Bitcoin will Bring a Change in Global Payments Industry: Ex-PayPal Exec
- Bitcoin has the potential to bring a monumental change to the global payments industry, said a former PayPal president.
- David Marcus believes that the leading digital asset will bring the payments industry out of the “fax era.”
- Marcus noted that the Lightning Network will allow people to easily send money with nominal fees.
- He also noted that unlike banks, which stop operations after 5 pm Fridays, the Lightning Network is forever online.
Bitcoin, the world’s largest and oldest cryptocurrency, as recognized by the Guinness Book of World Records, is set to bring a significant change to the payments industry around the world. As per the former president of PayPal, David Marcus, the blockchain-based digital asset will push the payments industry out of the “fax era” and revolutionize the way people send money.
In an interview with CNBC on September 11, the ex-PayPal executive and the founder of Bitcoin Lightning-focused payment service Lightspark noted that the Lightning network is capable of solving the issues related to sending money across borders and jurisdictions with ease while adding, “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.”
The Bitcoin supporter also stated that there is no universal protocol when money is transferred via the internet.
“If you were to send them money [but] they were not a U.S citizen here using one of the same fintech apps you’re using then you wouldn’t be able to do that. So we’re still in the fax era of global payments,” said Marcus.
The former PayPal boss noted that transferring funds to a non-US country from the United States is a hassle because it involves going to the nearest bank and paying a fee of $50 to get the transaction going. However, Marcus noted that this is not the case with the Bitcoin Lightning Network, as it remains operational 24/7 while banks cease all operations after 5 pm Friday.
Marcus founded Lightspark in May 2022 and serves as the CEO of the firm. He said that his firm seeks to solve the issues in the current payments industry using the Bitcoin Lightning network.
“Our view is actually that Bitcoin is not the currency that people will use to buy things,” said the former PayPal executive.
As reported earlier, MicroStrategy, the largest corporate holder of Bitcoin, announced that it will be rolling out Lightning Network-powered solutions and applications next year. These applications will enable consumers to process bitcoin transactions faster, cheaper, and more efficiently.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
