Facebook Launching their Own Crypto Currency.

Facebook Launching their Own Crypto Currency.

World’s largest social networking site “Facebook ” is reportedly making their own Crypto currency which will be named as “Facebook Coin”.and for that the company is working on Block chain-based user authentication feature.

As per reports, very soon Facebook is going to introduce their own Crypto currency , which will allow users to transfer money through their services i.e Messenger, Instagram and Whats App. Not only that, for that they are adding block chain-based user authentication feature soon.

Recently, in U.S few android and iOS users who have installed the app on their device found the option of “Pay with Facebook”.

Italian Facebook users who have set Italian language on their Facebook also had the option to set up Pay a Facebook account while using the application.

According to a Tech Magazine, this  new interface  works similarly as that of  Facebook Marketplace, whereby the buyers had to send a payment request and then wait for the payment to come and it needs be accepted.So with Facebook Coin the problems will be minimized in terms of online frauds.Now as soon as the feature comes , instead of using  your country currency and  linking it to your bank account you can use these coins through  Messenger and Whats app.

The Major Payment Options In Facebook

  • The first option which has been introduced in Facebook is through Bitcoin, below which small options of other payment modes are visible.
  • Users have shared the screenshots on which the first payment option is bitcoin. below that other payment options are seen.
  • Facebook is already having the payment feature on their Messenger app, on which users can transfer money to other countries. But the feature of ” pay with Facebook” is recently been introduced and is quite different.
  • If reports are to be believed then Facebook will name their crypto currency as “Facebook Coin” which will be introduced in Pay with Facebook on Messenger.
  • This is not the first native currency of Facebook. In 2010, the company introduced a virtual currency for their  platform and named it  as ‘Facebook Credits’ which could be bought in exchange for fiats. This is a similar process to other crypto currencies and to the concept of “Facebook credits” to purchase games and other apps .
  • This “Facebook Coin” is inspired from WeChat’s Inspired, Virtual Currency payment option and will also be included in Whatsapp.
  • In WeChat  a user can purchase any services or app or games in China by simply using a QR code on their android or iOS devices,  And Facebook is trying to make something similar model which  would emerge as a boom in U.S and  Indian Market.
  • Right now Facebook is facing the charges of data disputes. So the company is focusing on their own crypto currency which is believed to be the next major source of income for the company.
  • At present Facebook is already working on connecting all its major platforms with a single payment system, so that the users can be busy and engage on these platforms for a long time.

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