What can be done with the new Facebook coin (GLOBAL COIN) ?
Facebook has announced the development and preparation of the introduction of their cryptocurrency but did not provide a lot of details about it, except that it will be available on the applications of Facebook (Messenger, Whatsapp, instagram) and will provide the possibility of buying services and goodies, physical and digital.
The new cryptocurrency will be a stablecoin and its value will be linked to several other coins and tokens.
More details about GlobalCoin are expected to be released on June 18.
In this article we will set some predictions and about Facebook’s new currency and what it can offer:
The GlobalCoin will be a strong global currency and will contribute to the development and the developing of countries:
One of the most important advantages of the digital Facebook currency is that it will be a standard of value in developing countries whose central banks are not disciplined in preserving the value of their paper currency, which has often lost their purchasing value, as is the case in Venezuela .
Globalcoin will cover a number of uses and will be adopted as a standard instead of the local paper currency.
Facebook currency will distribute benefits to its users (incentive):
The outlook for the Facebook currency is that it will share the accumulated benefits of its currency based on paper currencies. If not, it will face a torrent of criticism about what Facebook and its partners are gaining.
Facebook token will become a global financial force:
Facebook is the largest social network in terms of number of users and the introduction of a cryptocurrency targeted at these users there will be a large number of users carrying the new Facebook digital currency, which will reflect positively on Facebook and makes the company one of the players in the global capital markets.
GlobalCoin will face regulations and SEC:
Is the currency will be available Facebook globally or you will be directed to specific geographical areas, and whether users will seek to look for American mediation to buy a cup of coffee using Facebook token?
How Facebook will verify its crypto-users compliance with the laws?
One of the main hurdles facing most companies with cryptocurrencies is how their users comply with laws, prevent money laundering, and comply with KYC and other legal regulations that still obscure most companies that manage cryptocurrencies.
The currency of Facebook will be a bridge to adopt more Bitcoin, and other cryptocurrencies:
Globalcoin will be a bridge to introduce more the crypto-world, and Bitcoin will be the biggest beneficiary, as its users will be more aware of it and go to it because of its advantages and because of its scarcity.
All the above mentioned expectations remain valid and false until the official disclosure of the currency of Facebook and what will be provided in detail. Thank you for reading, and what do you think globalcoin usages will be?
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view