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Facebook Ex-Vice President: Bitcoin to Replace Outdated Payment Systems

Published January 23, 2024 11:12 AM

By Teuta Franjkovic

Ex-crypto head of Facebook, David marcus, is huge Bitcoin proponent | Credit: Tobias Hase/picture alliance via Getty Images

Ex-PayPal President David Marcus is committed to revolutionizing the way people pay, and he believes that Bitcoin is the key.
Bitcoin has surpassed the stage of existential threats and is well-positioned to withstand various types of challenges.
Marcus envisions a future where Bitcoin is the TCP/IP of real-time value transport on the Internet.

David Marcus, former Vice President of Messaging Products at Facebook and ex-PayPal President expressed a strong commitment to revolutionizing the state of payments.

He highlighted the outdated nature of current systems, referencing Telex, which was invented in the 1930s, and SWIFT, originating from the 1970s.

Marcus Pledges to Enabling Money Flow with Bitcoin

Emphasizing the need for innovation, Marcus declared his lifelong dedication to enabling money to flow natively on the internet, with a particular focus on utilizing Bitcoin. He clarified that this modernization of financial transactions is his primary goal and area of work for the foreseeable future.

State of payments in 2024, ladies and gentlemen.

Telex: invented in the 1930s.
SWIFT: invented in 1970s.

There’s literally nothing else I will work on for the rest of my life until we make money flow natively on the internet. It will be done with #Bitcoin ! https://t.co/fQgvvHlUb3

— David Marcus (@davidmarcus) January 22, 2024

This is not the first time Marcus envisioned Bitcoin as an ultimate source of free money. Marcus recently shared his views on Bitcoin , distinguishing it from other cryptocurrencies.

Speaking on the “What Bitcoin Did” podcast , Marcus, who is also the founder of the Lightning Network payments protocol Lightspark, expressed a firm belief that Bitcoin stands alone as a unique digital currency. He articulated his “unshakeable conviction” that Bitcoin represents the sole form of neutral internet money that will exist.

He stated :

“Bitcoin has more regulatory clarity than any other crypto asset out there. It is widely accepted by a lot of regulated financial institutions. Fidelity [Investments] has a Bitcoin-denominated 401k, and there are a bunch of spot Bitcoin ETFs that are awaiting approval. Eventually, it’ll happen.

And outside of the US, banks can touch Bitcoin and do, and they want to really embrace the capabilities that Bitcoin brings to the table.”

Bitcoin is Here to Stay and Will Transform Payments

Marcus believes that Bitcoin’s longevity is assured, having surpassed the stage of existential threats. While he acknowledges that such threats are not entirely eliminated, he asserts that among all digital assets, both existing and potential, Bitcoin is significantly better prepared to withstand various types of attacks and challenges.

Marcus believes Bitcoin could revolutionize online transactions, enabling the seamless transfer of billions of dollars in near real-time. He sees this as an incredibly exciting opportunity to redefine the way financial transactions are conducted globally.

At @Lightspark , we believe #Bitcoin will become the TCP/IP for realtime value transport on the Internet. The opportunity to reinvent how trillions of dollars of value moves every day and make it always-on, low-cost, open, and realtime is incredibly exciting.

— David Marcus (@davidmarcus) January 16, 2024

As the CEO of Lightspark, David Marcus plays a pivotal role in leading the transformative journey of Bitcoin.

In September 2023, he emphasized its goal to evolve Bitcoin into a genuine global payment network. This ambitious undertaking, however, faces significant challenges, particularly regarding Bitcoin’s scalability issues. Despite these concerns, continuous technological developments, especially through the Lightning Network, are being made to enhance Bitcoin’s functionality and scalability.

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About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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