Bitcoin Global News (BGN)
May 3, 2019 -- ADVFN Crypto NewsWire -- Facebook Coin is old news
as of now. So is the concept of a stablecoin. What continues to
surprise most crypto investors, however, is the cycle of
developments that are gradually coming to light related to the
actual work that’s being done of the project.
First and foremost, to understand
what Facebook Coin’s trying to be, you need to understand just how
many users the social media giant has at this point. In general,
the answer likely lies somewhere between 2-3 billion. On top of
this, they’re trying to both retain and gain more users in the face
of continuing controversy related to how they handle user
data.
In an overarching sense, it appears
that the future Facebook Coin ecosystem might be an alternative
payment network to that of Visa, Mastercard, and the other credit
and debit card giants. On the other hand, since Facebook is
reportedly working with Visa and Mastercard to develop its’
network, its’ easy to argue that the Facebook Coin ecosystem will
be more of an augmentation to what is already there.
According to CoinDesk, one
particular analyst from Barclays has already jumped the gun and
predicted that the Facebook Coin ecosystem will add between $3-$19
billion to the company’s overall revenue in the next two years.
Generally, it seems that any prediction like this one is made with
the assumption that all or most of Facebook’s users will be
immediately willing to use a native cryptocurrency on the
platform.
Even so, with past failed projects
like Facebook Credits in mind, this does not exactly have to be the
case. For Facebook Coin to succeed, it will not only have to hold
real utility, the platform’s user base will also need to be
adequately educated on what cryptocurrencies are and why they are
important to our future.
Since the latest reports on the
subject still seem to indicate that India will represent the
testing ground for the ecosystem, in effect, all hope for the
project’s long-term success rests in attaining and retaining the
interest of that particular population. Finally, since Facebook
Coin may apparently also be enabled for online purchases outside of
the platform, it is likely that this capability will be enabled by
the existing networks of Visa and Mastercard. If this proves to be
the case, it is easy to question just how “crypto” Facebook coin
will be.
By: BGN Editorial Staff