He said all this last week on 24th August, on the podcast of “What Bitcoin Did”. This was hosted by Peter McCormack and Barhydt stated his claims are all on the talks of the people who are directly connected with Facebook’s Libra project. He said that has had all of many conversations with the team of Facebook, who are developing the Libra project, and they told him about it that firstly they don’t want to create a virtual currency, but only payment service to fulfil their user’s needs.
“Ideally – from my discussions – they actually would have preferred to use Bitcoin. I think there’s a huge belief in the system. But if you want to build a remittance system and you want to build a cross-border commerce system and you have 1.2 billion users today, what would happen to Bitcoin? Fees would skyrocket. Doing anything with Bitcoin transactional was effectively untenable.”
“These are smart people. They’ve looked at Lighting, they’ve looked at Bitcoin, they’ve thought this through. And they came to the conclusion that Bitcoin is not optimized to be a payment network, Bitcoin is optimized to be digital cash right now.”