They already had zero fee when paying an LN invoice from your USD balance. Why would I buy bitcoin with my Cash App USD and pay a fee when I can just create an LN invoice and pay that invoice from the same USD funds, ... with no fee.
So with this fee-free payment of LN invoices, they cannibalized their fees for explicit selling bitcoin. Except today my monthly volume of exchange into BTC on Cash App is 5X the level (in USD terms) than when I had to explicitly purchase BTC and pay their fees.
They already had zero fee when paying an LN invoice from your USD balance. Why would I buy bitcoin with my Cash App USD and pay a fee when I can just create an LN invoice and pay that invoice from the same USD funds, ... with no fee.
So with this fee-free payment of LN invoices, they cannibalized their fees for explicit selling bitcoin. Except today my monthly volume of exchange into BTC on Cash App is 5X the level (in USD terms) than when I had to explicitly purchase BTC and pay their fees.
Thanks Jack!!!