Bitcoin

Squawk

Light

<![CDATA[<figure class="image"><img src="https://cimg.co/news/124683/329336/david-marcus.jpg" alt="" srcset="https://cimg.co/news/124683/329336/responsive-images/david-marcus___media_library_original_612_408.jpg 612w, https://cimg.co/news/124683/329336/responsive-images/david-marcus___media_library_original_600_400.jpg 600w, https://cimg.co/news/124683/329336/responsive-images/david-marcus___media_library_original_300_200.jpg 300w" sizes="100vw" width="612" class="content-img"><figcaption>Source: Getty Images</figcaption></figure>David Marcus, former <a href="https://cryptonews.com/tags/paypal/">PayPal</a> President and present CEO of the Lightning Network infrastructure company Lightspark, says his firm is aiming to transform <a href="https://cryptonews.com/guides/bitcoin/">Bitcoin</a> (BTC) into a global payment network.In a recent interview on CNBC's Squawk Box, Marcus pointed out that while connecting with people is easy through texting and email, sending money across borders remains a challenge due to the lack of a global protocol for money on the internet.<figure class="media"><oembed url="https://twitter.com/SquawkCNBC/status/1701209691974410575"></oembed></figure><blockquote>&ldquo;What we are trying to do is turn Bitcoin into a real payment, global payment network.&rdquo;</blockquote>Lightspark aims to convert lightning into a &ldquo;universal protocol for money on the internet,&rdquo; akin to how texting is for communication. He said that the currencies transferred over the network would still be fiat currencies.<blockquote>&ldquo;We are still at the fax era of global payments and that is what we are attempting to solve.&rdquo;</blockquote>&ldquo;A fragment of a Bitcoin on top of lightning is like a small packet data packet on the internet only for value,&rdquo; Marcus noted. He added that users can send any currency that they wish to transact &ndash; Dollars, Yen or Euros &ndash; and receive money of their choice.Furthermore, Marcus stressed that Bitcoin won&rsquo;t become a popular payment method.<blockquote>&ldquo;Our view is actually that Bitcoin is not the currency that people will use to buy things. But a fragment of a Bitcoin on top of lightning is like a small data packet on the internet only for value.&rdquo;</blockquote>He highlighted that Lighting acts &ldquo;real-time, cash final and low-cost,&rdquo; making cross-border transactions easier, and more efficient.<h2 style="text-align:justify;" id="bitcoin-lightning-network-more-challenges">Bitcoin Lightning Network &ndash; More Challenges</h2>In July, Marcus, who is also the co-creator of Diem crypto, noted that building on <a href="https://cryptonews.com/tags/lightning-network/">Lightning</a> and Bitcoin is about five times more difficult than developing on other protocols.<figure class="media"><oembed url="https://twitter.com/davidmarcus/status/1685356197367750656?s=20"></oembed></figure>He said that Lightspark decided to build on the network because of the &ldquo;unique qualities&rdquo; Bitcoin provides as the underlying network. Despite the challenges, the company is committed to building on Bitcoin Lightning and doing &ldquo;whatever it took to realize its fullest potential,&rdquo; he added.&ldquo;Because it&rsquo;s time for the world to have a universal open protocol for payments.&rdquo;
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Former PayPal President Davis Marcus Says People Won’t Use BTC to “Buy Things” – Here’s What You Need to Know

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