Pro-Bitcoin Billionaire Chamath Palihapitiya Gives Advice to Payment Systems

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Wed, 07/01/2020 - 12:19
Vladislav Sopov
Legendary investor, CEO of Social Capital and chairman of Virgin Galactic, Chamath Palihapitiya, revealed how payment processors can boost mass adoption of digital money
Cover image via en.wikipedia.org
Contents

According to the investment sphere veteran, cross-border remittances will see adoption once the main providers manage to build interoperable systems with intuitive user interfaces.

One-click payments

Mr. Palihapitiya revealed samples of how proper payment processors operations should look. He brought three invoices for Paypal's VenMo, Cash App and Zelle as examples.

Image via Twitter

According to this draft, a payment voucher for cross-border remittance can need only a few symbols. Such a level of interoperability and intuitiveness should be achieved by the shared efforts of all big processors.

It should be noted that Mr. Palihapitiya is a vocal Bitcoin (BTC) proponent. Recently, he claimed that everyone who didn't buy the king coin would regret it.

In a recent interview, he outlined that he isn't interested in the euphoria surrounding the DeFi segment since he owns Bitcoins (BTC). As previously covered by U.Today, he was lucky enough to buy the king coin at $100.

One step towards interoperability

In the comments below Mr. Palihapitya's post, many soldiers of the XRP Army announced that such a system has already been launched by Ripple, called PayID.

This system allows cross-platform remittances through the simplest interoperable addresses, Payment IDs. This system was promoted by Ripple Inc. in a recent dedicated conference.

Ripple CTO David Schwartz also highlighted that this system can help digital assets avoid taxation and accounting problems. 

Related
Ripple CTO David Schwartz Reveals Benefits of PayID. Which is Most Important?

The CEO of Ripple, Brad Garlinghouse, insists that with PayID, cross-border money transfers become as easy as e-mail messaging.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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