No, Forbes, the all-detailed Not-So-Crypto of Facebook is not a rival for Bitcoin

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The launch of a crypto-like currency by social media giant Facebook has recently been the subject of much debate in the field of bitcoins and digital assets. However, little was known about the development by the company of a mysterious blockchain department and rumors that a WhatsApp-based digital play would be launched by the company.

According to a report released today by Forbes, more details on the project have emerged. Nothing particularly excites today's revelations, but we really want the publication to loose the angle of "Bitcoin rivals".

Facebook announces new details of its Intranet to the Internet by Bitcoin

Social media giant Facebook has unveiled more details about its plans to launch a digital (very) vaguely inspired by Bitcoin. The company would launch "GlobalCoin" – very quickly, we know – early in 2020 and offer a kind of payment network between a dozen countries at the beginning.

According to reports, Mark Zuckerberg, founder and CEO of Facebook, met with Bank of England Governor Mark Carey to discuss plans, and also introduced the idea to US Treasury officials, as well as than to money transfer companies and senior executives. to the Gemini crypto exchange.

Last month, Zuckerberg told a Facebook developer conference that he thought payments were an area in which the company could actually make things easier for users. However, this decision also stinks of a desperate attempt to remain relevant despite the dwindling number of users and security controversies, such as the Cambridge Analytica scandal of last year.

Fast, cheap and centralized payments, two out of three, not bad, right?

The fact that today's announcement did not displace the Bitcoin market could be a sign of a much more mature market, especially as publications like Forbes seem to want GlobalCoin to be an alternative to Bitcoin. The very title of the article titled "Facebook and WhatsApp", then describes the project as a rival of Bitcoin several times in the text.

However, the two could not really be different. The really inspiring and remarkable thing about Bitcoin is the difficulty of preventing a person from using the network. In addition to physically restricting an individual, no one can stop a transfer of value. Users must trust no single entity.

Although specific details on the launch of GlobalCoin are at best obscure, we can say with absolute clarity, if Zuckerberg is to trade with the US Treasury and Bank of England to get an A-OK, there will be very little – change or disturb about it. It therefore represents competition against the dollar, the euro or the yen rather than Bitcoin itself, which is potentially much more liberating and powerful.

In the following video, a Bitcoin Evangelist describes the type of private versions of digital assets that companies such as Facebook and JP Morgan have explored recently:

The position of the social media manager could not be different from that of crypto, and more precisely bitcoin, the ultra optimistic Jack Dorsey. Dorsey is Zuckerberg's equivalent on Twitter and shows the behavior of a CEO who is not inflexible in terms of global domination.

He sees a radical opportunity to create freedom in Bitcoin. It has therefore decided to support the companies that develop their activities, provide consistent price support with monthly purchases of US $ 10,000 and defend the network at every opportunity available. All heard about TwitterCoin? No, we do not either. It's because he does not want his hands to cover your wallet, as well as all the details of your personal life.

Although GlobalCoin presents little risk for Bitcoin itself, some players in the encryption asset space are optimistic about the impact of news on purely decentralized assets. Spencer Bogart of Blockchain Capital recently made assumptions about the potential of embarking on such a project:

"It will be like on the Internet so that people can create their own bitcoin, Ethereum … Bitcoin went from zero users ten years ago to some 30 million to 100 million – estimates are difficult. And Facebook has billions of users. "

Related reading: Facebook's Mysterious Cryptography Project Raises Regulatory Implications in the US Senate

Featured image of Shutterstock.



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