Facebook Mulls Its Own Bitcoin Currency—Report – ZMR News Blog

Facebook Mulls Its Own Bitcoin Currency—Report

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Facebook is all set to create a fuss in the economy with its all new concept of digital coin for transaction purpose. This indeed is a hot issue for all Facebook users. The Wall Street Journal has disclosed Facebook’s plan to launch a new method of payment for its billions of users all over the world. This crypto-currency will use a type of a ‘digital coin’ similar to that of Bitcoin. But with an aim to keep the currency value stable. This is superior to the other crypto-currencies as their values are known to be unstable. Facebook is planning to launch this new currency together on the platform of WhatsApp, Messenger and Instagram. The name and further details are not known, but around 2.7 billion users can benefit from this new crypto-currency system.

The advantage of this system is to reduce the processing fees placed on the credit card transactions. Facebook is trying its best to make the idea a success. If this happens, the new crypto-currency will be far superior and more in use amongst its users, for it is non-volatile i.e. value remains unchanged. Facebook is employing many new financial firms along with online merchants to create the required network. Facebook intends to find ways to provide financial rewards to the users who don’t mind interacting with ads or the other features. Facebook claims that it is simply trying to explore many other applications to put into use for the crypto-currency technology.

In the past, Bitcoin is known to keep fluctuating in terms of its value. This is a drawback to this type of system as the highs and lows mostly go unpredicted. Its users may one-time reap lot of benefit or can suffer a lot when the value drops down. This uncertainty had resulted in its unpopularity.  But this new currency is all set to change the game.

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