Bitcoin's Lightning Network Could Solve the Outdated Global Payments System

Former PayPal Boss Says Global Payments are Still Stuck in the "Fax Era"

The former president of PayPal and co-founder of Bitcoin Lightning-focused payment service Lightspark believes that global payments are still stuck in the "fax era." While information can easily be transferred over the internet through email or text, transferring money across jurisdictions remains a cumbersome process.

Bitcoin's Lightning Network Offers a Solution

The former PayPal executive, in a recent interview, stated that Bitcoin's Lightning network could revolutionize the way money is sent across borders. He compares the current process to asking someone for their bank account number and physically going to the bank to pay for an international wire transfer.

Bitcoin Lightning: A Game Changer for Overseas Transfers

While Bitcoin may not be widely used for everyday purchases, the former PayPal president sees its potential in facilitating overseas transfers. Bitcoin would be used to send U.S. dollars, which would then be converted into a different currency, such as Japanese Yen or Euro, for the recipient on the other side of the world.

Lightspark: Leading the Charge to Simplify Global Payments

Lightspark, the payment service co-founded by the former PayPal executive, is now focused on using the Bitcoin Lightning network to solve the challenges of transferring money across borders. By leveraging the Lightning network's real-time payments and Bitcoin's settlement layer, Lightspark aims to provide fast and cost-effective global payments.