What is the Facebook
Regardless of what they call Facebooks, Facecoin and Zuck Bucks, the Facebook token is poised to realize the first two very important cryptocurrencies and is the first crypto asset launched by a major tech company with extensive global rollout across both the financial world and consumer web services, and the launch of the most notable stablecoins ever made. Ever created, Facebook's coin launch goals are centred on reducing volatility in crypto prices to ensure that remittances and other transactions remain healthy and stable for consumers.
The introduction of this cryptocurrency will open the doors of e-commerce by creating a network of companies and merchants, and these tokens will be transferable between applications owned by Facebook.
Facebook Coin Features
Facebook will work very differently from Bitcoin, Ethereum, or any of the mainstream cryptocurrencies built on public blockchains as Facebooks will not be transacted via a public major block like Bitcoin which has failed to gain widespread acceptance as a medium of exchange due in part to its volatile values. And since it will be difficult for Facebook to ensure that the coin is not used for illegal activities, it will create its own network through the Libra Association which includes companies that validate its authenticity by controlling the nodes to create a network that is still somewhat decentralized but governed and monitored An organization controlled by Facebook and its partners.
How to use a Facebook currency
Libra is scheduled to be launched publicly in the first half of next year, as many people find it easy to pay for goods and services online using credit and debit cards, as one of the goals of launching the Facebook currency is to attract people without bank accounts and open e-commerce for them And although this currency has been away for Facebook to increase spending when people interact with Facebook ads, the company says that the currency will be independent and you will not need to use a Facebook account, but there are many things that you should know before using Facebook currency as follows:
operational matters
Facebook is said to be working with banks and brokers to set up an association based in Switzerland that would facilitate the exchange of traditional national currencies such as the US dollar, the euro and the Japanese yen. Between merchants and finding a way to stabilize the value of the currency, Facebook may therefore seek to issue a stable coin linked to the value of the traditional currency issued by the government.
Competitive matters
Facebook was designed to take things out of the way but the company now works with existing payment processors like Visa, MasterCard and First Data Corp. (FDC) as well as Western Union Co. (WU), the leader in money transfer, to facilitate the launch of its payment systems as merchants are eager to reduce the existing 2% to 3% transaction fees charged by banks, payment processors and payment networks.
Regulatory and privacy matters
Facebook may face strong regulatory scrutiny, as it moves to introduce and expand the use of this new currency but with it being criticized for privacy issues related to user data and which has been compromised due to several data breaches have added to it an additional concern as Facebook will have the ability to extract data related to spending patterns Users, these and other concerns may slow Facebook's plan as the government imposes restrictions on the use of cryptocurrencies.
Facebook coin launch goals
Facebook's goal is to launch a virtual token that will allow the company's billions of users across Facebook, Messenger, Instagram and WhatsApp to make digital payments, including internally among other users within Facebook's app ecosystem, and externally on e-commerce purchases and third-party services without leaving any app. It is owned by Facebook, and among the most important goals of launching the Facebook currency are the following:
rest and sharing
One of the most important goals of launching the Facebook currency is convenience and participation as well as advancing an economic vision for digital money. Facebook will connect all its applications and give users a global currency to use in a guaranteed way to spend money daily or monthly A built-in spending mechanism and this can transform Facebook from an online advertising giant to service giant Financial and shopping to compete with Amazon and major banks, as it will contain an e-commerce system based on self-sufficiency for shopping.
Payment Services
Facebook's coin aims to offer payment services to payment companies such as MasterCard, PayPal, Stripe and Visa to popular services such as booking, eBay, Far fetch, Lyft, Spotify and Uber.
Facilitate product access
Facebook currently generates 99 per cent of its revenue from advertising and digital currency that will help it reach billions of users across products with the goal of creating another stable revenue stream and making payments based mainstream.
The provision of services
One of the goals of launching the Facebook currency is to provide various services such as paying bills with the click of a button, buying a cup of coffee by scanning a code or riding local public transportation without the need to carry cash, with Facebook emphasizing the issue of privacy, as it will have strong protection to keep money and information from By using all the same verification and anti-fraud processes that banks and credit cards use, and by providing automated systems that proactively monitor activity to detect and prevent fraudulent behaviou.
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