[ad_1]
Bitcoin (BTC), Cryptocurrency, Facebook-On December 20th, EWN reported on the development that Facebook, the largest social media platform in the world with over 2 billion active users, is about to create a new cryptocurrency to be used for WhatsApp transfers.
While the company has yet to make an official announcement, the first details show that the currency will fall into the stablecoin class, with the initial attention paid to the remittance market in India, a sphere of influence Ripple, with the XRP currency, boasted to hold a neighbor 50 percent market share at the beginning of the year. Facebook had previously been linked to rumors of a partnership with Stellar XLM, which was subsequently denied in an official statement released by the company. It is assumed that the most recent expansion of a stablecoin is designed internally by the blockchain division of Facebook, a sector of the company that former PayPal president David Marcus has been head of since May (Marcus had already used the app Facebook Messenger since he was hired in 2014).
Not surprisingly, Facebook's first foray into the cryptocurrency arena will be in the development of a stablecoin, given the popularity and growth of the sub-group throughout 2018. With the fall in the price of Bitcoin and the altcoin market, the volatility of prices has been overwhelming concern for both traders and established platforms seeking to integrate cryptocurrency into their business model. According to Bloomberg, sources familiar with the development of stablecoin, who have chosen to remain anonymous, have stated that the company's goal is to "minimize volatility", with the project far from the release date, as a strategy is developed to "protect the value of the stablecoin."
The Facebook news potentially promotes the cryptocurrency industry, although in an alternative model that does not include the asset model that appreciates the price that many have learned to know in Bitcoin, it comes at a time when market prices are experiencing new minimum. While the industry has managed a brief recovery in recent days, some price analysts are pointing to the phenomenon of a "rebound of a dead cat" as a blame.
At the beginning of the month, EWN reported on an update of the teleconference by billionaire crypto defender Mike Novogratz, who complained about the state of decline in the market value of 2018,
"It was a horrible bear market in token.There are a lot of reasons to be depressed."
However, Novogratz followed his observation with a generally optimistic outlook for the industry in the coming years, citing the inverse relationship that crypto evaluation has begun to exhibit with increasing adoption.
"Basically I think you will see a great adaptation in 2019, 2020. Many articles in the digital world, e-gaming space, are low-value objects so I think people will be more comfortable in participating in the blockchain. that area ".
While it would be ironic to fix the hopes of the industry on Facebook, a company that imposed an absolute ban on cryptocurrency advertising – since it was reprocessed – that helped fuel the bear market, the social media giant could provide kind of appeal and attention needed to get Main Street moving towards space. Among many obstacles to be overcome, cryptocurrency and blockchain education is still a fundamental problem for the average Internet user to overcome to make transactions with Bitcoin.
Stablecoins provide a more favorable consumer view for digital transactions, as opposed to the classification of assets focused on Bitcoin and other popular currencies. With Facebook, which seems to be all about creating a cryptocurrency, it seems only a matter of time before other large-scale Internet companies follow suit.
