Bitcoin, Solana community calls out Coinbase CEO on crypto payment vision

The vision for a future where crypto payments are instant, accessible, and global has ignited a spirited debate among industry leaders on the path toward achieving this goal.

As reported by Brian Armstrong, CEO of Coinbase, the crypto industry, including Coinbase, focuses on integrating layer 2 solutions, better on-ramps, and simpler user experiences to bring the cost of an average payment under one cent and the confirmation time under one second.

Armstrong asserted, “Payments are like water, they flow to the path of least resistance,” hinting at the competition among various blockchains to become the most attractive option for these transactions.

Coinbase announced its own Ethereum L2 in February, which uses ETH as its native gas token as a “modular, rollup agnostic Superchain powered by Optimism.”

Crypto leaders unite

However, Armstrong seemingly hit some nerves of the Crypto Twitter community, as he also commented,

“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 1 cent and confirmed in under 1 second. I think we’d see orders of magnitude more payments move to crypto if we can achieve that.”

Block CEO Jack Dorsey advocated for Bitcoin and its layer-2 solution, Lightning Network, as a potential solution. He questioned Armstrong’s apparent omission of Bitcoin in his vision for the future of crypto payments.

However, disagreement with Dorsey’s perspective came from Anatoly Yakovenko, the founder of Solana Labs. He claimed that USDC on Solana is “cheaper and faster than Bitcoin and Lightning,” arguing that it’s the currency people globally want to use, with a median

Go to Source to See Full Article
Author: Liam ‘Akiba’ Wright

Did you like this?
Tip BTC Newswire with Cryptocurrency