Here is why you should brace the Facebook version of Bitcoin
Facebook is creating its own version of Bitcoin to shake things up in the cryptocurrency league. The move comes at a time when the social media giant is still facing boiled up issues over the sale of user data. Facebook’s crypto coin is reportedly going to be named Face coin according to the rumor circles.
If you’re a loyal user of Facebook services including Messenger, Whatsapp, and Instagram, then be ready to brace the upcoming cryptocurrency that is reportedly going to be stable unlike any other coin on the exchange market. However, will this be a breakthrough of an internet giant to the crypto world or just another point of speculation? We find out
How Facebook’s CryptoCurrency will work
In case you thought crypto currencies are just Ponzi schemes ignited by fraudsters then you are wrong. Major coins like Bitcoin, Ethereum, Ripple, Litecoin depreciate and appreciate in price with time. For instance, 1 Bitcoin was worth $20,000 in December 2017, but now, the same volume costs not more than $4,500 reflecting a loss for the impatient league of traders.
Fortunately, Facebook’s inked coin will not fluctuate in price but rather be a full stable coin unlike major coins on the exchange market. USDT (Tether) is one of the most stable coins Facebook is borrowing a leaf from for a static price without fear of any economic shortcomings.
Basically, facebook’s coin will be a replacement for cash and will be used on all company messenger application including Whatsapp and Instagram. So, the next time you’ll try to pay for Facebook Ads, you may have to either sacrifice your mobile money balance for crypto coins or hook up a reliable crypto broker for the Facebook coin.
FaceCoin! Will it be a reliable currency to embrace?
FaceCoin is a stable currency option that seems to be reliable by the look of things since its value willn’t always depreciate or ride on speculations. But instead, function as an alternative to cash the same way Mobile money rocks in Africa. So the coin will be reliable without any form of value loss digested by all end users.
Since FaceCoin is a stable currency, this means Facebook will need the support of physical banks and subject itself to a banking license in order for its coin to have a stable clear base, meaning this will be an expensive coin with bumps of value in circulation. Henceforth, FaceCoin will simply be your real money converted into crypto without any appreciations in value expected, unlike Bitcoin where miners earn free coins per transaction together with traders riding in the same lane.
All in all the applause of block chain technology in the world will once again meet with the trends list once Facebook’s cryptocurrency becomes a force to reckon with. Furthermore, it won’t be too late than a big reveal replacing the previous Messenger, Whatsapp, Instagram merger rumors turning out to be a stable Crypto Currency from the global tech giant.