Facebook Coin brings Crytpo to over 2 Billions users..... does it compete vs Bitcoin ?
There is a great deal of FUD and misinformation about Facebook Coin vs Bitcoin.
Simply put...Facebook coin is a “stable value coin” .... backed by fiat currencies. It is centralized control at facebook.
So what does this mean?
Until we see the Facebook Whitepaper on June 18th, we can only go by what is in the media.
And what is in the media is a “nothing burger”. Facebook has many big partner names that will take their “stable value token”. Of course PayPal and Visa and other companies will take the Facebook coin — it’s like taking a digital dollar —- it’s not like Bitcoin or Litecoin etc.
Bitcoin, Litecoin, even XRP are decentralized crypto —- Facebook owns this coin.
Facebook can certainly use this token for its’ customers to send to each other. Put in $10 and get $10 in Facebook coin and send it to your friend or use it to purchase something thru PayPal etc.
IF it’s backed by a basket of currencies like the USD, EURO, YEN etc....what happens if these currencies “go down” in value? Welll then the value of a fiat backed token “goes down as well”.
Watch what happens with Deutsche Bank and the Euro next month —- now tell me how great this is for Facebook Coin?
Is this good for crypto awareness ? Yes it will have many people seeing and learning for the first time.
Personnaly is nothing exciting when you really think about it!
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Agree completely.
I will tell you how great f-c-book coin is after the first instance of someone going to jail for "money laundering".
The story will be something like f-c-book-coin foils ring of money launderers.
And the truth will be something like, yeah man, i avoided paying Westunion fees by using f-c-shit to send money to my family back in the Philippians, i didn't know that was illegal.
At this point we know anything is possible with all characters in politics,media and planning.
At first it would be competition, but the best one will win in the end. There is nothing like BTC because it is not controlled by anyone
I agree...the one to keep your eye on is XRP. The functionality of the Ripple network and XRP token is taking the global banking networks by storm. Just awaiting regulations from the G20 this month.
It will help the mass adoption of crypto they said... but how about those in the know? Depends probably in the usage but another centralised coin? Will wait and see.
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I agree. Nothing bad, small unity, but it will be built up as “thee crypto”.
Imagine the number of its' users...yes, crypto is here to stay.
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Yes...and I think it will have a “bridge” to the real cryptos....so it will be “helpful” for many as their first introduction.
Sounds like a gimmick ...
Small value compared to the top cryptos.