In an interview with Stephan Livera, CEO of Twitter and Square Jack Dorsey made it clear that the Bitcoin Lightning network will come to Square’s Cash App. An exact time frame was not mentioned though Dorsey mentioned that Square is working on speed and efficiency.
It’s not an ‘if,’ it’s more of a ‘when,’ and how do we make sure that we’re getting the speed that we need and the efficiency.Jack Dorsey, co-founder and CEO of Twitter, founder and CEO of Square
Jack Dorsey and Square are not new to the Bitcoin space. In 2014 Square integrated Bitcoin into their Cash App. As a result, thousands of merchants were instantly able to be paid via Bitcoin. Although the bitcoin was instantly converted to US dollars for merchants, this feature was still a major step forward for Bitcoin adoption.
Square’s Cash App already has over 7 million monthly active users. In January of 2018, Square launched buying and selling of bitcoin in their Cash App. This enabled yet another way for ordinary people to quickly and easily buy bitcoin…something that many people have had trouble doing. It also provided a nice alternative to Coinbase which many Bitcoin users try to avoid using.
Bitcoin Lightning Network Growth
Recently Jack Dorsey has also taken part in the Bitcoin Lightning Torch challenge. The challenge accentuates the capabilities of the Lightning network by passing along bitcoin to Twitter users via Lightning invoices. The amount of bitcoin passed along is small and proves Lightning’s usefulness for micropayments. Already, it has been passed around to more than 175 users and even garnered comments from celebrities like William Shatner.
Each day the Bitcoin Lightning network grows larger, stronger and more reliable. It now has over 5,000 nodes and nearly 25,000 channels. The proof that it enables micropayments and streaming payments has already been shown. Perhaps integration with Square’s Cash App will launch Lightning network usage to a whole new level.