According to Cointelegraph, the former president of PayPal believes that the Bitcoin Lightning network could potentially solve the cumbersome process of sending money across jurisdictions. In a recent interview with CNBC, the co-founder of Bitcoin Lightning-focused payment service Lightspark explained that while information can be easily transferred over the internet via email or text, global payments have remained in a "fax era." He noted that there is no universal protocol for transferring money over the internet, and sending money to non-U.S. residents often involves obtaining their bank account number and paying a fee for an international wire.
The former PayPal executive, who co-founded Lightspark in May 2022 and serves as CEO, said his company is now in a race to solve this issue using the Bitcoin Lightning network. However, he believes that Bitcoin Lightning will not be used so much for everyday purchases, but instead be mainly used for overseas transfers. He explained that Bitcoin will be used to send U.S. dollars to someone who ultimately receives it in the form of Japanese Yen or Euro on the other side of the world. The combination of Bitcoin's settlement layer and Lightning's real-time payments enables cash finality at a very low cost.
