Should Facebook Cryptocurrencies Be Afraid of?

The winter of cryptocurrencies has turned into spring. Facebook, also gives the news of publishing its unique cryptocurrency these days. This cryptocurrency, which in the opinion of some hot-headed proponents of Blockchain, decentralized network is not accommodated in the category of cryptocurrencies,it will be active back by the dollar. In fact, Facebook intends to enter the market a stablecoin called “global coin.” The date of publishing this stablecoin has been announced to be in 2020. However, if you are to explore facts about the world of cryptocurrencies, you should ask yourself what the story is and why Facebook will launch such a cryptocurrency. 

What Is the Purpose of Facebook in Launching its Stablecoin?

The objective of launching Facebook stablecoin is apparently to create a system which replaces the traditional banking system. It seems that all the companies who work in the field of technology have also been interested in financial affairs and in order not to lag behind the Blockchain and cryptocurrencies, they like to include themselves in it in some way. However, will these different measures be in favor of us as unprofessional users? The answer is, “yes.” Such new technologies which are more in payments will be for our benefit given that the various software and applications used in this regard enjoy required security and show appropriate productivity. However, it is not the whole story. Suppose that Amazon decides to follow its trades through its website via a specific cryptocurrency. What will happen then? Will such an approach be one the customers’ side? Isn’t it opposite the main intention of cryptocurrencies, which is creating freedom in payment and transactions?

What Does Facebook Say about its Cryptocurrency?

Facebook claims that one of its purposes to enter the world of cryptocurrencies is making people familiar with new technologies. The number of users of this technology giant is very high, and it can be greatly influential. Of course, it is possible; since Facebook has many users. However, the issue of informing about the new world of technology is one thing, and providing the data security and the users’ privacy is another. Unfortunately, Facebook doesn’t have good records. At least in recent years, it doesn’t have a great history in the field of maintaining data and the users’ privacy. You surely remember that a large part of the users’ data in this network was available for active companies in the U.S. presidential elections. In such a condition, will there be the possibility of trusting controversial Facebook and its Stablecoin?

Do We Trust Facebook and its New Activities?

As it was stated before, Facebook doesn’t have good records in maintaining the users’ privacy. Hence, there is not much hope in its entrance to the world of cryptocurrencies. Blockchain and cryptocurrencies have come into existence with a major and basic purpose: destroying the dominance of specific institutes, people, or bodies on the users’ different relationships. Now we face a phenomenon called Facebook with no good history in this regard, besides, the cryptocurrency it offers is backed by dollar and doesn’t have a concept similar to cryptocurrencies such as Bitcoin. Should we trust Facebook? What do you think?
 

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