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Facebook Cryptocurrency Show Path Forward is integration, not domain

Blockchain, Cryptocurrency, Facebook-Last week, EWN reported on an industry rumor that Facebook, the social media giant with over 2 billion active users, was developing a new cryptocurrency stablecoin. The details on the token included the emphasis on the use of payments through the WhatsApp messaging service, with particular focus on the largely untapped digital payment market in India.

Some experts have used the development of Facebook as an opportunity to launch stones in the broader cryptocurrency industry, with the argument that Big Tech is now taking the reins of the blockchain away. Contrary to the cryptocurrency used as a subversion tool for the established technology industry, in a similar way that the digital resources side has the potential to bypass the traditional fiat, the rise of Facebook Coin is putting the narrative more libertarian in a stream.

However, the adoption of cryptocurrency by such a large and rooted society in the global social system as Facebook is an indication that technology is reaching a critical point of validation rather than being engulfed by the spirit of time of established platforms. . The road to Main Street, like all technologies, is paved through integration, not domination. Cryptocurrency and the underlying evidence of blockchain is a multifaceted conceptualization, made of usability and belief principles.

Will the crypto-anarchists be upset by the fact that a traditional society is co-opting their beloved technology? Possibly. The advent of Google and Internet conglomerates has not slowed down the file juggernaut and data sharing for those who have seen technology as a portal to freely distribute information. Cryptocurrency will find a similar base for different groups based on their needs. Stablecoins provides Facebook and social media platforms that think the same way as a safe way to transfer value globally, while providing truly digital money innovation. Bitcoin, like many other cryptocurrencies, holds a distinct position as a digital asset, which can be freely traded, speculated and treated as an investment property in addition to currency.

If the cryptocurrency continues to gain ground in large corporations – a revelation that few investors in the industry would be sad to see – the increase in private currencies could be a logical extension. While Facebook, Twitter and other random operations prefer the lack of volatility found in the stablecoin, other crypto users can search for it as a means of private transactions, finding more use in anonymous coins like Monero and the like.

The Bitcoin and other encrypted watermark is used to buy a coffee from Starbucks, not to overthrow governments. Facebook is not taking away the industry by building its own currency: they are contributing to the recognition of the sector as legitimate technology and providing validation for its use.

The loyal libertarian and anarchist ethos that has been woven with cryptocurrency since its conception was the radical and passionate fuel that was needed to light the fire of development. It is not a casual interest to give someone the belief in a sector of over $ 600 billion a year, but a belief in the potential of a technology and a futuristic vision of what it could become in society. The adoption of Facebook is the integration that will lead to crypto-ubiquity, not the fingernail in the coffin that some see it as.

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