Facebook Is Developing Cryptocurrency Payments System
At its center is a digital coin that users would be able to send to one another and use to make purchases on Facebook and on the broader Internet. This has the potential to significantly disrupt, or even up-end, “the traditional, lucrative plumbing of e-commerce and would likely be the most mainstream application yet of cryptocurrency.”
“The existing system is full of entrenched interests and technology clogs. And Facebook’s battered standing with users, investors and regulators make it a delicate time to plow into new territory,” suggests The Wall Street Journal.
What sets Facebook apart from others who may have tried and failed with cryptocurrency in the past is its sheer size. A total of one-third of all people around the world log on monthly, and many are in developing countries where social media acts is a crucial component of Internet commerce. But do people want Facebook, in particular, more deeply ingrained in their financial lives?
See the full story here: http://www.etcentric.org/facebook-is-developing-cryptocurrency-payments-system/