Former PayPal Executive David Marcus Highlights Outdated Global Payment Systems, Sees Potential in Bitcoin Lightning Network
Summary:
Former PayPal executive and Bitcoin Lightning-focused payment service Lightspark co-founder, David Marcus, believes that global payments are stuck in an outdated "fax era." He sees the potential of the Bitcoin Lightning network to revolutionize the process of sending money across borders. Marcus explains that while information can be easily transferred online, there is no universal protocol for transferring money. Lightspark is working to leverage the Bitcoin Lightning network to address these challenges and enable seamless overseas transfers with low transaction costs.
Former PayPal executive and co-founder of Bitcoin Lightning-focused payment service Lightspark, David Marcus, has highlighted the outdated nature of global payments systems. While information can be easily shared through emails and texts, Marcus argues that sending money across jurisdictions still operates in a "fax era". He believes the Bitcoin Lightning network could revolutionize this cumbersome process by providing a universal protocol for transferring money over the internet. Marcus emphasized that the current system requires obtaining bank account details and physically visiting a local bank to send international wires, making it inconvenient and time-consuming. He also noted that there are limitations in terms of timing, with transfers being impossible after certain hours. Marcus, who heads Lightspark, explained that his company is actively working to address these challenges using the Bitcoin Lightning network. He believes that Bitcoin will mainly be used for overseas transfers rather than everyday purchases. This means that Bitcoin will serve as a medium for sending U.S. dollars to recipients who will ultimately receive the funds in the form of other currencies such as Japanese Yen or Euro, thanks to the Lightning network's real-time payment capabilities and low transaction costs.
Published At
9/11/2023 11:43:14 PM
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