Bitcoin Lightning Network goes live on Cash App

February 8, 2022 Coin Telegraph

App

Cash App mentions that the Lightning Network feature is not available to users located in New York.

Mobile payment service Cash App revealed that Lightning Network can now be used to transfer Bitcoin (BTC) through its app. With the new feature, its users can send their BTC to any Lightning or on-chain BTC address.

Lightning Network is now available on Cash App. It's the fastest, free way to pay anyone in bitcoin.

Buy tacos, tip your favorite Twitter comedian, or send a friend money abroad—anywhere that accepts lightning. pic.twitter.com/65TXSJ6yL6
— Cash App (@CashApp) February 7, 2022

A few weeks ago, the company announced through a notification within the app that it has integrated the Lightning Network. Now, its users can finally use the feature and utilize the benefits that the Bitcoin Lightning Network brings into everyday BTC transactions.

To use Lightning Network on Cash App, users need to scan a Lightning QR using their cameras, confirm the details of the payment and tap on pay.

The Lightning Network, sometimes called Lightning or LN, is a layer-2 solution that brings scalability to Bitcoin. Lightning eases the load on the Bitcoin blockchain by creating a separate network where users transact and creating minimal engagements with the Bitcoin blockchain to lessen fees and speed up transactions.

While many users rejoiced that they are able to use the Lightning Network feature through their Cash App, some could only watch. As the firm mentioned a few weeks ago, the feature will be available everywhere in the United States apart from New York. “At this time New York residents aren’t eligible for Lightning,” Cash App tweeted.

Twitter user notgrubles disagreed. According to him, users in New York are still eligible if “they run their own LN node.” Because of the decentralized nature of Bitcoin Lightning Network transactions, it can be used by anyone regardless of their location outside of Cash App. ProofofBrain, another user, also supported this sentiment by tweeting:

This is what makes bitcoin + LTN so special. Flank the regulators.
— Proof of Brain (@ProofofBrain_) February 8, 2022

Cash App is a service developed and operated by Block Inc., a company founded by Jack Dorsey. Back in 2021, Dorsey stepped down as Twitter's CEO. While he mentions that stepping down is a way to give the company freedom from the founder's influence, many speculate that the move means that Dorsey will spend more time on Bitcoin.

Digital Yuan Wallet Ranks Among Most Downloaded Apps in China

January 12, 2022 Bitcoin.com

CBDC wallet tops mobile app store charts in China

January 10, 2022 Coin Telegraph

App

The pilot version of China’s official digital yuan wallet app has become the most downloaded app in local mobile app stores.

The official digital yuan wallet app that was released as a pilot version to be used in select cities has still managed to top app store charts in its first week.

Developed by the Digital Currency Research Institute of the People’s Bank of China (PBoC), the app became available for download on Chinese Android and Apple app stores last Tuesday.

The app is still in an experimental phase and is only accessible to select individuals through authorized e-CNY service providers. While anyone in China could download the app, its usage is limited to select cities.

Despite these limitations, the South China Morning Post reported that e-CNY managed to become the most downloaded app on Apple’s App Store one day after its launch, surpassing Tencent’s super app WeChat. It was dethroned by video-sharing app Kuaishou on Saturday.

The app enjoyed similar success in Xiaomi’s mobile app store, a popular platform for Chinese Android users. It topped the list within a day before falling to the second spot on Monday according to market researcher Qimai. The app ranked 43rd on Huawei’s mobile store on Monday, jumping 10 spots in a day.

After years of development, China started digital yuan pilots in April 2020 and since has become a pioneer in central bank digital currency (CBDC) development, to the point where the country plans to enable CBDC payments at the 2022 Winter Olympic Games in Beijing, scheduled for next month.

The digital yuan even became a topic of debate for several United States senators, who have signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the event.