Bitcoin will bring global payments out of the “fax age” — Ex-PayPal boss
Marcus said there is still no universal protocol when it comes to money transfers, despite what information can be shared by email.
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While today information can be easily transferred over the Internet via email or SMS, international payments, on the other hand, have remained in the "fax age", according to the former president of PayPal .
In a September 11 interview with CNBC, the former PayPal executive and co-founder of Bitcoin-focused payment service Lightspark Lightning said he believes Bitcoin's Lightning network could solve the tedious process of sending money between jurisdictions.
"If you were to arrest [someone] and you wanted to communicate with them, you could ask them for an email address and you could easily email them the next minute [and] you could send them a text message,” Marcus said.
However, there is no universal protocol when it comes to transferring money over the Internet, he said:
“If you were to send them money [but] if they're not a US citizen here and they're using one of the same fintech apps that you're using, you wouldn't be able to to do. So we are still in the era of global fax payments. »
Marcus explained that in this case, transferring money to non-US residents would involve obtaining their bank account number and going to the local bank to pay $50 for an international transfer.
“If it’s after Friday at 5 p.m., bad luck,” Marcus added.
David Marcus on #bitcoin as a base settlement layer for "billions of dollars in transactions" pic.twitter.com/L21fmiwxyZ
– Alex Stanczyk ∞/21m (@alexstanczyk) September 11, 2023Marcus, who co-founded Lightspark in May 2022 and serves as its CEO, said his company is now in a race to solve this problem using the Bitcoin Lightning Network.
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Marcus said there is still no universal protocol when it comes to money transfers, despite what information can be shared by email.
News
Join us on social media
While today information can be easily transferred over the Internet via email or SMS, international payments, on the other hand, have remained in the "fax age", according to the former president of PayPal .
In a September 11 interview with CNBC, the former PayPal executive and co-founder of Bitcoin-focused payment service Lightspark Lightning said he believes Bitcoin's Lightning network could solve the tedious process of sending money between jurisdictions.
"If you were to arrest [someone] and you wanted to communicate with them, you could ask them for an email address and you could easily email them the next minute [and] you could send them a text message,” Marcus said.
However, there is no universal protocol when it comes to transferring money over the Internet, he said:
“If you were to send them money [but] if they're not a US citizen here and they're using one of the same fintech apps that you're using, you wouldn't be able to to do. So we are still in the era of global fax payments. »
Marcus explained that in this case, transferring money to non-US residents would involve obtaining their bank account number and going to the local bank to pay $50 for an international transfer.
“If it’s after Friday at 5 p.m., bad luck,” Marcus added.
David Marcus on #bitcoin as a base settlement layer for "billions of dollars in transactions" pic.twitter.com/L21fmiwxyZ
– Alex Stanczyk ∞/21m (@alexstanczyk) September 11, 2023Marcus, who co-founded Lightspark in May 2022 and serves as its CEO, said his company is now in a race to solve this problem using the Bitcoin Lightning Network.
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