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Coinbase CEO Brian Armstrong owes me $100. This is due to his potential unfamiliarity with the Lightning Network, the rapid payment solution built on Bitcoin.
Armstrong, who has been involved in the Bitcoin (BTC) sector since 2012, recently tweeted that he would reward individuals who shared the “best examples” of cryptocurrency usage in Africa. “If you’re using crypto in Africa, reply with a short video (<30 seconds) or photo of how you’re using it,” Armstrong stated. “The best few examples will receive $100 in crypto.”
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If you're using crypto in Africa, reply with a short video (<30 seconds) or photo of how you're using it. Best few examples get $100 in crypto. Use hashtag #CryptoAfrica
And if you haven't already, try out self-custodial Coinbase Wallet – send feedback https://t.co/zWvaH1nerF— Brian Armstrong (@brian_armstrong) April 7, 2023
As the CEO of Coinbase, I decided to share a video of my Bitcoin usage in Africa, which was part of a 30-second clip from a recent Cointelegraph documentary focusing on Bitcoin in Senegal.
The tweet quickly became the most-liked and most-shared response to Armstrong’s request. (Importantly, the tweet referenced Bitcoin in Africa, not crypto in Africa, and showcased the efficiency and speed of the Lightning Network.)
However, Armstrong seems to have overlooked my submission, despite it receiving over 600 likes and 100 retweets. The next most popular entry garnered only 50 likes. Consequently, I reached out to several influential figures, creators, and advocates within the Bitcoin community to help amplify the tweet. Wicked, an anonymous Bitcoin educator and data analyst, tagged Armstrong in a post, accusing him of “actively ignoring the #Bitcoin Lightning Network.”
My tweets auto-delete after some number of months, so there is no search history.
Lightning is great and something we’ll integrate.— Brian Armstrong (@brian_armstrong) April 8, 2023
Wicked kindly brought Brian’s attention to my tweet video about Bitcoin in Africa. The tweet, along with Armstrong’s acknowledgment that “Lightning is great and something we’ll integrate,” prompted news outlets globally to report on Coinbase’s forthcoming developments. He subsequently tweeted that he had sent me the funds.
Awesome! sent $100 to [email protected]
cheers— Brian Armstrong (@brian_armstrong) April 8, 2023
Here’s where it gets peculiar. Armstrong claimed he sent me the $100. He stated he dispatched $100 to the Lightning address listed in my Twitter profile bio: [email protected]
If you’ve never utilized the Lightning Network before, you might mistake this address for an email address. But would the CEO of Coinbase make such an error? Could the Bitcoin veteran have failed to recognize that the request in my bio — which states “Send BTC to [email protected],” surrounded by lightning bolt emojis — could be my Lightning address?
As a side note: Operating a Bitcoin node is somewhat technical, and initiating a transaction on the Bitcoin blockchain can be a bit nerve-wracking, as it typically takes around 10 minutes to confirm, and we live in an instant world. However, using the Lightning Network in 2023? It’s incredibly straightforward. A walk in the park. Seriously.
“That’s a bold statement, Joe,” I hear you say.
Indeed, it is. And I have the evidence to back it up. It’s so simple to use the Lightning Network that I often stand in public places around the world distributing Bitcoin to individuals on their new Lightning wallets — and I record their reactions.
The most frequent comments are “I didn’t realize it was so easy” and “Wow, it’s so quick.” The videos are available on my YouTube channel. Here’s a video filmed in France for the Cointelegraph YouTube channel where I distribute Bitcoin:
So, please — let’s not pretend that Armstrong is overwhelmed by the intricacies of sending funds to my Lightning address. Interestingly, Bitcoin supporters worldwide noticed my tweet and took delight in sending me sats to demonstrate that my Lightning address is functional.
My phone inundated with payment notifications.
Returning to the narrative. Danny Scott, CEO of CoinCorner — a Bitcoin and Lightning enterprise — was quick to inform Armstrong on Twitter that he may have erred in confusing Bitcoin with email, as Coinbase offers a “send to email” feature.
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Scott communicated to Cointelegraph via email, “Clearly, we recognize the address [that Joe shared] is a Lightning address, but evidently not everyone does.”
“So my assumption is Brian is not very knowledgeable about Lightning at this moment, particularly regarding LNURL, Lightning addresses, and other advancements being developed, which is perfectly acceptable; he’s preoccupied, it happens. Now we just hope he turns his focus to what truly has substance and long-term value, Bitcoin and Lightning.”
It’s accurate: Coinbase facilitates trading for over 250 different cryptocurrencies — that’s a significant number of tokens to monitor. As Scott adds, “I can understand how busy he must be — this industry never sleeps, and as someone running a Bitcoin company myself, I can relate to that feeling even on a smaller scale.”
To give Brian and ultimately Coinbase the benefit of the doubt, I waited several days before composing this article. I have tweeted multiple times at Brian (no response) and also contacted the Coinbase Press Team. They informed me that they would investigate the matter, but “My guess is that Brian is likely batching the sends at certain times.” A day has elapsed since this message (more doubt-benefit-giving) and they have not provided an explanation.
Related: Coinbase wins $470K restitution in insider trading case
The press team’s email was particularly unexpected as it mentioned “batching.” Batching refers to consolidating several payments into a single transaction on the Bitcoin blockchain, not the layer-2 Lightning Network. Once again, they seem unfamiliar with Lightning. This adds further insult to injury: Could it be that the Lightning Network simply isn’t on Coinbase’s radar?
It has been three days since Armstrong stated he would send the funds, and there have been some amusing memes circulating from the Bitcoin and broader crypto community.
Brian the "LN Maxi" attempting to blend in. Source: @Corndalorian
Armstrong has remained active on Twitter, while his company is engaged in launching new initiatives and resolving insider trading cases for the over 250-plus crypto projects hosted by Coinbase.
Meanwhile, I’m still awaiting my $100. However, I am increasingly concerned that the billionaire, crypto veteran, and Coinbase CEO Armstrong struggled to identify a Lightning address.
Joe Hall joined Cointelegraph as a reporter in 2021. He holds an MA in French and Spanish from the University of Edinburgh and a BA in languages from Sciences Po Lyon.
This article is for general informational purposes and is not intended to be and should not be construed as legal or investment advice. The views, thoughts, and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
