The innovation that surprises everybody is Facebook cryptocurrency. This crypto coin will have a greater value as compared to the Iranian Rial which is known as the least valued currency in the world.
Based on the information that was made public, Facebook’s crypto coin will be known as Globalcoin and can be used in paying on Facebook and anywhere on the internet even when playing online casino at nettcasino. Its amount will be fixed to the value of a basket of government-issued currencies.
The Globalcoin will be managed by a group that Facebook has no control over – though Facebook will have a particular part because it created the software.
In the Blockchain world, that information makes the project run smoothly and at its best. It is
not a public digital asset such as Bitcoin, with ground-breaking potential. It is not a corporate
rewards coin.
Why Facebook and WhatsApp Need Cryptocurrency?
In an article posted by Bloomberg.com, Facebook confirmed that they are developing a crypto coin money transfer for WhatsApp. This system will allow users to transfer money using the WhatsApp messaging app. Initially, the main focus of Facebook is on the remittances market in
India, which is around $69 billion in 2017.
Facebook is developing a crypto coin – a type of digital currency with an equivalent value to the
US dollar. To know the real value of cryptocurrency and the total crypto market cap investors
use a helpful metric called Cryptocurrency Market Cap. The chart also features the top crypto
exchanges.
The company is far from launching the crypto coin since it is still on the working stage that
includes planning for custody assets, or the conventional currencies that will protect the value
of crypto coin.
Cryptocurrency entrepreneurs are closely monitoring, considering the size of Facebook’s audience and its working relationship with some of the biggest financial companies like Visa and Mastercard. And they are positive that it will be stable for big digital assets such as Bitcoin, big companies will surely take them seriously.
Facebook Cryptocurrency Latest News
The Facebook crypto coin is the most crucial announcement this year, based on the cryptocurrency analysis of Garrick Hileman. The man is heading the research at Blockchain.com.
He also considers this as one of the most vital developments in cryptocurrency history. When a big company such as Facebook with billions of users worldwide comes out and declares that they are going to use crypto coin and Blockchain, this is a critical validation of the technology.
Facebook’s idea will not have a big impact, thanks to its 2.4 billion users. This fact is what Alex
Gordon-Brander observes. He runs a crypto dark-pool after completing a currency trading platform at Bridgewater Associates hedge fund. According to him as well, this will not win at all.
Facebook previous attempt to create its payment system through Facebook Credits failed and deleted in 2012. Creating digital money such as crypto coin may lead to different problems, to make currency conversions to have the payment system to keep up with the changing user behavior.
At present, Facebook has remained silent concerning its plans. The company does not provide any reaction, and neither Mastercard or Visa. Facebook has not yet responded to all the questions sent to them by experts.
Reports show that the company hired payment experts and talked with regulators to prepare. Based on the information provided, digital currency businessmen, say that Globalcoin is less likely to be a danger to Bitcoin. Though it could compete with other sorts of digital assets that include stable coins that are connected to government currencies to make paying much more accessible online.
The good thing is that big institutions are focusing and eventually, it will drive some efficiency in space.
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Author’s Bio: Thomas Glare is a freelance writer and has been writing about cryptocurrency for years. He is a businessman which makes it easier for him to write articles about finance and Bitcoins.
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