Jack Dorsey Challenges Coinbase CEO to Acknowledge Bitcoin’s Lightning Network
Twitter co-founder Jack Dorsey questioned Coinbase CEO Brian Armstrong about his alleged refusal to acknowledge the power of Bitcoin’s lightning network. This sparked a debate about the benefits and limitations of lightning compared to stablecoins.
Key Points:
- Armstrong claimed that the next step for crypto was to make payments instant and free globally through layer 2 solutions and user onboarding.
- Dorsey asked why Armstrong continues to ignore Bitcoin and lightning.
- Lightning makes BTC payments instant and virtual free by taking transaction settlement off the main blockchain.
- Anatoly Yakovenko of Solana Labs stated that USDC on Solana is cheaper and faster than Bitcoin and lightning, making it the preferred global currency.
- Dorsey’s payments company, Block, has created tools to integrate the lightning network into apps.
Solutions for Bitcoin:
Bitcoin’s lightning network adoption is growing, with companies like Galoy and Stably developing solutions for transacting dollars over lightning. Taro, a company allowing for alternative asset transfers over the lightning network, offers tokenization solutions for Bitcoin. Lightning Labs has also unveiled a toolkit allowing AI to interact with Bitcoin’s lightning network.
Hot Take:
The debate between Dorsey and Armstrong highlights the ongoing discussion about the benefits of lightning compared to other cryptocurrencies. While Bitcoin’s lightning network offers instant and virtually free payments, other options like stablecoins on Solana are cheaper and faster. The development of solutions for Bitcoin’s lightning network continues to expand, showcasing the potential for improved scalability and usability in the crypto space.
By
By
By
By