Ex-PayPal Boss: Bitcoin is Bringing Global Payments into the 21st Century

The Global Payments Revolution

While information today can be easily transferred over the internet via email or text, global payments have remained stuck in the “fax era,” according to David Marcus, the former president of PayPal and co-founder of the Bitcoin Lightning-focused payment service Lightspark. In a Sept. 11 interview with CNBC, Marcus said he believes Bitcoin’s Lightning network could revolutionize the cumbersome process of sending money across jurisdictions.

“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,” said Marcus. However, when it comes to transferring money over the internet, there’s no universal protocol, he said:

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International Wire Transfers with Bitcoin Lightning Network

Marcus, co-founder and CEO of Lightspark, explained that a money transfer to non-U.S. residents would involve obtaining their bank account number and going to the local bank to pay $50 for an international wire. “If it’s after Friday at 5 pm, tough luck,” he added.

With the ambition to solve this problem, Lightspark is now in a race to use the Bitcoin Lightning network. Despite his experience as former PayPal president, Marcus believes that Bitcoin Lightning won’t be used for everyday purchases but mainly for overseas transfers.

“Our view is that Bitcoin is not the currency that people will use to buy things,” according to Lightspark boss. Instead, he explained, Bitcoin will be used to send U.S. dollars, which can then be received in the form of a Japanese Yen or Euro on the other side of the world. Marcus also highlighted the advantages of Bitcoin’s settlement layer combined with Lightning’s real-time payments, which enable cash finality at a very low cost.

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