" As reported, rumors of Facebook’s plans to integrate a cryptocurrency for WhatsApp users first surfaced in December 2018. Further alleged details of the highly secretive project emerged this February, with sources claiming the forthcoming crypto will be a fiat-pegged stablecoin. "
any analysts on this?
fiat-pegged - stablecoin - then it's just digital paper? what's the point. i guess global use.
the point of crypto to me is cant counterfeit it
https://www.coindesk.com/facebook-to-roll-out-globalcoin-cryptocurrency-in-2020-report-says
> 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.
@Alex_Linder
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.
On top of that, the value of bitcoin can go up and down 10% in a single day. Facebook users, Facebook store owners or whoever else would be using this coin wouldn't want to deal with that.
@opie Paypal charges that plus 30 cents per.
@opie were you responding to me? what do you think about this fb idea in relation to bitcoin. why not just use bitcoin?