> The project is said to be developing a cryptocurrency helping Facebook’s billions of users transfer money to each other and to make online purchases.
I'm not sure either but it seems like they're more interested in blockchain because it could lower transaction costs. Visa, Square, and all those payment processors charge a couple percent; block chain can do it for a flat fee per transaction which is effectively 0% for large transfers.
@opie were you responding to me? what do you think about this fb idea in relation to bitcoin. why not just use bitcoin?
Yes, I was.
Facebook has a payment service that lets users send dollars to each other. From what zuckerberg says, it looks like they want their own blockchain to power this service.
Bitcoin can have high transaction fees and long confirmation times when the market goes crazy. Go look at history in Jan 2018; confirmations took days and transactions were like $50. Even now, transactions cost $5.
Facebook can't rely on this. They need better tech.
@opie Paypal charges that plus 30 cents per.