Facebook and its plans in crypto space

Facebook to play big in crypto space

Facebook is all set to play big in crypto space, and according to Ted Livingston, this cryptocurrency has the prowess to replace the Herculean U.S. Dollars. Conventionally, this step is in accordance with Facebook’s policy of “helping the World”. The stablecoin will indeed help the working class of people who are far from their country and usually send their earning back home, yes remittance.

So, how big is Facebook playing?

Facebook is prioritising the fact that people find it outrageously difficult to move money home due to the sluggish, expensive and complicated nature of cash flow. If Facebook can make this move free of cost then indeed it will be quite a game changer for millions of people. So, this wraps up the first strategy, compelling the people to use (remittance).

Since Facebook is inclined towards the blockchain technology, it is quite explicit that blockchain indeed is a renaissance in banking. So Facebook opens up the door for the people to move their money without trusting a third party but trusting the ledger at the same time. So this clubs out being the second plan: trust.

And here comes the last step: Keeping the money inside the system.

It is quite clear that Facebook is all set to roll out something that will help out tens of million people. But what is the next big step when you have got the money. YOU SPEND.

Like WeChat Facebook will introduce several ways to spend the money like buying food, paying your bills etc. that you have got from remittance (initially). This step will indeed ensure the money will remain inside the system.

So will this step ensure that U.S. Dollars are beaten?

Or the stablecoin will be lost among the thousand other coins?

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