Key facts:
The CEO of Abra said that bitcoin is the solution for countries where there are no credits.
Lightning’s new protocol will extend the life of the network, Barhydt said.
Bill Barhydt, CEO of the Abra cryptocurrency exchange and renowned bitcoiner, assured that bitcoin (BTC) will become the banking of the future because it can be used as collateral for loans and mortgages.
In his opinion, the community of Bitcoin found a global solution for creditsas he commented during his participation in the Bitcoin 2022 Conference, which is taking place in the city of Miami, United States.
“Using bitcoin as collateral. We have a guaranteed way to establish credits in countries where today there are none. Most countries in the world operate payments on a debit-based system,” explained Barhydt.
Advertising
He also stated that loans collateralized with bitcoin will be the number one use case for cryptocurrency in the next two years.
“We are making down payments for mortgage loans against your bitcoin and that is the future of banking: borrow against your bitcoin, not sell your bitcoin,” he stated.
These products go aimed at those who hold positions in bitcoin and that require funds for a specific situation, but without selling their cryptocurrencies. The company safeguards the user’s assets and transfers the required money in fiat or stable currency to his bank account.
In the case of the United States, these types of financial tools, whether loans or savings accounts with cryptocurrencies that generate interest, are not well seen by regulators, as CriptoNoticias has reported.
Lightning Network Enthusiasm
One of the most recent advances of the Lightning network has caused a lot of talk at the most important bitcoin conference in the world. Its about new protocol identified as Taro which will allow the issuance of digital assets on the Lightning network, such as stablecoins.
When asked about Taro, Barhydt said he was very optimistic about it. “My team and I went through the demo step by step to make sure there were no hacks or anything and it’s pretty impressive what they discovered and I think that will extend the life of Lightning,” he added.
Desiree Dickerson, CEO and founder of Thndr Games, a company that develops video games that work under the system, also spoke on this topic.play-to-earnand that allows you to withdraw bitcoins earned through Lightning.
Dickerson, was shown excited about Lightning Lab progress and the Taro protocol. “I think there are really interesting use cases and I’m personally very excited,” she said.
However, he expressed that they would not use that new tool, “Thunder is just bitcoin and we will always be just bitcoin,” he added.