Great update. Lightning Network is a must for this kind of transactions. I love Bitcoin but the availability of other options simply trumps its long confirmation time for small transactions. On the one hand I don't recommend merchants to accept zero confirmation transactions of any value, but on the other as a customer I also don't like to wait too long. I think LN is perfect for this use case. There are very good wallets these days and none of the fearmongering problems about it from the past critics have come true. I works really well now.

You seem to don't understand that Jack Dorsey and Square can not do anything with tax policy from the governement, now and in future.

Another thing you misunderstood, that Jack Dorsey and Square did not innovate anything new, according to the news and your post, that they only use Bitcoin Lightning Network that has been here for several years since 2017. There are many applications that accept Bitcoin Lightning Network, not only Cashapp.

The transaction time of Bitcoin Lightning Network is faster than Bitcoin on-chain (with an average block time is 10 minutes), but it is not kind of technical innovation from Jack Dorsey and Square.

There are Bitcoin sidechains which are followed in Sidechain Observer - Bitcoin L2 Projects & current state of development.

Bitcoin is money , a decentralized peer-to-peer cash.
Money was created at the beginning of human civilization, when people realized they couldn’t always trade goods for goods because barter has limitations. For example, if I catch a rabbit and someone else grows potatoes, maybe they don’t want a rabbit at that moment, or my rabbit is worth more than the amount of potatoes they have, so it’s hard to agree on an exact value for the trade. Also, I can’t divide the rabbit into smaller parts without completely ruining it as a good for exchange.And then people realized that they needed a universal medium of exchange, something they could trade for goods and services whenever they wanted. This medium of exchange had to store value over time, so that they could use it for trade in the future as well.

So, that is money  a universal good that serves as a medium of exchange, a measure of value, and a store of value.
For example, fiat currencies like the dollar, euro, and others are not a good form of money because they do not fulfill the function of storing value. Due to the constant printing of new money, they lose value, and this process is called monetary inflation.

In economics, there is something called Gresham’s Law, which states that if two forms of money are in circulation, for example the dollar and Bitcoin, people will tend to spend the weaker form of money that loses value first, and hoard the form of money that gains purchasing power.As long as they earn their salaries in fiat currencies, they will use it as a medium of exchange, while Bitcoin will be used as a savings account.Nobody wants to spend money that is gaining purchasing power; instead, they will spend money that is losing value first.


We are still in the early stages, where most people do not understand what money is, so they don’t understand Bitcoin either. Most people don’t realize that Bitcoin is money whose purchasing power will always increase, so they don’t save it. Also, merchants don’t understand this and therefore don’t want to accept this form of money, thinking it is some kind of bubble or speculation. But as time goes by and Bitcoin gains purchasing power, all merchants will want to accept this money as a medium of exchange. You will see more and more signs saying “We accept Bitcoin,” because everyone wants money whose purchasing power grows, not decreases.

Bitcoin has already been a currency after Laszlo used it to buy two papa jumbo pizzas. So, I don't see anything that square is doing as something new. Many of us here in this forum uses LN to pay for small transactions in places where bitcoin is accepted as a payment option. However, it's a good development for Square for adopting bitcoin and making it part of their payments options.

Bitcoin will continue to be a currency as long as it exists because it's not all bitcoin owners that will see it as an investment to hodli for profits in the long run.

Many people may misunderstand the headline, but that's not the point. I actually wanted to explain that Square has made everyday transactions usable and easy for ordinary people by using the Lightning Network, which is a new direction, i.e. a new way of Bitcoin transactions. Sometimes, people misunderstand because the presentation of words and the content are different, because I am not promoting Square or the Lightning Network here, but rather I am talking about presenting the easy use of Bitcoin to ordinary people. I wanted to explain a new chapter in practical terms, not about technological innovation.

Combining cash app and Bitcoin lightening network will definitely solve the issue of scalability in the transaction process and this will make payment to be on time and with minimal low fees, but still the success of this will depend on how many merchants and outlets will be willing to accept Bitcoin as payment.

Bitcoin will definitely become a global currency for everyday payments as we journey and this is one example our of many development that aid usage of Bitcoin for every day payment.

These merchants will always point to the volatility of Bitcoin as the reason why they would accept Bitcoin. As it becomes more stable in the future, more organisations would see the need to have an alternative to fiat. It's a good move from Square if their main aim is to use Bitcoin in a decentralized manner.

They see it as an opportunity to look broader and to have potential going out of it - not something strange, yet it's still welcomed, imo.

It seems that more and more people see more pros than cons in adopting BTC, with or without LN, and that's truly great.

This kind of adoption is wonderful, because it's about the daily usage of BTC, not only about hodl or reserves of it.

Bitcoin has always been a currency designed for peer-to-peer transactions, but the biggest game changer in the network remains the Lightning Network. To me, the new era is already here, what the world is now waiting for is the full integration of Bitcoin into our everyday lives, like normalising bitcoin transactions just the exact way we spend our regular fiat. The next step is global adoption without borders or bias, where Bitcoin is seamlessly accepted across societies, free from political or geographical limitations.