Former Facebook Executive BTC Will Lead the World out of the Era of Fax Payments and is Expected to Create Trillions of Dollars in Value

Ex-Facebook exec believes BTC will revolutionize payments and generate trillions in value.

Compiled by: Blockchain Knight

David Marcus, former head of Facebook’s payment division, said that BTC will become the most crucial network leading the payment trend into a new era. He also stated that the global payment infrastructure is outdated and will benefit from integration with crypto assets in the future.

In an interview with CNBC’s Squawk Box program, the former Facebook and LianGuaiyLianGuail executive discussed his new project, LightsLianGuaik. The company was established to provide payment settlement services for the second layer solution of BTC, namely the Lightning Network.

This payment solution allows users to send funds “off-chain,” thereby improving the scalability of the BTC network. In this sense, Marcus and his company aim to turn crypto assets into a “truly global payment network.”

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Their goal is to financially connect everyone, regardless of nationality, ability to use traditional payment channels, or other limiting factors. The former executive also claims that this will allow people to communicate in the same way as using email, text messages, and other internet-supported communication methods.

When discussing the problems the company wants to solve and why it wants to build on the BTC network, Marcus expressed the following views:

“If you stop one of them (tourists visiting the United States) and want to communicate with them, you can ask for their email address, and in the next minute, you can easily send them an email. You can send them a text message, you can have a video chat with them, but if you want to send them money, you can’t do that. So, we’re still in the fax payment era, and that’s the problem we want to solve.”

Marcus believes that there is a lack of a universal currency protocol in the world, and BTC and the Lightning Network are the solution. The current payment system is complex, and people must overcome numerous obstacles to transfer money between countries or each other.

If LightsLianGuairk and other Lightning Network-based companies can provide a simple solution to the public, they have the opportunity to enter a trillion-dollar field and take market share from SWIFT and other international payment networks.

Although BTC has been in a downward trend since reaching its all-time high of $69,000 in 2021, the Lightning Network has been growing. Data from the crypto asset analysis platform mempool.sLianGuaice shows that the payment capacity of the second layer solution has increased to over 4,700 BTC.

The above chart shows that this indicator has been increasing since October 2020 when the payment capacity was much lower than 1,000 BTC. If this trend continues, the payment capacity of the Lightning Network could double within the next two years.

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