Former PayPal President Believes Bitcoin's Lightning Network Can Solve Global Payment Woes
Former PayPal President, David Marcus, believes that Bitcoin's Lightning network could revolutionize global payments, solving the cumbersome process of transferring money across jurisdictions.
Posted 10 months ago in Technology
While information today can be easily transferred over the internet via email or text, global payments have remained in the 'fax era,' according to the former president of PayPal. In a Sept. 11 interview, David Marcus, the former PayPal executive and co-founder of Bitcoin Lightning-focused payment service Lightspark, said he believes Bitcoin's Lightning network could solve the cumbersome process of sending money across jurisdictions.
Marcus explained that a money transfer to non-U.S. residents would involve obtaining their bank account number and walking to the local bank to pay $50 for an international wire. Lightspark is now in a race to solve this issue using the Bitcoin Lightning network.
While Marcus believes that Bitcoin Lightning won't be used for everyday purchases, he sees it being mainly used for overseas transfers. He said, 'Our view is actually that Bitcoin is not the currency that people will use to buy things.' Instead, Bitcoin will be used to send U.S. dollars to someone that ultimately receives it in the form of a Japanese Yen or Euro on the other side of the world.
Marcus highlighted that Bitcoin’s settlement layer combined with Lightning’s real-time payments enables cash finality at a very low cost.
Last updated 9/11/2023, 9:08:26 PM
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