Users of Cash App in the United States will now have a choice to convert a portion of their direct deposits into Bitcoin.
Paid in Bitcoin Feature
As of now, customers of popular mobile payments service, Cash App who are looking to invest in Bitcoin will soon gain the benefit of a new feature called ‘Paid in Bitcoin’. Product Lead at Cash App, Miles Suter made an announcement, explaining that once enabled by the user, what this feature does is that it automatically takes a part of direct deposits from users and then converts it into the relevant amount of Bitcoin, according to the conversion rate.
No Charges and Wide Cut Range
According to Miles, this feature is only available for those users who posses an active VISA Debit Cash card operating their account on the service and the best part about this is that this feature is completely free of cost and has no additional charges. Users of the feature will be provided with a choice to set a percentage of the portion that needs to be converted from the amount they directly deposit in their account. The percentage falls in the range of 1% to even 100% for those interested accordingly, with the ability to change this threshold at any time they desire.
More Features
Alongside the ‘Paid in Bitcoin’ feature, came two more additional features which were introduced by the service. Cash app mentioned that in the coming time, users of Cash Capp will have the ability to round up their transactions completed using Cash Cards to the nearest dollar rate and then the leftover change will then be converted into the cryptocurrency they desire.
Connecting to the Lightning Network
A couple of months ago, Cash app announced a partnership with the Lightning Network, which is sort of a Layer 2 Bitcoin protocol that enables quick and cheap cryptocurrency transfer between users, by taking away said transactions away from the main layer, letting users to transfer crypto to any wallet that is connected to the Lightning Network.
With this integration, Cash App users in the US (excluding the state of New York) will be able to move Bitcoin using the Lightning network. The service has claimed that this new feature will reduce transactions times to nearly instant, compared to previous systems that took almost horrible 10 minutes to process a transfer.
James Thompson