Bitcoin’s Bold Evolution into a Global Payment Network in the Eyes of PayPal’s Former President
David Marcus, the former president of PayPal and former product VP at Facebook, has grand visions for the Bitcoin network.
He aims to transform Bitcoin from merely a value store into a global payment network. In a recent appearance on CNBC’s Squawk Box on September 11, Marcus, now the CEO of Bitcoin Lightning Network (LN) infrastructure company Lightspark, shared his vision.
Marcus highlighted the current absence of a universal protocol for conducting online financial transactions, in contrast to globally standardized technologies like email and messaging. He drew a comparison, stating that we are still in the outdated “fax era” when it comes to global payments. Each country has its own currency, payment apps, and regulations, resulting in a fragmented landscape.
He underscored the immense business opportunity in creating a universally accessible and efficient payment system, especially given the trillions of dollars coursing through systems like SWIFT. Marcus believes that Bitcoin won’t become the primary currency for everyday purchases but will instead serve as a settlement layer for international transactions facilitated by the Lightning Network (LN).
The Lightning Network would enable instant and direct settlement of transactions between various currencies, addressing concerns about Bitcoin’s price volatility. This approach positions Bitcoin as a secure and efficient medium for transferring value, similar to data packets on the internet.
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Marcus, known for his involvement in Facebook’s exploration of digital currencies in 2018, departed from the project in late 2021 due to its limited success.
While Lightspark offers an enterprise-grade LN gateway, its current pricing structure is less suitable for retail use. Nevertheless, hints of potential integration of Bitcoin’s layer-2 scaling solution on Coinbase could drive wider adoption.
Although LN usage has slightly declined since its early 2022 peak, this is typical during bear markets. There are 72,593 LN channels, down 14.5% since the start of the year, with a network capacity of around 4,782 BTC, valued at approximately $123 million at current prices, according to Bitcoin Visuals.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
