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This may seem like a shitcoin from the 2014 era, but Globalcoin is the most anticipated new digital badet this year. It does not matter if it is not decentralized, without authorization, or even cryptographic. The only question that really matters is: what does Facebook's motto for Bitcoin mean? Will he steal his thunder or speed up the adoption of Bitcoin?
Also read: Traders are now prohibited from using Localbitcoins Exchange in Iran
Globalcoin: Soon in a world close to you
If Mark Zuckerberg was hoping to convince the world that he was a normal guy, not a shifting Illuminati reptilian, Globalcoin made him disappear. This is the name that the satirists would have called Facebook's new currency if Zuck had not left and claimed it for himself. Like Facebook itself, Globalcoin (GC) is easy to imitate and memorize, but far from the easy solution, what do we know about the piece and what effect will it have on the cryptocurrency?
The launch of GC is scheduled for the first quarter of 2020. The CEO of Facebook has asked Zuck Bucks not to have any confirmation of his anchoring in the traditional financial system. would have met Bank of England Governor Mark Carney and sought advice from the US Treasury. The Libra project, as a program, is one of the least well-kept secrets in the world since 2018, when it appeared that Facebook was looking to hire blockchain developers for a discreet monetary project.
GlobalCoin Mines pic.twitter.com/G4fuSq956f
– cryptograffiti (@cryptograffiti) May 24, 2019
GC will be nothing more than another stable piece with fixed clamp, which is not remarkable. The real power of the coin lies in the network effects that can be exploited to put the currency in the hands of billions, including Facebook users who do not have a bank account. The benefits that this could bring to loyal Facebook consumers, who can seamlessly use the coin-in-application (whether FB, Insta or Whatsapp) to pay friends and buy property, are considerable . But the benefits that this new and powerful database will bring to Facebook will be even more important.
A treasure trove of money among data managers around the world
Facebook's extremely shitty attitude towards protecting the privacy of users does not need to be recalled. Indeed, it is difficult to think of a less qualified depository of a global digital currency. Despite all its crimes – unpleasant, unauthorized data sharing, censorship and flagrant violations of privacy – Facebook remains the dominant social network in the world. People are inherently complacent and, with the exception of a few purists of privacy protection, no mbadive user outflow has occurred as a result of the Cambridge Analytica scandal and the 39, similar abuses. It does not matter how much data Globalcoin collects or shares with them – if the part works seamlessly, people will use it.
As for Facebook's crypto-cryptography, the answer is "not very". As an authorized currency, just like the authorized social network in which it resides, it is irrelevant whether GC operates on a blockchain or an SQL database. No amount of nodes or validators will change the fact that your globalcoins are only yours, provided you use them for the purpose that Zuckerberg had planned. Follow the rules and everything will be fine. However, do not worry and expect to see your account balance emptied and the wallet frozen. Like Bloomberg Put the, "More than 2 billion users spend a currency, controlled by a billionaire. What's worrying ?, noting that Dr. Evil would love Globalcoin.
Wow bold move of Facebook on the Globalcoin logo pic.twitter.com/YAMFRoxUYt
– Josh Cincinnati (@acityinohio) May 24, 2019
What does Globalcoin mean for Bitcoin
As for what GC stands for Bitcoin, there are essentially two schools of thought. One of the people who argues that GC represents a real threat by offering the mbades the benefits of fast crypto-settlement, low fees, a package that even the grandmother can understand – without any inconvenience, such as volatility, complexity or irreversible loss of funds. In this paradigm, GC will replace BTC as a medium of exchange, leaving bitcoins instead of store of value (SoV) and for payments that fall outside Facebook's jurisdiction, such as the purchase of medicines. If this materializes, then GC could also threaten other EM cryptos, such as BCH, LTC, and DASH.
The other stream of thought is that Globalcoin serves as a Trojan horse or an entry drug, bitcoin. By standardizing the use of digital currency, the transition to cryptography without permission will seem less frightening, which will ensure that bitcoin is well placed to deal with the mbades when it is tired of GC's limitations: problems confidentiality, data abuse and limited means of spending. In this context, Zuckerberg's crypto vanilla will be optimized by bitcoin, which can beef it up on all fronts, with the exception of network effects. With about 30 million users of cryptocurrency against 2.4 billion Facebook users, Globalcoin will embark with a considerable advantage.
I did not think I would say that, but:
I do not want to live in a world where Mark Zuckerberg beats winklevii.
– Ryan Selkis (@twobitidiot) May 24, 2019
Love, hate or fear, Globalcoin only represents the inevitable evolution of money. Most of our expenses have already been devoted to digital, whether with Paypal, Apple Pay, Visa, Venmo or Bitcoin. With the underlying payment network subtracted, while money would die slowly, Globalcoin will install digital payment solutions at the table without offering anything new. As has been said many times, bitcoin does not need to conquer the world to succeed: it just needs to survive. It is highly likely that Globalcoin will get more users during its first month than bitcoin has ever had or will ever have. This metric, however, does not make sense.
When Facebook users get tired of being monitored, censored and sold, bitcoin will be there, as money that will not be indebted to anyone and available to everyone.
What are your thoughts on Globalcoin? Let us know in the comments section below.
Images courtesy of Shutterstock.
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Kai Sedgwick
Kai has been playing with words since 2009 and bought his first $ 19 bitcoin. It's been gone for a long time. He previously wrote white papers for blockchain startups and is particularly interested in P2P exchanges and DNM.
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