Cash app now enables its 70 million active users to send money internationally using lightning to any other lightning compatible wallet. Not only can users send funds instantly and for free to any other cash app user but also to any strike user or lightning wallet on earth.
This is how network effects start. Now all cash app users are compatible with all strike users and LN wallet users. Once venmo plugs into lightning all venmo users will be compatible with all cash app, strike and LN wallet users. At this point if you use any other app like paypal or transferwise or wechat or your banks online banking app you are not part of the network. You are not part of the group of people all connected to each other on lightning, and you are stuck within your one single app unable to interact with all of the people on the open lightning network. All you can do is send money to other people who happen to use the exact app you are using. Thats like only being able to send email to people who use the same email provider you use.
One by one apps plug into lightning and network effects take hold. If you don't offer lightning compatibility you are essentially cut off from the world.
All of a sudden 10 of the largest financial and social apps and their 2 billion users are all on the lightning network and all freely transferring money between each other instantly and at no cost. If you are a merchant do you keep only accepting visa essentially alienating anyone using any financial app? Or do you download a lightning compatible POS app so any of those 2 billion people can pay you from their app of choice. You are a business person so you figure out how those 2 billion people can pay you from whatever app they use by making sure your business POS system is lightning compatible. All of a sudden people are paying you using messenger twitter whatsapp IG venmo cashapp and strike and you no longer need to pay visas extortionate 2% transaction fees so your profit margin doubles.
Its at this point anyone accepting visa looks like a dinosaur trying to only accept checks.
This all plays out within the next 24 to 36 months.
The world is about to change for the better.
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