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0 sats \ 7 replies \ @supratic OP 7h \ parent \ on: Jack Dorsey Expands Cash App: Send Dollars, Receive Bitcoin Through Lightning lightning
who told you that there's a conversion happening?
CashApp got money transmitter and exchange licence...
BTC to BTC
USD to BTC
BTC to USD
USD to USD
who told you that there's a conversion happening?
my God, some of you people on this website are really obnoxious. @didiplaywell asked a simple question. No need to be so confrontational 😂
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Lol, thanks for your feedback, english is not my first language, some stuff get lost in translations. There was no intention to be confrontational or anything. I just think there's no exchange happening.
Would it be more polite to ask "What make you think there is a conversion happening?"
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it would be more polite to explain how sending USD and receiving BTC works without a conversion.
I would like to understand that too 🧐
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I wish I know. What I can speculate for these example is that Cashup would keep the USD received and send the BTC to destination. The app is an intermediary, and as any intermediary they keep their own records, making sure business is profitable somehow.
Cashup is not a peer to peer application where the exchange happen between two parties.
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Thank you buddy
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It's textually marketed as "sending dollars via the lightning network". I don't get if it's an expression to refer to an underlying swap, or an actual stablecoin-like transfer.
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Maybe is with taproot channels then, not sure about the technicalities. Considering USD are just zeros in a screen, they keep the record of X$ received and trigger a send BTC to the user@cashup.me lighting address, that's basically a subaccount on Cashup LN node. However consider this just a logical speculation, there are probably other ways to do it.
The sats move out of Cashup LN node only when BTC are sent to an external address, lightning or onchain.
Would be interesting if you could run some test, try for example sending a small amount, like 1sat to your didiplaywell@stacker.news (or any other) lightning address and see what happen. Try also the other way around.
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