Brian Armstrong tweeted that the next stage in the cryptocurrency industry’s evolution will be to make crypto asset payments instant and free across the globe. Yes, it will require a lot of effort from market participants, including Coinbase, Armstrong said. It will need to integrate second-tier solutions to scale blockchains and make it easier for users to sign up for cryptocurrency platforms.
Cryptocurrency payments should cost users no more than one cent and settle in about a second. If this is realized, many more payments will be made in cryptocurrencies, Armstrong is convinced.
<blockquote.
“Today, cryptocurrencies have great potential to improve the international payment infrastructure. But this potential is not fully unlocked because we are still stuck on tier 1 solutions. Payments are like water, they flow along the path of least resistance,” explains the Coinbase CEO.
MicroStrategy executive chairman Michael Saylor reacted to Armstrong’s tweet. He
is confident that the Lightning Network will do the job.. Recently, the largest cryptocurrency exchange Binance integrated this solution to reduce fees and increase the speed of bitcoin transactions. Saylor thinks the Coinbase exchange should do the same thing. With him
Twitter founder Jack Dorsey, who is also considered a strong supporter of bitcoin, agreed.
Solana co-founder Anatoly Yakovenko joined the discussion. He
claims that payments in USDC steblecoins on the Solana blockchain are much faster and cheaper compared to bitcoin and the Lightning Network. According to Yakovenko, it would be more convenient for people to use USDC for international payments, as the average transaction confirmation time with this steiblcoin is only 1.3 seconds.
However, Bitwage, a company that provides services for converting wages into cryptoassets, stopped making payments in USDC stablecoins for U.S. residents in July.