  are almost instant and less time consuming as compare to blockchain network which take several hours to process.

What are the Limits for Sending and Receiving on Cash App Using the Lightning Network?

With the lightning network, you can send or receive payment of up to $1000 in bitcoin every 7 days.

Can I use the same QR code to Make Payments Twice?

All payment requests through the Lightning network expire after 72 hours, and you will be unable to use the same payment request twice.

Do not make any payment using the same Lightning invoice QR code more than once. If you do so, it might result to you losing your funds.

Related Post:

  1. How To Add Money To Cash App Without Debit Card
  2. How To Cash Out On Cash App Using A Cash Card Or An External Bank Account

Final Thought On The Cash App And BTC Transactions 

Bitcoin is a widely recognized cryptocurrency that enables a peer-to-peer exchange of value digitally by using a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodical updated public transaction ledger called a BlockChain.

The Lightning Network  is a second layer for Bitcoin that uses micropayment channel to facilitate transactions and also reduce cost of transfer.

Through Cash App, you Send and receive Bitcoins using the Lightning Network instantly. This is because it has micropayment channels which makes transactions more faster.

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