Social Media Giant Facebook Planning to Release Its Own Cryptocurrency
According to a report from the Wall Street Journal, Facebook is trying to take advantage of its massive user base to release its own digital currency-based payment system. If all goes according to plan, Facebook will soon be dominating all the crypto exchanges. Even though Facebook itself has not given any official confirmation or denial, it is becoming clearer by the day that Facebook is set on having its own cryptocurrency.
Steady Advances
In the last quarter of 2018, Bloomberg revealed to a stunned audience that the social media giant was constructing a digital currency. It went ahead to explain that the plan is to make this digital coin available to users of WhatsApp instant messaging service. The coin will be used for money transfers and will find particular support in those interested in doing overseas remittances.
Fast forward to February 2019, The New York Times was also out with a similar story. In fact, it reported that Facebook was not taking the project lightly as it was attempting to raise up to $1 billion for the cryptocurrency. At the same time, Facebook is also hiring many financial organizations and online crypto trading experts who will assist with the release.
At the very core of the project, existing for well over a year and named Project Libra, is a digital cryptocurrency that users can transfer to one another. The plan is also to create the coin in a way that users can use it for transactions not only on Facebook but all over the Internet. This is according to insider sources who prefer to remain anonymous for the meantime. This makes sense considering the fact that Facebook itself is keeping mum over the matter.
Perks for the Users
It has also been revealed that Facebook is set to incentivize the users by paying them certain percentages of a coin when they see adverts. The same payments will be made to the users when they engage with other content or even shop on the Facebook ecosystem. The goal is to increase overall engagement and help extinguish voices of critics who may attack the system for using bots instead of humans to get those countless clicks on adverts.
For now, it seems the best thing that Facebook can squeeze off the current circumstances is to launch its own cryptocurrency like others, then get to trigger major disruptions. This will not be easy in a field where major brands are well-rooted in international remittances. But whatever the case, the fact that Facebook is ready to invest as much as a billion dollars into the crypto world shows the steady rise in the importance of digital currency.
This is coming at a time when the government of India wants to place a total ban on all forms of cryptocurrencies. Without a doubt, the future belongs to those who can be smart enough to see ahead and master all that has to do with cryptocurrencies. With its hefty size, Facebook stands a very good chance of success but time will tell.
The post Social Media Giant Facebook Planning to Release Its Own Cryptocurrency appeared first on InsideBitcoins.com.
InsideBitcoins.comhttp://bit.ly/2FUbkJa May 3, 2019 at 06:55AM @BruceDayne, @Ali Raza