Tech mogul Jack Dorsey says he’s willing to work with Coinbase CEO Brian Armstrong to build a Bitcoin (BTC) payments system.
Dorsey responded to Armstrong after the CEO said there was a big need for a worldwide free and instant crypto payments system.
Says Armstrong,
“The next step for crypto is to make payments instant and free globally.
This will take lots of work from all of us, Coinbase included, getting layer 2’s integrated, better on-ramps, simpler UX/onboarding, etc.
A magic threshold would be getting the average payment under one cent and confirmed in under one second. I think we’d see orders of magnitude more payments move to crypto if we can achieve that.
Today, crypto has the *potential* to improve global payments infrastructure, but it hasn’t yet delivered on that promise as we’re largely still stuck on layer 1. Payments are like water, they flow to the path of least resistance.”
Dorsey responded saying,
“Why do you continue to ignore Bitcoin and Lightning?
What ‘crypto’ is a better money transmission protocol and why?”
Armstrong said he is looking at ways to integrate Lightning, a Bitcoin layer-2 designed for faster BTC payments, and invited Dorsey to partner in building something together.
Dorsey says he’d welcome the opportunity to work with Armstrong, and notes that he believes the focus should be on Bitcoin and layer-2 technologies.
“No doubt Coinbase introduced more people to Bitcoin than anyone else. And I’m grateful for that.
Putting more of your resources towards your original focus on Bitcoin and layer-2 technologies would be amazing and we’d be happy to partner.
We want an open protocol for money transmission for the internet that’s not controlled by a single individual, company, or government.”
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