Facebook Plans to Introduce Its Own Cryptocurrency?

If you follow the Cryptoworld, you are aware that the new digital currency appears almost daily on the market. Each new crypto tends to be somewhat different from the previous ones in relation to their competitors, so many of them specialize in certain activities and thus try to find potentially interested investors.

The market could soon find a new cryptocurrency that will not have to work hard to interest potential investors around its name and project. Why? The reason for this is because the Cryptocurrency in his background will have the largest social network. We assume you know what we’re aiming for, and this is about the news that the portal Cheddar.com is saying, which announced that Facebook is planning to launch its cryptocurrency on the market.

Facebook and Cryptos

According to data from the Cheddar portal, Facebook has conducted a thorough survey of the entire blockchain technology and explored its potential in the future. According to the results of their research, their cryptocurrency would allow billions of Facebook users to make payments through their platform.

If he looks at the popularity of the Facebook Marketplace, a place where a variety of necessities are sold, a new Facebook idea where electronic payment might go through Messenger has the capability and potential to live on the market.

The credit cards currently used to carry out payment transactions may be replaced with a virtual currency, which is why Facebook employees hope.

This move is not the first attempt by Facebook to present its cryptcurrency to the market. In 2009, Facebook introduced the so-called “Facebook credits” that were applied when purchasing virtual improvements for games, but they never experienced any popularity, so they were abolished two years after they were deployed.
When are we going to see a concrete Facebook move on the market?

That Facebook has been forming teams for a long time and is looking for ways to exploit the potential of the Blockchain but has been on the market for a long time, but concrete moves are still missing. For the whole idea to work as it should be time and Facebook as the market leader certainly wants everything to work right from the start.

David Marcus, the head of the blockchain Facebook team, said in February at a conference in Los Angeles that the transactions of Cryptocurrencies are currently very expensive and quite slow and that needs to be improved. He also noted that when this problem is resolved, Facebook will most likely take its first steps.

Along with the Cheddar portal, this news has also been confirmed on the Verge portal, which, in addition to that, added a Facebook stance that allegedly stated:

Like many other businesses, Facebook is also thinking about how to exploit the power of blockchain. Currently we have a small team that works and explores different ways of application through various applications that can be significant in the future. We have no further information on this topic at this time.

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Application of Cryptocurrencies today

In the not-so-ancient past, the biggest problem of Cryptos was that they could not be actively used in everyday and realistic activities of life. But although they are still not accepted as a means of payment, there are indicators that things are going in a good direction.
See a few examples that show how all cryptos can be used today:

Purchase of gold for Bitcoin – when you want to switch from a virtual investment to a real investment it is now possible

Microsoft accepts Bitcoin as a form of payment and can be bought with movies, music, apps and other things

Bitcoin and other cryptocurrencies can be used for various types of betting as more online casinos accept Cryptos as a way of paying

An increasing number of stores accept Cryptocurrencies as a means of payment for your products and services, and the list of these stores can be found on the page SpendBitcoins.com

In his beginnings Bitcoin met with various prejudices and most people doubted that this crypto would be able to pay for anything in the future.

Today the situation is much different, and time will show the true potential of Bitcoin along with other cryptocurrencies.