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The co-creator of Facebook\u2019s cryptocurrency project Diem is now planning to lead the creation of a global payments network using Bitcoin (BTC<\/a>).<\/p>\n In a new interview on CNBC Squawk Box, David Marcus, who is the co-founder and CEO at Lightspark, says<\/a> that his Bitcoin-based payments startup building on the Lighting Network is attempting to create a low-cost universal payment service.<\/p>\n \u201cOur view is actually that Bitcoin is not the currency that people will use to buy things, but a fragment of a Bitcoin on top of Lightning is like a small data packet on the internet \u2013 only for value. And so you can exchange at the edges of the network and send dollars to someone who will receive Japanese yen on the other side, or send dollars to someone who will receive euros on the other side. And the actual net settlement layer that is used is Bitcoin, Lightning and it settles in real time, cash final and at a very, very low cost.\u201d <\/em><\/p>\n The Lightning Network is a scaling solution that aims to enable instant and cost-effective transactions with BTC.<\/p>\n Marcus says that Lightspark hopes to build a payments system that could be used as easily as sending someone a text message or an email.<\/p>\n \u201cWhat we\u2019re trying to do is turn Bitcoin into a real global payment network\u2026 We have many tourists walking right outside of the studio right now [and] if you were to stop one of them, wanting to communicate with them you could ask them for an email address and you can email them easily the next minute. You could text them. You could add them to a group video chat. You can do all of these things.<\/em><\/p>\n But if you were to send them money, if they were not a US citizen here in the US using one of the same Fintech apps you\u2019re using then you wouldn\u2019t be able to do that. And so we\u2019re still in the fax era of global payments and that\u2019s what we\u2019re attempting to solve.\u201d<\/em><\/p>\n Bitcoin is trading for $25,182 at time of writing, down 2.2% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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