Facebook is Moving Forward With its Very Own Cryptocurrency

One of the many ways in which Facebook has ended up changing the way we go about our daily lives is that it has made it easier for us to shop around for things as well as earn money. Facebook has become a platform where people find products that they want to buy as well as a place where jobs can be found, but up until this point all transactions happened off the platform which made it difficult to regulate said transactions and ensured that they were conducted in a free and fair manner.

In an attempt to make these transactions easier as well as dip its toes into the world of finance, Facebook has assembled a team of 50 people who will be working on a cryptocurrency that can be used on the platform itself. There are a few problems that will be faced here, especially when you consider the fact that cryptocurrencies are notorious for not being all that stable. Facebook will probably working on stability so that transactions will be conducted in the most efficient way possible, and it will be focusing on day to day transactions rather than investments which is what most other cryptocurrencies tend to be used for, i.e. according to The New York Times report.
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It seems interesting that Facebook would choose to develop a virtual money of its own rather than just using the currencies that are already available in the market. This is ostensibly being done in an attempt to make the transactions conducted on the platform a bit more universal. If this ends up working out it will be a very powerful feather that the social media platform will now have in its cap. It will extending the usage of this currency to WhatsApp as well.

According to the Times study, Telegram and Signal apps are also on the verge to launching their own digital currency system.

Facebook and Other Messaging Apps Are Trying to Succeed Where Bitcoin Failed
Photo: Facebook

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