Bitcoin Lightning on Coinbase agenda, Brian Armstrong tells Jack Dorsey

Coinbase CEO Brian Armstrong has confirmed that the crypto exchange is “checking out” including the Bitcoin Lighting network in its mission to advance crypto payments adoption worldwide.On July 28, Armstrong attended to the crypto neighborhood on Twitter (rebranded to X), highlighting the potential of cryptocurrencies to enhance global payments infrastructure. He even more suggested:” This will take lots of work from all of us, Coinbase consisted of, getting layer 2s incorporated, better on-ramps, easier UX/onboarding, etc” Armstrongs vision for global crypto payments was questioned by enduring Bitcoin (BTC) supporters, including MicroStrategy creator Michael Saylor and Square CEO Jack Dorsey, provided no mention of Bitcoin in the post, as shown listed below: The next action for crypto is to pay instant and free globally.This will take lots of work from everyone, Coinbase consisted of, getting layer 2s incorporated, much better on-ramps, easier UX/onboarding, and so on A magic threshold would be getting the average payment under 1 cent … https://t.co/IDWTHsZNUq— Brian Armstrong (@brian_armstrong) July 26, 2023

After five days of silence, Armstrong reacted to Dorsey, specifying:” Not sure why you believe were disregarding Bitcoin – weve onboarded more people to Bitcoin than most likely any company in the world. Dorsey acknowledged Coinbases function in spreading Bitcoin adoption, and agreed to partner with Armstrong in putting resources into Bitcoin and layer-2 technologies, adding:” We desire an open protocol for money transmission for the web thats not controlled by a single person, business, or government.” The open conversation in between the 2 crypto business owners concluded with both pledging to be on the exact same team.Related: Lightning Labs launches tools letting AI negotiate and hold BitcoinOn July 17, Binance finished the combination of Bitcoin Lightning Network within a month of sharing its intention to do so.Screenshot revealing users can select “LIGHTNING” as an option when depositing Bitcoin.

Other Questions People Ask

What did Brian Armstrong say about Bitcoin Lightning on Coinbase's agenda?

Brian Armstrong, the CEO of Coinbase, confirmed that the exchange is exploring the integration of the Bitcoin Lightning Network to enhance crypto payment adoption globally. He emphasized that this initiative will require significant effort from various stakeholders, including Coinbase itself, to improve layer 2 integrations and user experience. Armstrong's comments reflect a commitment to advancing the infrastructure necessary for seamless cryptocurrency transactions.

How did Jack Dorsey respond to Brian Armstrong's comments on Bitcoin Lightning?

Jack Dorsey acknowledged Coinbase's role in promoting Bitcoin adoption and expressed a willingness to collaborate with Brian Armstrong on advancing Bitcoin and layer-2 technologies. Dorsey highlighted the importance of creating an open protocol for money transmission that is not controlled by any single entity. This collaborative spirit between the two crypto leaders indicates a shared vision for the future of cryptocurrency payments.

What challenges did Brian Armstrong mention regarding Bitcoin Lightning integration?

In his discussion about Bitcoin Lightning on Coinbase's agenda, Brian Armstrong pointed out several challenges that need to be addressed for successful integration. These include the need for better on-ramps, improved user experience, and effective onboarding processes. Armstrong's insights underline the complexity of making cryptocurrency payments instant and cost-effective on a global scale.

Why did some Bitcoin supporters question Coinbase's focus on Bitcoin Lightning?

Some long-time Bitcoin supporters, including Michael Saylor and Jack Dorsey, questioned Coinbase's emphasis on Bitcoin Lightning due to a perceived lack of direct mention of Bitcoin in Armstrong's initial statements. They expressed concerns about whether Coinbase was prioritizing Bitcoin adequately in its broader mission. This skepticism highlights the ongoing debate within the crypto community about the best approaches to enhance Bitcoin's utility and adoption.

What is the significance of integrating Bitcoin Lightning for Coinbase?

The integration of Bitcoin Lightning is significant for Coinbase as it aims to facilitate faster and cheaper transactions, which could enhance user adoption and engagement. By adopting layer 2 solutions like Lightning, Coinbase can improve its payment infrastructure, making it more competitive in the rapidly evolving crypto landscape. This move aligns with Armstrong's vision of creating a more efficient global payments system through cryptocurrency.