Bitcoin: The next global decentralized payment network?

The co-founder of the payment company Lightspark, focused on the Bitcoin Lightning Network, has recently spoken about the archaic state of the international payment system. On September 12, 2023, during an appearance on CNBC, David Marcus discussed the potential of the Bitcoin network and expressed his commitment to turning it into a global payment system.

In brief:

• David Marcus, co-founder of Lightspark, criticized the current international payment system, describing it as archaic and comparable to the fax era;
• Marcus sees the Bitcoin Lightning Network as the solution for fast, efficient, and affordable cross-border payments;
• While pledging to maximize Bitcoin’s potential, Marcus highlighted the technical and regulatory challenges that need to be overcome.

The international payment system is stuck in the fax era:

During the CNBC broadcast on September 12, 2023, David Marcus, who is also the former CEO of PayPal, expressed his dissatisfaction with the current state of cross-border money transfers. He believes that the absence of a standard online money transfer mechanism in the digital age is a problem.

Marcus stated that the funds transfer process is currently tedious, with technology “stuck in the fax era.” He cited the need to provide information and high fees for making bank transfers to non-U.S. residents. Additionally, he mentioned that after Friday at 5 PM, international bank transfers are not possible until the following week.

For the co-founder of the Bitcoin Lightning Network, “it’s time for the world to have an open and universal payment protocol.” To address this need, David Marcus proposes a single solution: the Bitcoin Lightning Network.

BREAKING: Ex-PayPal Chief, David Marcus, Announces Plans to Transform #Bitcoin into a Worldwide Payment System, Likening Current Global Payment Infrastructure to the 'Fax Era.'#RichQUACK $QUACK #Crypto #Ethereum #Paypalpic.twitter.com/g5i2KyJR4o

— RichQuack (@RichQuack) September 12, 2023

Could Bitcoin become a global cross-border payment network soon?

Marcus, confident in Bitcoin’s potential, believes that cryptocurrency should be more than just a store of value or a hedge against inflation. He believes that cryptocurrency can play a more significant role in the global financial ecosystem. After highlighting the progress made by the flagship cryptocurrency in the past decade, he asserted that its utility can evolve.

For the former CEO of PayPal, Bitcoin will need to evolve to enable faster, more accessible, more efficient, and cheaper cross-border money transactions. It is under these conditions, he emphasized, that cryptocurrency can finally become a true “open and universal payment protocol,” akin to PayPal.

As the CEO of Lightspark, David has committed to “do whatever it takes” to “expand the utility of cryptocurrency in cross-border payments.”

Bitcoin scalability issues and regulatory challenges to overcome:

While Marcus promises to unlock the full potential of the Bitcoin Lightning Network, he acknowledged the challenges of evolving Bitcoin. He stated that the Bitcoin Lightning Network will address the technical problems related to Bitcoin’s scalability. He also emphasized the need for collaboration with regulators to make Bitcoin a regular global payment solution.