There is a limit of $999 every seven days for BTC transactions on the Lightning Network.
According to a new page added to its support section on Oct. 25, Cash App, a mobile payment processing app created by Block Inc., added support for transactions through the Bitcoin Lightning Network. New feature allows Cash App users to send and receive Bitcoin
BTC
dial down
$21,247
to the faster and more efficient Layer-2 protocol. Lightning is ideal for small transactions, with near-instantaneous processing times, compared to the minutes or hours required on the Bitcoin blockchain.
Cash App already supported Bitcoin transactions on the Lightning Network to a limited capacity, with users limited to paying bills by scanning Lightning QR codes. Now all Cash App transactions with QR codes go through Lightning by default, unless otherwise specified. This new feature has a transaction limit of $999 every seven days and is only available to US customers, excluding New York State residents.
Cash App first implemented BTC trading in 2018 and quickly became very popular in the US and UK for Bitcoin transactions. Last year, 81% of the app’s $12.3 billion in revenue came from Bitcoin. The app has more than 44 million monthly active users.
Users can deposit $10,000 worth of Bitcoin every seven days and receive a tax form for accounting purposes in the app. It is also possible to automatically invest part or all of a direct deposit in Bitcoin using the “Pay in Bitcoin” feature at no cost. Otherwise, regular transaction fees are usually around 2%.
As Cointelegraph previously reported, the Lightning Network currently has around 87,000 payment channels and 4,570 BTC locked. However, adoption is somewhat slow, as the number of coins in Lightning represents a small fraction of the 19 million BTC currently in circulation.
