Will Facebook’s Coin Trigger Mass Adoption?
Will Facebook’s Coin Trigger Mass Adoption?
The publication of some details of Facebook’s Globalcoin, the White Paper is planned for today. (The project or the cryptocurrency is allegedly called Libra now.) This will not be a classic cryptocurrency, it will be a stablecoin pegged to USD, EUR, and JPY, and the real introduction is scheduled for 2020.
But the huge advantage of Facebook is that it has approximately 2.5 billion active users globally, and so it can educate many people on the world. Many users have no bank account but they have a smartphone and Facebook. Also, the consortium behind is crypto seems to be big, with names like PayPal, Visa, MasterCard, eBay or Uber participating.
Will Facebook’s Globalcoin initiate a new wave of mass adoption of cryptocurrencies?
(Photos: Pixabay.com)
- No.
- Yes, a lot.
- Yes, but only a few people will use it.
- No, Paypal, Western Union and other solutions to send money or pay online are better.
- More than that: Facebook makes a coin, but real cryptos will win.
- I know somebody who has Facebook but has no bank account.
- I know somebody who has a bank account but has no Facebook.
- Facebook is nearly dead, only the old and stupid are using it. But thanks for advertising cryptos.
- It depends on the conditions, like fees, local restrictions or the stability of the coin.
- Other (please, comment)
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It is a crap shoot.
I don't think its necessary for them but I can understand why they would like it.
One advantage could be that Facebook has the resources to shape or force regulation.
A huge downside is that Facebook might abuse this and stack the deck against other cryptos.
I'm always wondering why Facebook never tried to be inspired by WeChat. That's a crazy app and doesn't need crypto
That means they aren't banking the unbanked, you need an existing bank account in Wechat. I think Facebook's future fees - and forex margins - also matter a lot. We will see the conditions, expenses, administration... And if and how many countries, dictatorships, semi-dictatorships will forbid the use of this coin.
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