You can pay with Bitcoin on the Cash app

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You can now send and receive bitcoin on cash app, the payment processing mobile application. The app uses the Bitcoin Lightning Layer-2 protocol to process lightning-fast transactions on and off the Bitcoin blockchain. Additionally, the update adds a cryptocurrency feature not available on Cash App’s rival mobile payment platform, Venmo, where you cannot pay with Bitcoin. Here is everything you need to know about the Bitcoin on Cash app.

There is a weekly limit of $999 for Bitcoin on Cash App.

Cash App users can send and receive up to $999 worth of Bitcoin per week anywhere in the United States. Unfortunately, this feature is not available to residents of New York State. Additionally, users can deposit up to $10,000 in Bitcoin weekly and receive an in-app tax form.

The developers first added functionality for Bitcoin on Cash App in 2018, enabling cryptocurrency trading for users on the platform. According to Cointelegraph, more than 80% of Cash App’s $12.3 billion revenue came from Bitcoin transactions. The app charges a 2% transaction fee when users send or receive cryptocurrency.

As mentioned, the The app uses the Bitcoin Lightning Layer-2 network for nearly instant cryptocurrency transactions. Although, the Lightning Network recently ran into trouble when a user sent a malicious transaction that disabled the services.

A single bad transaction destroyed part of the Lightning Network.

CoinDesk Reports twitter user @brqgoo, who goes by the name “Burak”, briefly caused the Lightning Network to reject new channels. However, the developers quickly fixed the network. Burak bragged about breaking the Lightning Network in a series of encrypted tweets.

“As a bitcoin wizard, I recently discovered the dark side,” Burak wrote. I invoked the theory of chaos law in the name of darkness to keep balance. In a followBurak claimed he just broke the network for fun and would do it again if he could.

There have been no reports that the Lightning Network attack has affected Bitcoin on Cash App. However, it demonstrates how easily bad actors can completely disrupt the ecosystem. Since the explosion in popularity of blockchain technology, hackers have used every possible exploit to steal as much crypto as possible. Hackers stole over $3 billion in cryptocurrency in October alone, more than double what they stole in October 2021.

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