As we all known Facebook is having ownership of two social media platforms Whatsapp and Instagram. He works regularly to enhance its features. and services.
So Facebook decided to enter in Cryptocurrency Market now for enhancement of services for Whatsapp , Instagram and Facebook itself too.
Soon Facebook is going to launch its own Cryptocurrency which can be known as Facebook Coin or FB Coin. Which can have different names for its other social platforms like Whatsapp coin and Instagram Coin.
Otherwise Facebook can give a common name to this Cryptocurrency which will be used on these three different platforms Facebook , Whatsapp and Instagram.
It is expected that Facebook have hired the Blockchain Engineer to do that. Also he is talking to exchanges about trading of this coin. This coin can be stable coin.
If you guys are not aware of cryptocurrency then you can have idea on it.
What Is Cryptocurrency Or Crypto Coin ?
Cryptocurrency is known as Virtual Currency. A type of secure virtual currency which we can not touch and feel. Which can be seen only in numbers.
The technology behind the cryptocurrency is the Blockchain Technology. Where Blockchain Technology is the branch of Distributed Ledger Technology.
So cryptocurrencing are used for sending the payments or rewards from one place to another place. Where physical distance does not matter.
Cryptocurrency takes very small period of time to send the transition from one wallet to another wallet. Which can be from some seconds to maximum 10 minutes.
There are more than 2000 cryptocurrencies already available in the market. Which are trading on different crypto exchanges. EWhere each cryptocurrency is having its own use case.
How You Can Send Payments On Whatsapp Using The Cryptocurrency ?
As we have discussed above cryptocurrency works on blockchain technology. So if Facebook launches his coin fully.
Then there can be added a crypto wallet in your whatsapp payment system. This crypto wallet is having the Address of your walled. This address is containing some alphanumeric code. Which can be indicated in QR Code too.
So every whatsapp user will have its own crypto address. Which enable the users to send the payment from one address to another address.
It will take very small period of time to reflect the payment in receiver’s address.
We have explained above a standard method to send the cryptcurrency from one end to another.
How This Whatsapp Payment Will Affect Our Life ?
It will solve the people’s major problem of sending payment from sender to receiver. Because cryptocurrency enable us to send the micro payments from one end to another end. ever in a small period of time.
So now everyone will start immediately to use it as soon as possible. Because it takes very low transition fee to transfer the coin from one crypto wallet to another crypto wallet.
This coin can also be used as sending the Tip from subscribers to content creators very easy.
It will boost the use case of Whatsapp and Whatsapp For Business.
Normal public will start sending money in between their friend circule and family. While in case of Whatsapp Business it will be very much beneficail for them.
Because Whatsapp Business will be easy mode of payment for Enterprises and Corporate. We are including the corporate here because cryptocurrency is have a security.
Thus it will be best solution for Micro Payments.
How This Facebook Coin Will Affect Facebook ?
Facebook coin will be beneficial for advertisers and users too. There can be a single advertising currency named as facebook coin.
This coin can be used in making to payment to facebook for advertisers. These advertisers will pay to facebook by using this coin.
While facebook users can send the Tip or Micro payments to one another account. It will be very process to send and receive coin from one another.
So that people can be available to buy this coin using their FIAT currency. They can make their payment to buy coin directly from facebook. Things will work like that we can expect that.
How Instagram Can Be Affected from This ?
As we all knows instagram is having huge market for selling the products online fast.
It is the ways of communication between content creators and their subscribers.
So now by using this cryptocurrency now instagram subscribers will be able to give Tip or credit to their favorite content creator directly.
Also this coin can be used in advertising industry too much.
What Kind Of Problems Can Be Faced In Cryptocurrency ?
(1) Regulation
The countries where cryptocurrncies are not Legal or banned. There can be huge problem in using the fb coin.
If we are talking a very large marketplace india then here is little bit different situation of cryptocurrency.
Cryptocurrency in india is not Legal and it is not Illegal too. It means cryptocurrencies are not regulated here untill now. So it can be a problem in this.
Although a case in running in surpreme court of india to regulate the cryptocurrency. Which can be a hope for crypto lovers too.
Because indian supreme court announced to regulate the cryptocurrency in next 3 to 4 weeks.
Thus it will be a problem for those countries where cryptocurrency is not regulated or illegal.
(2) Belive
People already have heared the name of cryptocurrency bitcoin. In which large number of people lost their money in scams. While less number of people earned a lot.
Initially it will be hard for people to use the crypto wallets and make the transitions on it. But it will definitely take the time to make their believe again.
Meaning of this thing is that if you are well educated about cryptocurrency then it is very hard for someone to steal it from you.
Conclusion
People are hoping that soon this cryptocurrency should be launched. Because it is solving people’s major problem of micro payment , fast payment and secure payment too.
This Facebook coin can be stable coin. So that there will be not that much fluctuation in price as it happens in other cryptocurrency.
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reference : newyourtimes
