Bitcoin
Facebook Looking At Its Crypto Options
Facebook is one of the most used social media platform across the globe. The platform is estimated to have close to 2.23 Billion active users in a month. The firm also closed 2017 with an impressive $15.9 Billion in net income. It is with such a global dominance that the thought of the firm getting into blockchain technology and crypto is exciting as well as a bit scary due to the capability of the software giant to dominate the industry as it does with social media. The firm recently eased up on the crypto ad ban, signaling that they are warming up to crypto.
So what could Facebook build to rival what already is in the market?
David Marcus, who leads the Facebook crypto team, recently stepped down from the board at Coinbase giving a clear indication that the social media giant is indeed working into getting into crypto. When an exec steps down from a board at a firm, it is usually due to a conflict in interest. And if Facebook is working on crypto, then Marcus had to step down.
One of the projects facebook could come up with is a digital asset that can be used on its Facebook platform and/or even facebook messenger. This crypto would have to be ideal for micro-payments such as tipping, as well as sending cross-border remittances. Tipping would be an addition to liking comments on facebook and a single username would suffice rather than the complex crypto addresses. Once again, this would be something similar to ReddID.
Due to the fact that almost everyone has facebook, we could see merchants with pages on the site, accepting business payments directly from the users on the platform. Here then comes the other part that facebook can excel in. They could come up with a back-end P.O.S (point of sale system) for the merchants that are free so long as you are on their platform and pay some convenience fee.
What about their own crypto exchange?
With Binance expecting to make $1 Billion in profits after one year of operation, the business of a crypto exchange is surely on the mind of the team at Facebook. One option would be to start from scratch like Binance did with an ICO or simply acquire Coinbase. Remember Marcus was on the board and he can use his influence to broker a deal. Facebook has the capability to orchestrate an acquisition and it would not surprise us at all.
An ICO would also work but with securities issues in the United States, they would probably not take this path. So, an acquisition is highly probable.
But all this is speculation
In conclusion, we’d have to wait and see what the team is working on with time. But it is okay to speculate what they will come up with given the fact that they had been rumored to having talks with the Stellar foundation. The story was covered by Business Insider.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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After working in proprietary trading for over a decade, I decided to transition to crypto in early 2017. Although crypto is significantly different from traditional capital markets, I managed to successfully find a niche for successful and opportunistic trading. While 2017 was the perfect time to get involved, the past few years have proven to be a bit more challenging as far as generating ROI.
Cryptocurrency traders have spent the past several years searching far and wide for the next big winner. While the market as a whole hasn’t been very bull friendly, one specific area that appears to be gaining traction is decentralized finance, more commonly known as DeFi. This area generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum. The reason why so many crypto entrepreneurs are flocking to this space is that it allows them to create traditional financial vehicles in a decentralized network, outside the meddlesome control of foreign governments.
One extremely popular DeFi project is Chainlink (LINK) which is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink has seen its token price increase by more than 300% year-to-date. Another impressive project in the space is Kyber Network (KNC) which has seen its token soar from $0.20 at the start of the year to more than $1.60 at present. Kyber Network’s on-chain liquidity protocol allows decentralized tokens swaps to be…
Many facets of our lives are now digitized––money is no exception.
Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card?
Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this.
But what about cryptocurrency?
You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind.
What’s Cryptocurrency?
Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level.
These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.
The Pros:
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- India – China Border Conflict
After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.
- North and South Korea Clash
Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries.
North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.
The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold.
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