It has been revealed that Facebook is going to start moving into the cryptocurrency arena. The social media giant is going to try their hand at creating a type of “stablecoin” currency. This will make it possible for their users to transfer value between each other. Many are wondering why Facebook is choosing to create a new type of currency when they could simply use the existing cryptocurrency.
No Plans For Facebook To Tap Into Cryptocurrency
Many people wonder if Facebook’s plan to not use cryptocurrency is based on fears of not opening the minds of their users more than they have to. The company has many people worried that getting their users into cryptocurrency will urge them to move on to better social media platforms for money transfers. While this is the main worry, others believe this will offer many benefits to users.
If this type of currency is used just by Facebook alone, at their own discretion and without any governance from authorities, many wonder if it is even going to be considered a cryptocurrency. Jack Dorsey has been very popular in cryptocurrency circles lately because of his participation in a torch event and because of his friendship with Elizabeth Stark. He still supports censoring speech containing unpopular thoughts, but Bitcoin and cryptocurrency are things he still greatly despises.
In general, many understand that censoring what you say is a somewhat effective tool for debates. Many trolls who have been banned from social media sites such as Twitter, but they were not great people anyway. Twitter aside, the plans for cryptocurrency Facebook has planned are still not completely clear. The only thing that is for sure is that blockchain is able to be used for anything. It can increase your personal freedom or end up taking it away.
Blockchains are used to store value, enable tamper-resistant voting and track supply chains. This type of technology can also be used to launch uncontrollable versions of SkyNet.
Facebook Cryptocurrency- Privacy Coin Antithesis
No matter what Facebook does, those who are native to blockchain will continue striving to do better. Many believe that Facebook should change its mind and simply create open money APIs to let the various blockchain users dominate it. They may make more money this way and have less need for blockchain engineers. Many people are also worried about how much data will be present in the cryptocurrency tokens that Facebook is creating.
