Cash APP Announces 'Paid in Bitcoin' and Ability to Round Up in Bitcoin

Cash App, a peer-to-peer payment system run by block, will allow users to invest a portion or all of their direct deposit into Bitcoin for no extra cost in an announcement made by the app’s Bitcoin lead Miles Suter. 

Suter announced the new feature called “Paid in Bitcoin” at Miami Bitcoin 2022, an annual conference focused on just that: Bitcoin. In addition to being able to invest in Bitcoin, users will also be able to round up their debit and credit card payments into bitcoin and receive payments through the Lightning Network. 

The Lightning Network is a layer 2 payment protocol system layered on top of the Bitcoin blockchain allowing instant payments across the network. 

Cash App, operated by Jack Dorsey, Twitter founder and former CEO, is one of the world’s most popular payments apps for transferring money whether that be sending or receiving. In 2018, they allowed users to buy, sell and withdraw Bitcoin for no additional fees, showing they have been in the crypto game for a while. 

"We believe that bitcoin is the world's best digital, sound money period," Suter said. "We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people."

One of the main goals of the app is to give more access to people transferring money and more access to people interested in Bitcoin.

"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."

Sutter also announced the Cash App will be introducing single QR codes, designed to reduce the need for users to decipher which network they are on for transactions. 

Lastly, let’s talk about the round up feature. The ability to round up payments into Bitcoin is a great way for users to avoid market volatility by dollar-cost-averaging into Bitcoin in the form of pocket change. For example if your transaction ends with a charge of $.75, you would be able to make that 75 cents into a whole dollar with the additional 25 cents going into Bitcoin. 

Over the course of weeks, months and years, that additional cash into Bitcoin could really add up. 

Author: Tyler Irvin

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