Facebook Plans to Launch Cryptocurrency-Based Payment System

Science & Technology
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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.

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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.

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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.