It is a known fact that Facebook has made the headlines repeatedly with its new updates and policies. So now, what does this mean for cryptocurrencies? Or even more so, what does it mean for Facebook’s cryptocurrency? You can click on the TraderMate to learn more about bitcoin trading.
No one knows because the social network has been quite secretive about how they plan on tackling virtual currency, but there may be some clues as to what the future holds.
In this article, you will know if Facebook is looking into cryptocurrencies as a whole and how they will affect the social network and its users.
7 Ways how bitcoin affects Facebook
1. First and foremost, Facebook is making huge moves in the cryptocurrency scene as we speak. They likely didn’t make such a big move for no reason, and it wouldn’t be too far-fetched to say that they may even be launching their coin or token soon enough.
It would make sense, significantly, since not only would the platform benefit from it, but it would also open up a whole new market and user base.
2. This wouldn’t be the first time Facebook has accepted cryptocurrency, either. In January of 2014, they allowed their users to send Bitcoin via Facebook Messenger through Coinbase’s system.
This move was made possible thanks to a partnership between both companies, and it was quite a big deal at the time.
3. Facebook may also be looking to incorporate blockchain technology into their platform, although it is unclear if they are doing so.
There are rumours that this new ‘Facebook Coin’ would run on some blockchain ecosystem, but there’s no word on how they plan on tackling this aspect.
4. There’s also the fact that Facebook is looking to hire blockchain engineers and other cryptocurrency-related job openings, which only goes further to show how serious they are about making a move in this industry.
Again, it isn’t for sure why they do this, but speculations about these new hires’ aim.
5. Many Facebook employees have shown great interest in cryptocurrencies, which only furthers the idea that this could be something that they may look into doing within their platform or company.
Even Mark Zuckerberg himself is said to have hosted a “cryptocurrency meet-up” at his California home, showing that Facebook is seriously looking at this industry.
6. There are also rumours that Facebook may be launching their Blockchain-based cryptocurrency, something other companies have done to varying degrees of success in the past.
This would be quite an exciting development if it were to happen, but there is no official word on the matter once again.
7. There are many speculations as to what Facebook’s primary goal is with any of this but so far, not much more than just simple rumours have been circulated.
However, it seems clear that they are looking into cryptocurrency in some shape or form, and it may have a significant impact on the social network.
4 Negatives of bitcoin that impacted Facebook
1. Facebook made the headlines again last year (2018) for banning all cryptocurrency ads on their platform.
It was a move that caused a lot of outrage at first but eventually died down significantly after they eased up on some of the rules and restrictions.
2. It doesn’t take a genius to figure out that a social network as extensive as Facebook wouldn’t be able to ignore the immense possibilities behind cryptocurrencies and blockchain technology forever.
Due to this, it was expected that one day Facebook would look into this industry and see what they could do about it.
3. It is no secret that cryptocurrencies had their fair share of problems in the past, something that may have caused Facebook to be wary of entering the market anytime soon.
But with so many new regulations coming into play worldwide, it is becoming easier and easier for cryptocurrencies to become a legitimate form of payment that everyone can use.
4. Other social networks have already dipped their hands into this industry, such as Telegram, which has given us the Telegram Open Network so far.
Conclusion
Facebook wants to take a piece of the cake from these two social networks. If Facebook launches its cryptocurrency, it is clear that it will be used on all Facebook apps, including WhatsApp, Messenger, and Instagram. This means that more than 2 billion users across all apps will have access to this currency instantly.