Brian Armstrong: Cryptocurrency Payments Should Be Instant and Free

Cryptocurrency Payments Revolution: Coinbase CEO Brian Armstrong Envisions Instant & Free Transactions

In a recent discussion with the crypto community, Brian Armstrong, the CEO of American crypto exchange Coinbase, explored potential options for the future to enable instant and free payments with cryptocurrency assets worldwide. Armstrong took to Twitter to share his vision, stating that the next crucial step in the cryptocurrency industry's development is achieving instant and cost-free payments using crypto assets globally. To realize this goal, he emphasized the need for significant efforts from market participants, including Coinbase, involving the integration of second-layer solutions to scale blockchains and simplify user registration on cryptocurrency platforms.

According to Armstrong, payments in cryptocurrencies should ideally incur fees of no more than one cent and be settled in about one second. He firmly believes that achieving this milestone will significantly increase the adoption of cryptocurrencies for payments. Currently, the potential of cryptocurrencies to revolutionize the international payment infrastructure remains untapped due to the reliance on first-level solutions. Armstrong aptly compared payments to water, flowing through the path of least resistance, which highlights the importance of smoother and more efficient payment options in the crypto space.

Notably, MicroStrategy's executive chairman, Michael Saylor, responded to Armstrong's tweet, expressing his confidence in the Lightning Network's ability to address this challenge. Recently, Binance, one of the largest crypto exchanges, integrated the Lightning Network to reduce transaction fees and enhance the speed of Bitcoin transactions. Saylor suggested that Coinbase should follow suit.

Joining the conversation, Twitter founder Jack Dorsey, an avid supporter of Bitcoin, concurred with Saylor's views. Meanwhile, Anatoly Yakovenko, the co-founder of Solana, chimed in, promoting the use of USDC stablecoins on the Solana blockchain for faster and more cost-effective payments compared to Bitcoin and the Lightning Network. Yakovenko emphasized that using USDC for international payments would be more convenient, given its average transaction confirmation time of only 1.3 seconds.

However, it's worth noting that Bitwage, a company facilitating the conversion of wages into crypto assets, ceased offering payments in USDC stablecoins to US residents in July. The decision may have been influenced by various factors, including regulatory considerations or a shift in their preferred payment methods.

In conclusion, Brian Armstrong's vision for instant and free cryptocurrency payments has garnered attention and support from key figures within the crypto community. As the industry continues to evolve, it will be essential for market participants like Coinbase to embrace innovative solutions such as the Lightning Network and explore the advantages of stablecoins like USDC for facilitating efficient and seamless global transactions. The realization of this vision has the potential to propel cryptocurrencies into a new era of mainstream adoption for everyday payments.