The Lightning Network is a decentralized payment system that enables users to send and receive Bitcoin with little to no fees and a throughput of approximately 1 million transactions per second. To use the Lightning Network, users must set up a Lightning wallet, fund it with Bitcoin, and create payment channels. The Lightning Network is an open-source project maintained by Lightning Labs and was added to Cash App's Bitcoin wallet in October 2022, providing users with faster transactions and minimal fees. To send or receive Bitcoin using the Lightning Network, users can scan a QR code or share a Lightning address, making it a new standard for how value moves around the world.
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