• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

HTC Exec: Facebook Coin is like the Intranet, Bitcoin is like the Internet

Nick Chong by Nick Chong
2 years ago
in Cryptocurrency news
Reading Time: 4min read
HTC Exec: Facebook Coin is like the Intranet, Bitcoin is like the Internet
Advertisement
Nexo Logo
Listen to Article

As the Bitcoin bear market ran its course through 2018 and early-2019, Facebook quietly entered the cryptocurrency and blockchain space. While the details of the venture were kept under lock and key at first, more and more has leaked about what pundits call “FBCoin,” a crypto asset from the social media giant that could bring this innovation to billions.

While many technologists have opened their arms to this innovation, lauding the potential for a revolution in fintech, what do pundits of true, decentralized cryptocurrencies think of FBCoin? And more importantly, does it pose a threat to Bitcoin or projects of a similar caliber?

NewsBTC was lucky enough to see these pertinent questions answered in an array of recent interviews at Token2049, Hong Kong’s premier industry conference.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Related Reading: Crypto Industry Execs: This Bitcoin Bear Market Is The Best Yet

Is FBCoin Good For Bitcoin?

If you’ve been living under a proverbial rock, here’s what we know about Facebook Coin. Sources tell Bloomberg that this digital asset will first be slated to appeal to Whatsapp’s India demographic, specifically to satisfy the need for digital domestic payments, which have risen to prominence in China. The cryptocurrency, if it can be called that, will be run with a stablecoin-esque model, in that it’s backed by assets external to the crypto industry. It isn’t known if the coin will be run on a blockchain, but Facebook’s chief executive, Mark Zuckerberg, has mentioned distributed ledger technologies in a number of interviews.

No matter if its blockchain-based or otherwise, analysts have predicted FBCoin could garner monumental levels of traction, and in a matter of a few years no less. Specifically, Ross Sandler of Barclays expressed in a note that Facebook’s in-house crypto asset could be a $19 billion revenue boon for the company by 2021 — just two years away. Sandler cited the fact that each Google Play Store user nets $6/user for the Internet giant, and that Facebook may see similar financial success if FBCoin becomes the ubiquitous asset of that three billion person ecosystem.

But some of crypto’s diehards aren’t all too happy with this, especially considering the uncertainty around the decentralization status of the coin.

Technologist Phil Chen, the decentralized chief officer at HTC, tells us that FBCoin, and JP Morgan’s asset for that matter, are much like intranets. Bitcoin, in his eyes, is much more like the Internet — a multi-faceted, (mostly) permissionless system that fosters innovation through freedom. While he claims that there is room for both private and permissionless cryptocurrencies, the two subsets are inherently antithetical and may have trouble existing in a mesh.

Mark Lamb from CoinFLEX explained to NewsBTC that if Facebook’s asset exists in its notorious walled garden, FBCoin will only be just as “interesting as Venmo or PayPal,” which will be good for the Silicon Valley firm but not for Bitcoin. Even so, he added that more likely than not, all enterprise blockchain ventures will fail in time, citing the fact that “when you have a private system, just use a database.”

The chief executive of IDEX continued this train of thought. Alex Wearn explained to us that although it’s absolutely stellar to see companies “decide that they want to build, develop, and integrate” something in the space, the question is whether FBCoin will be interoperable with other cryptocurrencies.

And that’s the dilemma here. If Facebook is looking to introduce a payment ecosystem here, why aren’t the sticking with a system similar to that of PayPal? Right now, we don’t know.

Facebook’s Crypto Is Rapidly Approaching

While some are skeptical of Facebook’s intent in this space as established, there is no mistaking that the project’s launch date is rapidly approaching. Tim Draper, a notable Bitcoin bull and blockchain visionary, just told Bloomberg that he is looking to convene with Facebook’s blockchain team. Draper, who rose to crypto fame after he purchased $18 million worth of Bitcoin at a U.S. Marshalls auction, explained that he will “see if it is a fit” for his portfolio. The prominent cryptocurrency pundit was hesitant to admit the sum that he would invest, if at all, but considering lofty stash of digital assets, it likely isn’t small.

This, coupled with news that the company is in active discussions with cryptocurrency exchanges, implies that FBCoin may be coming to a Whatsapp application near you… soon. And actually, that might be a good thing.

As Max Kordek, the head of the Lisk project, remarks, “FBCoin is a cool thing,” as he’s sure that Zuckerberg has the “best things in mind.” He explained that in the end, whether it is a centralized blockchain or otherwise, Facebook delving into this space, especially with technologists at its helm, will be more a net benefit to the broader industry than a detriment.

BlockTower’s Ari Paul echoed this to a tee. Paul elaborates that while centralized digital assets are inherently “uninteresting” to fervent crypto crusaders, who are enamored with censorship resistance, immutability, security, and peer-to-peer systems, centralized cryptocurrencies will “increase global interest [in Bitcoin] dramatically.” Paul postulates that at a bare minimum, 30 million consumers could find their way to Bitcoin with the launch of FBCoin, meaning that the (decentralized) cryptocurrency’s community would double in size, no questions asked. Not only would this bolster adoption, but this influx of users would also increase Bitcoin’s network effects, thus increasing the value of BTC.

Featured Image from Shutterstock
Tags: bitcoinblockchaincryptofacebook
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

router

Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon

1 hour ago
bitcoin dark web monero

Why The Dark Net’s Most Active Market Ditched Bitcoin For Monero

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Reclaims $40,000 as Powell Rubbishes Taper Tantrum Woes

2 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Logs Revenge Recovery as Lagarde Calls for Global Regulation

3 days ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Flickers Near $35,000 as Bond Yields Drop; A Detailed Outlook

3 days ago
bitcoin bar new york

Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.