CashApp Accepts Users to Invest their Earnings in Bitcoin

CashApp, one of the world’s most popular payment applications, has announced integrating a new feature that will allow its users to convert their paycheck to Bitcoin (BTC) automatically.


While it is a traditional fintech outfit operated by Jack Dorsey’s Block Inc, CashApp comes off as one of the first mainstream payment apps to support Bitcoin since 2018.

The ‘Paycheck-to-Bitcoin’ feature integration comes as the platform’s way of re-energizing its support for BTC across the board.

“We believe that bitcoin is the world’s best digital, sound money period,” said Miles Suter, Crypto Product Lead at CashApp. “We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people.”

While this new feature is billed to come in handy to every of the app’s users, Suter also confirmed that the platform has also launched an integration with the Lightning Network, a provision that will easily let its users receive Lightning Network transactions, a provision that compliments earlier allowance CashApp introduced back in January that lets its users receive payments via the Lightning Network.

“To make Bitcoin even more universally accessible, we’re announcing Lightning receives,” said Suter. “In the coming months, you’ll be able to receive bitcoin over the Lightning Network with no block confirmations needed.”

Cryptocurrencies, particularly Bitcoin, are going mainstream, and top payment firms are actively exploring avenues to offer their users more value in this regard. Beyond CashApp, PayPal is also broadening its support for Bitcoin and has provided a way for its users to buy a limited range of digital currencies, including Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) respectively.

While PayPal launched its crypto trading services relatively later than CashApp, it has since extended the service to the United Kingdom in an aggressive push under CEO Dan Schulman.

Beyond these top fintech outfits, other notable payment companies, including PayPal-owned Venmo, also extend their capabilities to bring Bitcoin payments to their users. With the traction recorded in the fintech space thus far, Bitcoin payment integration will be a trend that will span into the foreseeable future.

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Block’s Cash App to Allow Free Bitcoin Transactions With Lightning Network

Block, formerly known as Square, owned Cash App will now allow U.S. users to send bitcoin for free globally following its integration with the Lightning Network. - 2022-01-19T104120.085.jpg

The rollout of the feature had already begun prior to the announcement, and the company has said that the rollout is expected to complete over the coming weeks for all U.S. cash App users.

Following a full-fledged rollout, Cash App users will be able to send bitcoin internationally to any external compatible wallet, including self-managed wallets such as Chivo Wallet, BlueWallet or Muun Wallet. Users will also be able to send bitcoin to any merchant that accepts Lightning Network payments with zero fees. 

Although the feature has not gone mainstream, a few merchants in the U.S. have already begun to accept Lightning payments by allowing customers to order a pizza over the Lightning Network or buy gift cards.

According to Cash App, Lightning Network’s speedier capabilities is advantageous over the typical Bitcoin network transactions, which take time to process transactions and see higher fees.

Also, Lightning Network’s transactions also take place independently off the blockchain (off-chain), which helps reduce the fees, time and energy usage that would otherwise be involved. But the Lightning Network will still benefit from the blockchain’s technology and decentralization, as the transactions taking place on the network are later consolidated and recorded to the main Bitcoin blockchain.

On January 14, 2022, reported by Blockchain.News, Block will begin mining bitcoin with its mining system based on custom silicon and open source for individuals and businesses worldwide.

Block’s co-founder Jack Dorsey first suggested the idea on October 15, 2021, saying mining needs to be more distributed and efficient.

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Block Allows Cash App Users to Gift Bitcoin for the Holidays

This holiday season, Cash App users will be able to gift both crypto and stock to other users of the app. - 2021-12-15T112601.673.jpg

“With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don’t need to own stock or bitcoin to gift it.” Cash App said via its official Twitter account.

The app, owned by Digital payments company Block – formerly called Square, joins other services like Stockpile, PayPal and Coinbase in allowing users to gift stocks and cryptocurrencies to third parties, respectively, but Cash App notes this is the first time such features have been offered in a peer-to-peer payments app.

Block also noted that Cash App users can now choose to split bills and repay friends by sending them stocks or bitcoin, not just cash.

On Nov 5, 2021, Blockchain.News reported that Cash App generated $1.82 billion in Bitcoin revenue and $42 million in Bitcoin gross profit in the third quarter of 2021, both increased 11% and 29% year-on-year.

The feature may potentially encourage more users to start investing and become owners of stocks or bitcoin via Cash App.

Blockchain.News reported on Dec 2, 2021, that Square Inc, initially a credit card-reader business, renamed itself as Block Inc as it plans to broaden its services towards blockchain, music, and cash transfers.

The name change of the payments giant co-founded by cryptocurrency fanatic Jack Dorsey – who quit as the CEO of Twitter – was effective from Dec 10.

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Bitcoin (BTC) $ 41,294.06 3.84%
Ethereum (ETH) $ 2,214.76 2.46%
Litecoin (LTC) $ 72.65 1.12%
Bitcoin Cash (BCH) $ 247.74 8.79%