Is a new cryptocurrency coming? Maybe, it's the Facebook Coin

These days the rumors that Facebook is about to launch its own "cryptocurrency" have become increasingly insistent, so that the New York Times with a long article has already announced that the initiative should see the light in 2019.

The colossus of social networks has long been recruiting experts in blockchain, so as to have now a staff of 50 between technicians and engineers who are working on the project: it will be a Facebook-Coin? Probably yes.

Waiting to know, create a system of cross payment to all its platforms social, Facebook, Whatsapp and Instagram, it could be both a way to consolidate the position on the market and increase the number of users.

Today's smartphone can be used already with some payment systems, while China and in the east in general the social platform "Wechat" is already used in a widespread way to make payments and exchange money, so the Facebook initiative would only confirm a trend: they are switching our payment from the bank to our mobile.

Not a Bitcoin

Certainly the Facebook-Coin would be a system quite different from cryptocurrencies, so it would not compete with Bitcoin and other crypto.

A cryptocurrency is decentrated and there is no way to exercise any control: which company could kick off a project that does not earn anything nor would it be a way to keep it inside its tracks? Practically none.

I don't think I'm wrong if I say it will be a "stable-coin" that is covered by bank deposits that Facebook will have in its banks based in the United States. Surely an initiative of this kind will have to involve also other currencies such as the Euro.

But who will compete with the Facebook-Coin ?

Banks

Today when the salary arrives comes in our bank account, from where then we manage all the expenses: payments with the "ATM", cash withdrawals, automatic payment of bills, car installment, mortgage and so on.

What would happen instead if the monthly half of the salary is transferred immediately outside the bank towards a payment system alternative?

Credit Cards

They will have to resize as well, for sure. What is going to do a trader of all these payments received on an online platform? The answer is simple: he will start to use this plafond on the same platform avoiding the classic credit card payment system.

A new revolution is coming, the banking system is already aware and ready to face? I don’t know