Facebook Plans to Launch Cryptocurrency-Based Payment System

What Happened: Facebook is looking to collaborate with various firms to launch a cryptocurrency-based payment system, which would be connected to its online social media platform, The Wall Street Journal reported May 2.

Why It Matters: If implemented, Facebook’s system has the potential to become the world’s biggest cryptocurrency platform due to the company’s large user base — rivaling established payment systems such as Google Pay, Apple Pay and PayPal.

Background: Although cryptocurrency-based payment and transaction platforms have been available for several years, they have yet to secure widespread adoption.

Why are people falling for crypto? How is digital currency any different than printing money? Either one in the end is a fiat currency. Faith is the only thing holding such a system together.

People are falling for crypto because, you can use it as “money”. You have a “bank” they call it “wallet”. Yes it is a digital form of getting “cash”. But you can use it on some sites (mostly on the dark web) for item we use everyday.