Overstock CEO: Bitcoin is much more than just money

Overstock CEO believes that it’s high time we should switch from fiat money to crypto
25 November 2017   1121

While a lot of investors worry about the cryptocurrency bubble status, Overstock.com CEO Patrick Byrne said why he’s so confident about succesful crypto-future, during an appearance on FOX Business’ “Mornings with Maria.”

You think that’s a bubble? What do you think that fiat currency you carry around in your purse is? This dollar stuff, it’s just some fiat currency based on … the surplus taxing authority of the U.S. Treasury of which I assert there is zero ... It’s about time the world switches to real money. Either gold or bitcoin.

 

Patrick Byrne

CEO, Overstock.com

Overstock.com was the first web-service which began to use bitcoin.

There are also some handful companies, that support cryptocurrency movement from the very beginning, including Expedia, Dish Network and Starbucks by way of the Fold app. 

However, some of the world’s main leaders have criticized cryptocurrency over lack of regulation.

For example, Jamie Dimon, the CEO of JPMorgan Chase, said that bitcoin is nothing but a “fraud”.

Laurence Fink, the chairman and CEO of BlackRock, an American multinational investment management corporation has called bitcoin an “index for money laundering.”

Lightning Labs to Raise $10M

As reported, the raised funds will be allocated to enforce the team with developers and commercial speciaslists
06 February 2020   307

Lightning Labs attracted $ 10 million investment during the A-series financing round, and also introduced a beta version of its payment service for outlets that work with bitcoin.

If bitcoin is going to reach its potential as a viable global currency, it’s going to need to scale beyond the base layer. Similar to how Visa relieves banks from handling all fiat currency traffic, Lightning relieves the base bitcoin chain from handing all transactions, thus bring more speed and fee efficiency to the network.

 

Brian Murray

Managing Director at Craft Ventures

With the help of the raised funds, the company intends to hire more developers and commercial specialists, so that it will be able to convey the applied solutions to users. In 2018, Lightning Labs unveiled a beta version of its LND scaling solution and received $ 2.5 million investment from several investors, including Twitter CEO Jack Dorsey and Litecoin creator Charlie Lee.

Now a beta version of the new Lightning Loop service has been launched, with the help of which outlets can more effectively manage payment channels and maintain liquidity in them. Several customers have already become interested in this tool, including the developer of the Fold shopping application, which processed approximately 1,600 transactions through the Lightning Network during the holidays in 2019.

We’re growing fast and Lightning Labs’ loop service makes it simple to manage our lightning node’s liquidity, letting our team focus on building out great user experiences that bring lightning to the world.

 

Will Reeves

Fold

According to Lightning Labs, this year the company will be developing tools for working with larger payment channels. We are talking about both individual channels, which individually can hold more than $ 1,500, and multidirectional ones, which break down payments into smaller parts.