PayPal Inc. co-founder David Marcus considers Bitcoin’s Lightning Network viable in becoming the universal money platform where one can transact multiple currencies. The executive ruled out Bitcoin becoming the common payment method even as the world edges towards transitions from the fax era in settling global payments.
Accelerated Transition of Bitcoin in Becoming Global Payment Method
Speaking on Monday, September 11, the crypto advocate considers that Bitcoin has a declined probability of becoming the popular global payment method. The Bitcoin bull considers that the lead token by market capitalization does not constitute the currency individuals would use to purchase things.
During CNBC’s Squawk Box interview, the entrepreneur emphasized that Bitcoin would become the global payment network and not currency. The pronouncement is surprising considering that Marcus is the chief executive at Lightspark, which runs on Bitcoin’s Lightning network.
Marcus Betting on Lightspark to Deliver Global Payment Network
Marcus places bets on the Lightspark, profiled as a layer-2 scaling solution established on the top-ranked cryptocurrency. The comment also posted on Squawk BOX Twitter acknowledged the efforts towards converting Bitcoin into the desired global payment network.
Marcus observed that the system lacks a universal money platform facilitating value transportation. As such, he considers the Lightning Network intended to expedite cheap Bitcoin transactions involving small payments. The tech entrepreneur revealed that it uniquely processes each Bitcoin transaction and subsequently settles all on the primary Bitcoin blockchain.
Marcus reiterated the Company’s objective is converting the Lightning into a universal internet-based protocol to move money. He opines that the protocol aims to mirror texting, which soon became the universal communication protocol. Nonetheless, the executive observed that the protocol would accommodate fiat currencies as known and utilized today.
Marcus considers the Bitcoin fragment on the Lightning network similar to the small packet data that runs on the internet to transmit and yield value. He added that users can send and receive different currencies, such as yen, euros, and dollars. The executive explained Lightning as the settlement layer guaranteeing real-time and low-cost transactions.
Marcus’ explanation echoes the views of Strike chief executive Jack Mallers, indicating that his firm would leverage Lightning given that it facilitates cheap global currency transfer.
The Strike Wallet application is gaining a global presence to execute Lightning-based remittances in over 65 countries, including Ghana, Nigeria, and Argentina. Marcus’ Lightspark mirrors Strike to allow the users to receive the transactions as local currency in their bank accounts.
Transforming Payments Using Web3 and Digitally Native Landscape
Marcus’ involvement in Bitcoin portrays experience, given a past stint in Meta to develop the defunct stablecoin application – NOVI. He would quit the post in November 2021, citing failed partnerships and regulators’ backlash.
The executive emphasized that his entrepreneurial DNA pushed him to pursue other activities. He would, in six months, unveil Lighspark. PayPal’s co-founder Peter Thield shares sentiments with Marcus, terming it as the alternative to the fiat money regime and troubled central banks.
The pronouncements by PayPal’s cofounders coincide with when the American online payment platform allows the purchase and sale of cryptocurrencies. Besides Bitcoin, the financial technology company allows holding various cryptocurrencies, including Ethereum, Bitcoin Cash, and Litecoin. Also, the payment platform in August unveiled PYUSD stablecoin. It targets transforming payments by leveraging the Web3 and digitally native landscape.
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