RATE Group | Bitcoin Is Bad for Payments, But Lightning Solves This: Samson Mow
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Bitcoin Is Bad for Payments, But Lightning Solves This: Samson Mow

16 Aug Bitcoin Is Bad for Payments, But Lightning Solves This: Samson Mow

Posted at 09:47h in Bitcoin News by

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Blockstream Chief Strategy Officer (CSO) Samson Mow says Bitcoin (BTC) is bad for payments but the Lightning Network solves this.

Mow — who is also a co-founder of formerly top cryptocurrency exchange BTCC — made his remarks in an interview for SFOX blog on Aug. 15.

Lightning changes the whole equation

Mow conceded that he doesn’t yet have an everyday use case for Bitcoin (BTC), quipping that in daily life, he still uses credit cards, not cryptocurrency. The top coin, he argued, is designed in such a way that has an altogether different purpose: 

“It’s more of a store of value and a medium of wealth transfer. It’s not something you would use every day in payments. I’ve said this before, and people have twisted around and said I hate Bitcoin, but Bitcoin is bad for payments.”

For payments, Mow said, we have the Lightning network: instantaneous and virtually free — designed exactly with everyday payments in mind. 

As a payment system, he recalled, Bitcoin takes ten…

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