- In a recent interview, David Marcus, the CEO and co-founder of Lightspark, talks about an ambitious project focused on the Bitcoin Lightning Network.
- David Marcus’s views in the interview shed light on Lightspark’s mission to revolutionize global payments using the potential of the Lightning Network.
- The Lightning Network is pioneering a new era of global payments in the cryptocurrency world, aiming to make cross-border transactions easier, more efficient, and cost-effective.
Bitcoin’s Lightning network can provide exceptional speed and low fees for payments, but payments are still not optimized enough; Lightspark’s work continues!
Bitcoin Payments are a Work in Progress
In a recent interview, David Marcus, the CEO and co-founder of Lightspark, discussed an ambitious project focused on the Bitcoin Lightning Network. Lightspark, a Bitcoin-based payment initiator, is working to make Bitcoin transactions faster and more scalable.
Marcus emphasized the need to transform Bitcoin into a global payment network, likening the current state of global payments to the ‘fax era,’ with Bitcoin being the solution:
“We are still in the fax era of global payments, and we are trying to solve that.”
Marcus pointed out that in the early days of email communication, it became easy to connect with people worldwide, but sending money across borders remains challenging due to the lack of a universal protocol for money on the internet.
Comparing it to the existing traditional international payment system, Marcus said, “So if you want to send money to people, you’ll have to get a bank account number and pay $50 with an international wire transfer, and if it’s after 5:00 PM on a Friday, then good luck.”
Marcus highlighted the significance of this initiative, stating that existing fintech applications like Venmo have limited seamless capabilities for cross-border payments.
He explained that all fintech applications require both parties and the software to be locally available to process transactions successfully, hindering smooth global transactions.
Marcus likened it to text messages requiring the recipient’s phone number and enabling communication without the need for a proprietary platform. The Bitcoin Lightning Network is the solution to this problem, and Lightspark aims to make Bitcoin payments as smooth as texting.
Bitcoin and the Future
The price volatility of Bitcoin doesn’t seem to make it suitable for daily use, and the CEO emphasizes that they don’t have a goal of positioning Bitcoin as a currency for daily transactions.
Instead, they see Bitcoin as a computational layer, allowing users to exchange Bitcoin fractions quickly and efficiently on the Lightning Network.
The approach of exchanging Bitcoin fractions enables users to send various currencies, such as dollars, Japanese yen, or euros, using Bitcoin’s underlying computational infrastructure.
David Marcus’s views in the interview illuminate Lightspark’s mission to revolutionize global payments using the potential of the Lightning Network.
The Lightning Network is pioneering a new era of global payments in the cryptocurrency world, aiming to make cross-border transactions easier, more efficient, and cost-effective.
