The cryptocurrency of Facebook

Jesús Tremont
4 min read

The news that Facebook is on its way to creating its own cryptocurrency is exploding all over the world, so much so that the well-known BitCoin cryptocurrency has been rising in price since the announcement of the Libra Project, a project of the technological giant Facebook that brings us a new virtual currency of unknown name, although some say that the currency was called Libra and others say it was called Globalcoin, all are rumors.

Taken from CryptoNewsZ.

If Facebook were a country, it would be the largest in the world and by far, the social network has about 2,400 million users, well above China and India with some 1,300 million inhabitants. Number that continues to rise and rise despite the lawsuits against Facebook and many other scandals around him and his creator Mark Zuckerberg.

That the difference of Bitcoin

Bitcoin is currently the most widely used cryptocurrency in the cryptocurrency market, the Libra Project will also give birth to a new cryptocurrency but in a few things it looks like a conventional cryptocurrency because it has completely different objectives. Immediateness, unlike Bitcoin and many other cryptocurrencies, the Libra Project will have completely instantaneous transactions (other cryptocurrencies usually take 10 minutes), besides this it will be a private currency and not like the others that are public but the biggest point in favor has this new cryptocurrency is its user reach, while about 30million users use Bitcoin, the Libra Project will have a scope defined by the number of users who live on Facebook, 2,400 million, the difference is abysmal.

Facebook wants to achieve in the world what WeChat achieved in China.

WeChat, the messaging application developed by the giant Tencent, is home to more than 1,000 million users and not only serves to send messages as we all do on WhatsApp. This application brings together a lot of functions in one place, we can schedule medical appointments, we can see how full a place is, we have virtual stores in it, it serves as payment processor, play Candy Crush and even get a girlfriend / or through a dating system.

We intuit and believe that it is quite obvious what Facebook and its partners want to do, convert the Libra Project into a global currency, which obviously will use the main companies owned by Facebook, for example WhatsApp, Instagram and many others.

Imagine being able to pay at a restaurant with a simple button on WhatsApp or buy a clothes that you saw on Instagram and liked it or be able to schedule an appointment with the dentist you met on Facebook and all this to be able to pay for it through your phone. All the options that can exist with this new Facebook project are exciting and not only limited to the most used social network in the world, we all know that just like any other Facebook company has partners, maybe you can pay your taxi in Lyft with this new cryptocurrency or pay your membership on Spotify, the options are endless.

How to acquire it

We assume that your purchase will be available in physical stores, as well as in cryptocurrency portals and through many other companies and applications such as Paypal.

¿What do you think? Would you like the future to be characterized by the use of a virtual currency? Do you think it will be more reliable or that we will be very prone to theft and fraud? i personally believe that this is inevitable, one of these technological giants will take over the world and there is no way to avoid it, be it Facebook, be it Google or whoever it is, the future will have if or if a virtual currency becomes a space in our day to day.

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