Bitcoin will bring global payments out of the ‘fax era' — Ex-PayPal boss
While information today can be easily transferred over the internet via email or text, global payments on the other hand, have remained in a “fax era," according to the former president of PayPal.
In a Sept. 11 interview with CNBC, 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.
“If you were to stop [someone] and wanting to communicate with them you could ask them for an email address and you can email them easily the next minute [and] you could text them,” said Marcus.
However, there’s no universal protocol when it comes to transferring money over the internet, he said:
Marcus explained that a money transfer to non-U.S. residents in this case would involve obtaining their bank account number and walking to the local bank to pay $50 for an international wire.
“If it's after Friday at 5 pm, tough luck,” Marcus added.
David Marcus on #bitcoin as base settlement layer for "Trillions of dollars of transactions"pic.twitter.com/L21fmiwxyZ
Marcus, who co-founded Lightspark in May 2022 and serves as CEO, said his company is now in a race to solve that using the Bitcoin Lightning network.
Related: Bitcoin price dips below $25K — Opportunity, or sign of incoming disaster?
The former PayPal president however believes that ultimately, Bitcoin Lightning won't be used so much for everyday purchases, and instead be mainly used for overseas transfers.
“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
Read more on cointelegraph.com
