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Former PayPal President David Marcus Aims to Transform Bitcoin for Global Payments with Lightning Network

David Marcus, the former President of PayPal and current CEO of Lightning Network infrastructure firm Lightspark, has revealed plans to convert Bitcoin (BTC) into a global payment network. In an interview on CNBC’s Squawk Box, Marcus highlighted the ease of communication through texting and email but emphasized the challenge of sending money across borders due to the lack of a global protocol for internet-based money.

Lightspark’s goal is to turn Bitcoin into a genuine global payment network, similar to how texting serves as a universal protocol for communication. Marcus clarified that the currencies transmitted over the network would still be fiat currencies, stating that global payments are currently in the “fax era,” and Lightspark aims to address this issue.

Marcus described a fragment of Bitcoin on top of Lightning as a small data packet on the internet, specifically for the exchange of value. Users can send and receive any currency of their choice, including Dollars, Yen, or Euros, through the Lightning Network. However, he believes that Bitcoin itself will not become a popular method for purchasing goods and services.

According to Marcus, Lightning offers real-time, low-cost, and cash-final transactions, making cross-border transactions more accessible and efficient. Despite facing challenges, Marcus and Lightspark are committed to building on the Lightning Network and harnessing Bitcoin’s unique qualities to establish a universal open protocol for payments.