Bitcoin vs Facebook Coin- It's not Even a Contest
Bitcoin has been on a wild ride in Q2 2019 that has led the cryprocurrency market to regain marketcap to $240 billion. Facebook announced their own cryprocurrency to launch this month called "GlobalCoin". Globalcoin will not overtake Bitcoin, but will become a money transfer service as Bitcoin maintains its dominance as the biggest cryprocurrency.
Facebook announced Globalcoin and the plans to use it as a medium of exchange. It will license nodes for up to $10 million and create physical locations for usage. It's a good strategy as tech companies move into financial services. It's not decentralized and is subject to alot more rules and stipulations than I am comfortable with.
Bitcoin is a decentralized cryprocurrency, while Globalcoin is owned by an enormous tech giant with questionable ethics. Apple has issued its own credit cards, while Facebook seeks to enter the cryprocurrency space. Would you choose a cryprocurrency issued by a company that knowingly spies on users and is beholden to Wallstreet over the decentralized and beloved Bitcoin?
The cryptocurrency market grew organically and is thriving now. Why do we need another coin that's issued by a known tech giant that may be probed for anti-trust issues? Let's accept and use Bitcoin.
Sources:
Picture from Pixabay.
https://www.coindesk.com/facebook-set-to-reveal-own-cryptocurrency-in-june-report-says
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