Despite the ease of sharing information via email or text, global payments are still stuck in the “fax era,” says David Marcus, former president of PayPal and co-founder of Lightspark, a Bitcoin Lightning-focused payment service.
He believes the Bitcoin Lightning Network could streamline the process of sending money across borders.
Marcus pointed out in a CNBC interview on September 11 that while it is easy to exchange email addresses and communicate, there is no universal protocol for transferring money online.
For example, sending money to non-U.S. residents would require obtaining their bank account number and paying a $50 fee for an international wire at the local bank. Marcus contends that Bitcoin Lightning may not be used extensively for everyday purchases but will be primarily utilized for international transfers.
He explained that Bitcoin might be employed to send U.S. dollars, which the recipient would then receive as Japanese yen or euros on the other side of the world.
Marcus highlighted that combining Bitcoin’s settlement layer with Lightning’s real-time payments enables cash finality at a minimal cost.
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