BitPay CEO Sees Promise Beyond El Salvador
Summary
El Salvador’s embrace of bitcoin may be a grand experiment, marked by great expectations … or it may be a technological flop with few takers (from the public at large). We may see the emergence of off-chain payments, wrapped BTC on the Ethereum blockchain, or broader use of custodial accounts — all in service of smoothing transactions and encouraging consumer/merchant adoption. And it will be interesting to see how to deal with that,” said Pair, adding other countries will follow El Salvadors lead as they see the value blockchain payments afford consumers and businesses. That’s the technically easy path for you know, businesses and individuals to go down if they want to avoid those fees.” Separately, the Lightning Network, marked by smart contract transactions, can scale instant bitcoin payments. A majority of consumers don’t actually want to use the coins, and as noted, the president has a policy in place that would give users $30 in bitcoin to spur some adoption.
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