It seems that someone is starting to think of solutions to avoid the expensive fees of sending BITCOIN to a different wallet than their own.
Or rather, someone begins to see business opportunities on the problem.
Cash App offers the service of sending BITCOIN free of fees to any other wallet of another Cash App user .
How do they do that?
Obviously they are not using the blockchain as they should. Let's say that they carry out the transaction within their internal Database between users of the application.
I suppose that at a certain point, when the BITCOIN available in the coffers of this company decreases or when the fees are low enough to be able to do it without losing too much, Cash App will simply buy the BITCOIN again using the blockchain.
Advantage:
There is no need to worry about fees as long as you send a minimum of 1000 satoshis
Disadvantages:
- All these transactions are carried out centrally by a third entity ==> RISK
- It is only allowed to send BTC between users of the application ==> Business
In my opinion, this is not the solution we are looking for, although obviously the Cash App entrepreneurs have thought that it is attractive enough so that they can get hold of the BITCOINS of all those who have not understood what "be your own bank" means.
Real Layer two solutions will emerge in order to solve the costly transaction fees eventually but this one does not look appropriate.
Not your keys not your Bitcoin.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
