Testing Cashappās new feature paying a bitcoin invoice from USD. Invoice created in Wallet of Satoshi. Paid as USD, received as bitcoin. Zero fees. Amazing š„š
Discussion
Where do I go in the app to pay the invoice with dollars?
From the main pay/receive page you can scan the invoice and then it lets you choose whether to pay from your Bitcoin or USD balances. If you want to paste the text invoice, you have to go into the Bitcoin tab in the app and do it from there. At least thatās the only way I could find to paste it
Itās not giving me the option to pay with sats Do you have the beta?
No Iām on the App Store version. Maybe itās still rolling out? They launched it on Thursday but I didnāt have the feature until yesterday.
I mean pay with dollars*
Very nice this is how I will dca for sure.
LFG š„š
That's awesome!
Though I'm wondering why anyone would ever pay the standard 1-3% fee plus a 1% spread to buy BTC on CashApp anymore if they can just send themselves a 'payment' for no fee. š¤·
Unless they have some policy against self payments, it seems like a good way to stack small amounts at least. I notice it counts toward your lightning send limit, which is lower than your on chain limit, so for large purchases you wouldnāt be able to do it anyway.
Yeah, the monthly lightning spend limit is like $1000, right? That's probably big enough for it to be worth doing for most people.
They could easily enforce a policy against payments to your own CashApp account; but spinning up free Strike account (for example) to subvert that would be easy enough. Regardless, I would hope they eventually make the fee structure consistent one way or the other. (such inconsistencies have the effect of those aware of the loopholes being indirectly subsidized by the unaware - which is bad policy, IMO)
Yea, $999 is what mine is š Must be some regulatory reason itās not an even $1000. Either way, I would imagine itās more than enough for the average stackerās DCA.
Whoa, even better... apparently the $999 limit is weekly; not monthly. My bad.
"Are there limits for sending and receiving using the Lightning Network?
You can send, or receive payment of up to $999 in bitcoin every 7 days using the Lightning Network.
All limits are based on a rolling time frame, and limits reset at the top of the next hour. If you send $500 worth of bitcoin on a Tuesday at 2:05 PM, this amount will be available again the following Tuesday at 3 PM."
Oh cool I didnāt realize they calculated it hourly like that. Thatās helpful.
nostr:npub15a3ttwms2psgn6909vglyll6art4rytr3mrt65hsc32zsrpe82rq25uhm5 made a video. Cool stuff.
Winning š§”š«š
They can do that ?
Yes. New feature they started rolling out on Thursday
It sound like they're in the grey area with that one. Might end up being trouble.
I wonder what their methods are?
Oh did you mean āare they allowed to do that?ā Iāll let them worry about that for their side of things. Strike has been doing it for years as well. The bitcoin lightning network in this case, instead of banks or card processors, is being used to settle the transaction. How the recipient receives it, whether as USD, Bitcoin, or some other currency, is up to their receiving wallet or institution, and probably up to them to track and report as needed. No need to beg for more regulation if it isnāt there. Technology advances far faster that regulators. Always been that way. Theyāll catch up eventually.
Woe, for real? No fees? What's the max transaction amount?
Not sure. It counts against your send limit for lightning transactions, so I suppose you couldnāt exceed that.
thats nice, but strike lets you send āæ and lnā”ļø straight from a linked bank account, too, which is nice if you dont keep a balance in the app
but strike use old 21M-bitcoin n ugly decimal to confuse. soon kashapp use Bitcoin-JD wit bip177 n have 2.1 quadilon so we all be hole-coiner. win!
#moon-lambo-botes-hose
like š