Re: Facebook is Developing a Cryptocurrency

As per recent article on Bloomberg , facebook is developing a cryptocurrency that will allow users to transfer money through their whatsapp messaging app and they are first focusing on market in India. They are developing a stable coin-a type of digital currency pegged to the U.S. dollar as bitcoin have high volatile nature.

This is a good thing that big names are moving into crypto world now.

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This once again proves that cryptocurrencies have great potential for using them in various fields. I am very glad that Facebook made this decision.

I am not that glad, people are enthusiastic because a big name is trying to create a cryptocurrency but I am sure that it will not be that different from fiat and if that is the case why do we need such a coin in the market? They are only going to create even more confusion among investors about what it is a cryptocurrency and why do we need them in the first place.

Pretty sure that this coin is not meant to be used as a tool for investment or such instead it will be used as a currency within whatsapp ecosystem and that is why the value will be pegged to fiat. Maybe the coin will be used to pay for sticker or anything else no need to worry.