Jack Dorsey has once again proved he is truly interested in Bitcoin and the Lightning Network by getting and using a Casa Node. Hopefully, this means that integration with the Lightning Network on Cash App is coming soon.
Twitter and Square CEO, Jack Dorsey, tweeted out that he has received a Casa Node which will allow him to run his own Lightning Network Node. While Casa nodes may be expensive, one is about $300, they allow for users with no coding experience to run their own Bitcoin and Lightning Nodes. While you won’t receive much in fees for processing Lightning Network transactions, it allows you to become part of the Bitcoin Network, and it allows you to help with adoption of the Lightning Network. The key to adoption is simplicity While the Casa Node isn’t perfect, it is moving this technology in the right direction of simplicity to where anyone can plug and play and become part of the network.
There is a lot of speculation around Square integrating the Lightning Network on their platform. According to the founder while he was on Stephen Livera’s Bitcoin podcast, “it is a question of when not if.”
In addition, Dorsey stated that he has been working with Elizabeth Stark, the co-founder of Lightning Labs to ensure they get the speed and efficiency needed for their platform.
“We’ve been exploring with Elizabeth and the Lightning team…We would love to make it as fast and efficient and transactional as possible, and that includes looking at our seller base and our register. It’s not an ‘if’. It’s more of a ‘when’. And how do we make sure we’re getting the speed we need and the efficiency. A lot of what we’ve worked on the seller side is making transactions as fast as possible.” -Jack Dorsey
While there has been a lot of speculation with many companies as to if/when they will enter the crypto space, Jack Dorsey has always put his money where his mouth is. In the company’s most recent earnings report, Square reported Bitcoin profits of $1.69 million from sales in 2018.
While that might not sound like a lot for a company as large as Square, considering the fact that the price of Bitcoin dropped from about $20,000 to about $3,000, making money, while most other traders are taking losses, is still pretty good.