David Marcus, who used to work for Meta (formerly Facebook) and PayPal, has an interesting idea about Bitcoin. He thinks that the technology behind Bitcoin could be used as a basis for a kind of worldwide money system on the internet.
In an interview on CNBC, Marcus talked about this unusual idea. Instead of seeing Bitcoin as something you invest in to make money, he believes it could be the foundation for a big network that lets people all around the world easily send and receive money online. This is what his new project, Lightspark, is working towards.
David Marcus has a different idea about Bitcoin than most people. Many see Bitcoin as something like digital gold that you hold onto to make money. But Marcus thinks we can use the technology behind Bitcoin to make it easier and faster to send money over the internet.
He suggests creating a new network on top of Bitcoin’s technology to make transactions smoother. This way, we can still use the good things about Bitcoin, like being decentralized and safe, but make it work even better.
The goal here isn’t to get rid of regular money but to have a system that works for sending money online, something that Marcus thinks we need right now.
Right now, Bitcoin has some problems that make it not so great for fast and small transactions. It can be slow, and the fees can be high. Some solutions, like the Lightning Network, are trying to fix these issues.
David Marcus’s new project, Lightspark, wants to make Bitcoin work better for transactions. He wants to create a new network on top of Bitcoin’s technology to make transactions faster and smoother. He believes that the internet doesn’t have a single way for people to easily send money, and Bitcoin could fill that gap.
But this is a big challenge. It’s not just a technical problem; there are also rules and regulations to think about when doing this kind of thing with Bitcoin’s blockchain. So, it’s not an easy task.
Thanks for having me @andrewrsorkin @BeckyQuick @JoeSquawk @SquawkCNBC, we are indeed still in the fax era of payments. Much work to do. https://t.co/D6tVhfSf05
— David Marcus (@davidmarcus) September 11, 2023
When David Marcus worked at PayPal, he worked on making PayPal more available to people and making it easier to use.
After PayPal, he went to Facebook. There, he was in charge of a big project called Diem, which used to be called Libra. The goal was to make a special kind of cryptocurrency that would make it as easy to send money as it is to send a text message.
Even though people were excited about it at first, the project had some problems with the rules and regulations that financial companies need to follow, especially when they operate worldwide. So, it faced some big challenges in terms of following all the financial rules.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
