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No, Forbes, Facebook's recently detailed non-so-crypto is no rival for Bitcoin



The launch of a crypto-like currency of social media giant Facebook has recently been the subject of many discussions in Bitcoin and the digital resource area. However, it was little known about the outside of the company that developed a mysterious blockchain department and rumors of a WhatsApp-based digital coin launched by the company.

According to a report published today by Forbes, more details about the project have emerged. Nothing is particularly exciting about today's revelations, but we really want the publication to drop the "competitor to the Bitcoin" angle.

Facebook announces further details of its intranet to Bitcoin's Internet

The social media giant Facebook has provided further details on its planner to launch a digital currency (very) loosely inspired by Bitcoin. The company will reportedly launch "GlobalCoin" ̵

1; snappy, we know – in early 2020 and will offer some form of payment network between a dozen countries first.

According to reports, Mark Zuckerberg, founder and CEO of Facebook, met with the Bank of England governor Mark Carey to discuss the plans, and also put the idea for US state-authorized officials, as well as money transfer companies and top brass at the Gemini Crypto Exchange .

Zuckerberg told a Facebook developer conference last month that he thought payment was an area that the company could really make things easier for people. The move also stinks of a desperate attempt to stay interested among dizzying users and security disputes such as the Cambridge Analytica scandal last year.

Fast, cheap, centralized payment, two out of three are not bad, right? 19659004] The fact that today's announcement did not move the Bitcoin market whatsoever could be evidence of a much more mature market – especially given that publications such as Forbes seem like hell, bow to branding GlobalCoin as an alternative to Bitcoin. The whole heading of the article is "Facebook and WhatsApp Break Cover with Bitcoin Rival Plans", it goes on to refer to the scheme as a competitor of Bitcoin several times in the text.

However, the two could not be any different. The truly inspiring and remarkable thing about Bitcoin is how difficult it is to stop someone using the network. Apart from physically limiting an individual, there is no way anyone can stop a value transfer. Users do not need to rely on any single device.

Although specific details about the launch of GlobalCoin in the future are still shady, we can say with almost absolute clarity that Zuckerberg must creep up to the US Treasury and the Bank of England to get An A-OK, it will be very little change or disturbing about it. It therefore represents competition against the dollar, the euro or the yen, rather than the bitcoin itself, which is potentially much more liberating and powerful.

In the following video, the Bitcoin evangelist discusses the kind of private versions of digital assets that companies such as Facebook and JP Morgan have recently investigated:

The socialist leader's attitude could not be more different from crypto, and more specifically, Bitcoin, uberoptimist Jack Dorsey. Dorsey is Zuckerberg's equivalent on Twitter and nicely shows how a CEO is not hell on world domination.

He sees radical freedom-creating opportunity in Bitcoin, and has decided to help businesses develop on it, provide consistent price support with $ 10,000 monthly buys and master the network at every possible opportunity. Who heard about TwitterCoin? No, we don't. That's because he doesn't want his hands all over your wallet, as well as all the details of your personal life.

While GlobalCoin poses little risk to Bitcoin itself, some from the crypto switching area are optimistic about how the news will affect the purely decentralized asset. Spencer Bogart of Blockchain Capital recently speculated on the boarding potential of such an arrangement:

"It will be like being on the Internet so people can spin out and start owning bitcoin, Ethereum … Bitcoin has gone from zero users ten years The site to somewhere between 30 million to 100 million estimates is tough. And Facebook has billions of users. "

Related Reading: US Senat Mulls Regulatory Implications of Facebook's Mysterious Crypto Project

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