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. 🤷
Discussion
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 wouldn’t 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 😂 Must be some regulatory reason it’s not an even $1000. Either way, I would imagine it’s more than enough for the average stacker’s 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 didn’t realize they calculated it hourly like that. That’s helpful.