- Jack Dorsey shared his concerns regarding Coinbase CEO Brian Armstrong’s negligence of BTC and the Lightning Network.
- Dorsey also asked Armstrong about the better money transmission protocol in crypto.
- Armstrong shared insights on Coinbase’s venture to embrace easier and free crypto payment services.
Jack Dorsey, the co-founder of Twitter, recently shared his concerns regarding Coinbase CEO Brian Armstrong’s negligence of Bitcoin (BTC) and Lightning Network. Dorsey’s comment followed Coinbase CEO’s update on Coinbase Wallet, a self-custody crypto wallet.
On July 26, Armstrong shared a thread on his official Twitter page shedding light on the venture of Coinbase to “make payments instant and free globally.” He highlighted the large scale of efforts and strategies that the crypto space, including Coinbase, must adopt for fulfilling the goal. Enlightening the potential of crypto, the CEO stated:
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.
Armstrong’s post was intended to highlight a recent video shared by Coinbase providing an opportunity for the community to foresee “the coffee shop of the future, where USDC payments are instant and gas-free with Coinbase Wallet.” Armstrong stressed that while advancing towards the next level of crypto payment through Coinbase Wallet, the average payment would likely be under one cent, with the process confirmed in under one second.
Responding to the message, Dorsey, being a Bitcoin enthusiast, asked Amstrong about the “better money transmission protocol” in crypto, demanding detailed reasoning. Dorsey further asked, “Why do you continue to ignore Bitcoin and lightning?”
Lightening Network is a Layer 2 payment protocol layered on top of the Bitcoin blockchain to handle transactions easily and effectively at a low cost. Though in April, Amstrong shared the company’s interest in embracing the Lightning Network, no further updates were unveiled.
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