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Comments about cryptocurrencies continue to pour in. In a recent interview with CNBC Squawk Box, former president of PayPal and current CEO of Lightspark, David Marcus, shared his ambitious vision for Bitcoin (BTC).
The Search for a Universal Payment Protocol
David Marcus began his interview by emphasizing the lack of a universal protocol for online money transfers, which is one of the fundamental problems of the digital age. Unlike the traditional financial system based on established protocols for currency exchange and international payments, there is no standard method for internet cross-border money transfers.
Marcus argued that Bitcoin, with its decentralized structure and increasing global acceptance, has the potential to fill this void and become a universal protocol for online money. He believes that Bitcoin’s unique features, such as its security and ability to operate without the control of any central authority, make it an ideal candidate for this role.
When asked whether the price of Bitcoin would rise if it were to become a widely used currency, Marcus offered a different perspective:
Bitcoin is not a currency that people will use to buy things.
Bitcoin and Lightning Network
However, Marcus highlighted that a fraction of a BTC on Lightning is just like a small data packet on the internet, representing a value that can be exchanged on the network for cross-border transfer payments at a very low cost.
What sets Marcus’ perspective apart is his appreciation for Bitcoin’s potential with Lightning Network. Lightning Network serves as a layer-2 scaling solution that addresses Bitcoin’s scalability challenges by enabling faster and cheaper transactions.
By utilizing Lightning Network, users can send Bitcoin with significantly lower transaction fees compared to on-chain transactions. Additionally, Lightning Network opens up new possibilities for use cases such as earning money from online content and pay-per-use services by making microtransactions more practical.
As the cryptocurrency ecosystem continues to evolve, the adaptability and utility of Bitcoin in various applications are becoming increasingly evident. Whether as a store of value or a tool for cross-border transfers, the impact of Bitcoin on the financial world is undeniable and its journey continues to attract the attention of investors and enthusiasts worldwide.
