{"id":383691,"date":"2019-05-24T21:00:53","date_gmt":"2019-05-24T21:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=383691"},"modified":"2024-06-11T13:43:23","modified_gmt":"2024-06-11T13:43:23","slug":"facebook-crypto-no-rival-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/facebook-crypto-no-rival-bitcoin\/","title":{"rendered":"No, Forbes, Facebook’s Newly Detailed Not-So-Crypto is No Rival for Bitcoin"},"content":{"rendered":"

The launch of a crypto-like-currency by social media giant Facebook<\/a> has been the topic of many discussions in the Bitcoin and digital asset space recently. However, little was known about it outside of the company developing a mysterious blockchain department and rumours about a WhatsApp-based digital coin being launched by the firm.<\/p>\n

According to a report published today by Forbes<\/a> more details of the project have emerged. Nothing is particularly exciting about today’s revelations but we really wish the publication would drop the “rival to Bitcoin” angle.<\/p>\n

Facebook Announces Further Details of its Intranet to Bitcoin’s Internet<\/h2>\n

The social media giant Facebook has disclosed further details about its plans to launch a digital currency (very) loosely inspired by Bitcoin. The company will reportedly<\/a> be launching “GlobalCoin” – snappy, we know – in early 2020 and will offer some form of payments network between a dozen countries at first.<\/p>\n

According to reports, Mark Zuckerberg, the founder and CEO of Facebook, met with Bank of England governor, Mark Carey, to discuss the plans and has also put the idea to US Treasury officials, as well as money transfer firms, and the top brass at the Gemini crypto exchange.<\/p>\n

Zuckerberg told a Facebook developer conference last month that he thought payments was an area that the firm could really make things easier for people. However, the move also stinks of a desperate attempt to stay relevant amid dwindling users and security controversies such as the Cambridge Analytica scandal last year.<\/p>\n

Fast, Cheap, Centralised Payments, Two out of Three Ain’t Bad, Right?<\/h2>\n

The fact that today’s announcement did not move the Bitcoin market whatsoever could be evidence of a much more mature market – particularly given that publications like Forbes seem hell bend on branding GlobalCoin as an alternative to Bitcoin. The very headline of the article is “Facebook And WhatsApp Break Cover With Bitcoin Rival Plans”, it then goes on to reference the scheme as a rival to Bitcoin multiple times in the text.<\/p>\n

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Facebook is gearing up to launch a rival to bitcoin as soon as next year as it accelerates plans to diversify its revenue away from advertising https:\/\/t.co\/UB3kQP91vu<\/a> pic.twitter.com\/jCYNHG8eI3<\/a><\/p>\n

— Forbes (@Forbes) May 24, 2019<\/a><\/p><\/blockquote>\n