[dropcap]W[/dropcap]e all know very well that the social network giant, Facebook is going through a bad phase with lots of ups and down. However, now according to the latest reports, the social network giant Facebook has decided to launch its own Bitcoin (cryptocurrency).
WoW! Facebook To Launch Its Own Bitcoin
The social network giant, Facebook is going through a bad phase with lots of ups and down. As the recent scandal with Cambridge Analytica has caused the world’s largest social network giant Facebook to change its stance on user privacy and to be more transparent about its use of the data it collects.
Since then, some social networks based in Blockchain have been popularized, namely Sphere, Steemit and Howdoo. However, earlier we all know very well that something unusual announcement was made by the social network giant Facebook itself, in which Facebook stated that it is investing in a Blockchain-based solution development team, but, the purpose of the project is not yet known.
As David Marcus confirmed his departure from the Messenger team and the creation of a small group dedicated to finding solutions based on the potential of Blockchain technology for Facebook at that time.
But, now according to the well-known media portal, of course, I am talking about none other than the Wall Street Journal, the social network giant Facebook is planning a payment system which will be based on cryptocurrencies that could be used by millions of users around the world.
The system will presumably be based on a digital currency similar to bitcoin, but with the substantial difference that it would have a stable value. As we all know very well that Cryptocurrencies are susceptible to very significant fluctuations in value. This system could simply endanger credit cards because it would not impose the fees they charge.
According to the newspaper report, the social network giant Facebook is recruiting dozens of financial companies and online businesses to launch the network. And not only that even the social network giant Facebook could also develop a method to encourage users to use the new function.
However, for now, the act is that the social network giant Facebook has not yet confirmed and only said that it is exploring various applications for cryptocurrency technology. So, what do you think about this? Simply share all your views and thoughts in the comment section below. And if you liked this post then simply do not forget to share this post with your friends and family.