Since the whole world waits for the launching of Facebook cryptocurrency, Blockchain will feel this cryptocurrency goodness. GlobalCoin as the name will be attracted globally, and it tends to take the market share by storm even from already existing small coins. However, in this prediction, it might extend to the extent of dipping into bitcoin in a bit. Something is so bright by many people accept Facebook innovation, and it accelerates the mass adoption of cryptocurrencies in the world.
It is no longer news that Facebook has attracted virtually the whole world. That sole reason will give the people the notion to believe Facebook scrutinise every action from the retail investors to blockchain developers due to its thorough scrutiny and verifications.
In the quest to launch their cryptocurrency, Facebook's head of financial services situated in north Europe said that Facebook is planning to release its Project Libra whitepaper popularly known as GlobalCoin on 18th of June. The Crypto community await the innovation, Globalcoins will have its industry possibly with positive impacts.
This innovation will command the attention of the people in a way that it would have more cryptocurrency advantage than a disadvantage because it will help the whole community. The fear of the community is not GlobalCoin overtaking Ethereum, Bitcoins or any other blockchain projects but the power that will be vested on Facebook by those using it.
According to the new report trending over the internet, it says Facebook has the backing of some renowned companies such as MasterCard, PayPal, Visa and Uber to launch their cryptocurrency. On Thursday, the report from the wall street journal was that Facebook had signed a lot of backers for its plan to launch GlobalCoin. Everything has been set and developed in secrecy for more than six months. The report says the backers have the intention of investing around $10 million each as their part of been the governing consortium for Globalcoins. Other Investors backing this innovation are the Stripe, Booking.com and mercadolibre, but their role is not yet known because their line of business is not similar to other investors.
Initially, in last December, Facebook announced its plan to launch GlobalCoin. The idea was to start a stablecoin that will enable its operation within Facebook messaging platforms such as WhatsApp, Instagram and Facebook messenger.
Will Facebook's cryptocurrency be good or bad For Bitcoin?
This question will rise from what Facebook is capable of doing and the vast numbers of its users. Facebook and Bitcoin can complement each other if they operate side by side even as former is just a mainstream vessel, with crypto, are introduced it will normalise the use of cryptocurrency fast than any other alternatives. It is implored; it will stir a lot of its users into the latest trend invoke (social media+ cryptocurrency).
It is clear that Facebook has already gained ground in many countries of the world with a proven large number of friendly active users of about of 2.48 billion monthly. It is user-friendly that even a Granny can also use it to send bible quotes on Facebook messenger; with this, it will be friendly also when Facebook add their cryptocurrency to its messaging platform.
Yes, Altcoins and Bitcoins have intimidated our community to some points; their platforms aren’t warm enough to be used. Here, Facebook with the vast and increasing numbers of users which has the right ability to provide the need of the people concerning cryptocurrency. It’s so sure that Facebook will be friendly enough for anyone having the internet or on Facebook itself, just as we transact using real money. So sit down and relax, as the GlobalCoin will finally be unveiled on the 18th of June.