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Now recent news is that cryptocurrency of Facebook will be launched by the name of facebook global coin very soon. And it will be released in many of the countries. A recent report shows that Facebook a huge company has recently talked to the US major for issuing there on Facebook Crypto for Crypto exchange. For Facebook Global coin project the initiative has been taken with major Crypto exchange for Facebook coin Base Exchange. Even not only with major exchange but Facebook also had a talk with Gemini exchange. Hence, we can see from this that Facebook is very interested in adding Facebook cryptocurrency for the Crypto exchange.
And the step taken by the Facebook CEO, Mark Zuckerberg is good as the cryptocurrency industry is at a hike nowadays. And adding a payment method for crypto exchange is a good idea. Reports say that Facebook is going to the cryptocurrency for payments. And the Facebook Global coin will help to use Facebook Crypto as a payment method on Facebook for the purchases.
Even we have seen earlier that Facebook had launched a new firm regarding this namely Libra networks LCC, in Geneva. the company which is fully considered for the financial transaction of Facebook and not handling customer comments right now. The work that will be handled in this company will be related to payments, financing, the data analysis, big data, blockchain and cryptocurrency and many more.
How will this Global coin work?
- Facebook is looking forward to making a digital currency of their own for which people have no need to have a conventional bank account and they can use it without bank also.
- Facebook is trying to work with the brokers so that the users can convert their Fiat currencies into the Facebook global coins and can use them as Facebook Crypto.
- Even Facebook is trying to talk with the online merchants so that they can accept the Facebook coin as a payment method and offers lower transaction fees to use their own Facebook cryptocurrency.
Will the transactions would be safe and controlled by Facebook?
As it is seen earlier that there are long suffered problems and fraud over the blockchain. We have no need to get shocked if Facebook takes initiative to control and verifying the transaction being done in terms of Facebook Global coin on their own. This step can be taken by them to ensure the security and smoothness in transactions for the users or the customers.
Advantages for Facebook after releasing their own facebook cryptocurrency?
The step taken by Facebook will be very nigh to launch and it will be very beneficial for Facebook in the following ways:
- As they will always try to provide best services to their customers by taking control of all the transactions hence the number of customers using Facebook Crypto will increase automatically.
- Even they would be able to know all the financial transactions done by their customers and also there political leaning, their interest and where and with whom the customer is sharing their Facebook Global coin.
- But some care has to been taken by the Facebook as earlier some of the data harvesting and data leaking had happened because of which the customers will not easily believe the Facebook Global coins asa safer method.
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Hence, we can say that initiative that had been taken by the Facebook to launch their Facebook cryptocurrency is good for the customers if it is launched properly with all the safety and security of the data of the merchants. Hence, many of the terms and conditions have to be made before launching it as a major payment method.
Now we have to see what will be going to happen in the near future and how it will be beneficial for the customers.