Facecoin, if created, will definitely have an upper hand. For one, it will have two billion people ready to use and back it. In comparison, there are about 50 million crypto wallets, and not all these are active. Second, Facebook might make it much easier to access the token to their users. One of the challenges Bitcoin has encountered is the perception that it’s difficult to obtain and use.
Would Facecoin Just Be Repackaging the Original Problem?
Satoshi gave us Bitcoin to give us freedom from monopolies. The peer-to-peer currency is governed by mathematics and programming, with no single entity having absolute power. Bitcoin was supposed to give back the power to the most important faction in the ecosystem, the user.
However, if Facecoin took over, Satoshi’s vision could be jeopardized. Facebook could have control over the currency and could dictate its supply, circulation and more. In recent times, Facebook has been at the spotlight, with privacy and manipulation scandals being the order of the day.
Whether Facecoin will threaten Bitcoin is still unknown. The token could become just a medium of exchange on the platform while Bitcoin pursues the larger fiat-dominated market. For now, one thing is clear; Bitcoin is on the recovery path once again and could recapture the $4,000 soon.
https://nulltx.com/facebook-crypto-will-end-bitcoin-expert-says
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