Is Facebook Coming With its Own Cryptocurrency?

There are many rumors about Facebook is introducing its own stablecoin. However, this news has been twirling around on the social media platforms from months now. There is no mere proof of anything yet. Some things had been said by Mark Zuckerberg and others are just estimated by people. Earlier, people were not really familiar with the concept of Cryptocurrency. People become aware of this after the success of Bitcoin. Now, digital currency is being used in many different sectors for making secure and reliable transactions. The Facebook comprise of the world's most leading minds in terms of artificial intelligence, computer science, and engineering. And, each one of them is aware of Ethereum and Bitcoin. They must have a profound knowledge of all emerging technology including Bitcoin.

Will it have same attributes as Bitcoin?

When it comes to cryptocurrency, Bitcoin is the first thing that comes in everyone's mind. It all started with the introduction of Bitcoin in 2009. Bitcoin has become a benchmark for every other cryptocurrency. The most known and successful cryptocurrency to date is Bitcoin. However, it is not necessary for a cryptocurrency to have the same attributes as Bitcoin. But, the crypto community expects that any new currency will at least follow the same pattern and will be open-source, peer to peer and decentralized. No one knows which type of attributes will Facebook introduce in its cryptocurrency. But, it is quite sure they won't make it fully decentralized as they want some part of control over the currency in their hands also. Peer-to-peer and open-source like attributes will be there.

It has been estimated that Facebook is looking forward to launching a cryptocurrency that satisfies all the communities requirement and also have lower fees, fast, and scalable. Facebook is planning something better that is not yet not introduced in the digital currency market.

Should people trust Facebook cryptocurrency?

Understanding blockchain technology is most importantly required when it comes to understanding the concept of cryptocurrency. Blockchain technology is safer and securer for making transaction online. It does have some drawbacks but Facebook engineers have the knowledge and skills to overcome them. The concept of blockchain is still under development in Facebook. They must need to understand and analyze all the factors that affect the success and growth of cryptocurrency. It is inferred that FB cryptocurrency will be different from Bitcoin. It can be possible that the access of the digital currency will be limited to Facebook network. Facebook carries huge fan base and millions of people are connected to the network. Even if the company introduces it for limited users, it going to be a huge success.

Decentralized or centralized?

One of the most concerned and interesting questions that are twirling on the internet is Facebook cryptocurrency is going to centralized or decentralized? In a Facebook post, Mark Zuckerberg said he is going to dig deep in the concept and develop a cryptocurrency, analyzing the pros and cons of these technologies.

Dominance of Facebook digital currency

When Facebook will introduce its cryptocurrency, then there will be a huge network of people engaging in making transaction and that will be more valuable than Bitcoin. The popularity of Facebook will help the company a lot is making dominance in digital currency in the market. Currency trading could be the last way to make significant profit and dominance in the market. In ancient times, salt used to have extreme value and people fought over bars of salts. Today, the value of salt is very less than a few can make profits and live out of trading salt. Someday, cryptocurrency can be like salt. In that world, you might want to own a currency that will become dominant over some of the others, no matter for how long.

Competition in the market

Facebook is not the only social media platform planning to develop their own cryptocurrency, there are others too. Telegram is also working on their cryptocurrency named Gram. Nothing can be said for now that what it is going to be? Will, it is a success? just like latest mobile price in pakistan It can be either be a game changer or can totally ruin the whole game. Rumors were Facebook is going to launch its cryptocurrency in the first half of 2019, only one month left and there is no confirming news yet.