Facebook has never been successful in the payment field. Do you still have interest in Xiaozhafacoin? | slottostars, togel lucky mexico

In early spring in March, Facebook founder Mark Zuckerberg published a public article, revealing that he would build a social platform focused on privacy and security, and hinted that he might launch cryptocurrency in his instant messaging social application.

What’s interesting is that Facebook has tried to integrate the payment system into its platform many times before to provide financial services to its users. However, every initiative they made ended in failure, and it was such a “complete” failure that we don’t even remember the painful lessons they learned.

Facebook has a really long history of failure in the payments industry...

In fact, Mark Zuckerberg seems to have never been successful in the payments industry.

1. Facebook Credits: This may be the first so-called "virtual currency" product launched by Facebook. This product was launched in 2011. It initially hoped to simplify the management of payment transactions related to virtual goods on the platform and would charge a 30% fee from each transaction. But what people didn’t expect was that due to exchange rate fluctuations and other issues, the Facebook Credits product brought a lot of trouble to international payments, and was eventually eliminated completely in 2013.

2. Facebook Gifts: Facebook Gifts was launched in 2012, but like Facebook Credits, it only survived for just two years. According to social product analyst Josh Constine, Facebook Credits failed to succeed mainly because Facebook never found a way to solve the distance and localization issues so that the product never worked internationally.

3. Facebook Messenger Payments: In 2015, Facebook launched the "payment transfer" function on its instant messaging application Messenger, but this function is limited to friends. Some are similar to WeChat transfers, which require binding a bank card and setting a transaction password. Although Facebook Messenger Payments expanded to the European market in 2015, we must all know what its current situation is - it has not been widely used at all.

However, Facebook, which has repeatedly failed in the payment industry, does not give up. In 2014, Zuckerberg "poached" former PayPal president David Marcus to be in charge of the Messenger APP, hoping to expand more markets in the financial services field. But today, Facebook has lost its first-mover advantage in the payment field. In addition to its steady development in the Chinese domestic market, Alipay and WeChat payment businesses have now begun to go overseas and expand their territories around the world. Maybe Facebook has made money from "advertising" for so long that it has forgotten how to use social advantages to develop its payment business.

anotherOn the other hand, Telegram in the encryption industry is enough for Facebook to cope with it for a while. Last year, Telegram’s founders raised more than $1 billion through an initial coin offering (ICO), and a beta version of its blockchain platform TON will soon be available.

The question is, if Facebook really launches a stablecoin this time, what will be the difference?

However, on the payment track, although Facebook has experienced so many failures, they still have not given up, especially when Mark Zuckerberg learned about blockchain technology and once again ignited his payment desire fire that was almost extinguished.

According to analysis by industry insiders, "Facebook Coin" may be similar to the JPM Coin launched by JPMorgan Chase. It is not a cryptocurrency like Bitcoin or Ethereum, so it is more like a centralized internal digital currency, and the benefits that can be obtained from the blockchain may be very limited.

In fact, Facebook does not take the issue of currency seriously. They actually just want to clone a stable currency. This is obviously not the way of working in the cryptocurrency world. The reason why cryptocurrency can be widely used around the world is mainly because of its decentralized concept-taking Bitcoin as an example, the network does not have a real "owner".

Will Facebook Coin or WhatsApp Coin be used first in the e-commerce field?

In addition, according to a previous report by the New York Times, Facebook is developing a cryptocurrency for its instant messaging application WhatsApp, which will make it easier for users to transfer funds between each other. If all goes well, this cryptocurrency should be first used in the Indian remittance market. In fact, the Indian market today is already "dominated" by Chinese giants, from Alipay to Xiaomi to ByteDance.

At this stage, Facebook's encryption project is operating in a very secretive manner, and even internal employees do not know too many details. However, judging from the information disclosed by some insiders, Facebook Coin or WhatsApp Coin is probably not a "cryptocurrency" in the true sense, but a simple imitation of a stable currency, which is also contrary to the true decentralization of Satoshi Nakamoto's vision and P2P payments. Frankly speaking, Mark Zuckerberg's idea of ​​building an encrypted world is probably a "false proposition" and is just a public gimmick for Facebook to avoid privacy issues. After all, the previous "Cambridge Analytica" data leak scandal has already made Zuckerberg miserable, and people are also full of doubts about Facebook's user privacy protection.

Can a private stablecoin solve Facebook’s payment problems?

Before the Civil War, there were more than 8,000 currencies in circulation in the United States, but today there are only more than 2,000 cryptocurrencies. Tokenization means that assets are being transferred to the blockchain, or digital assets are issued relying on the blockchain. However, if it rushes to issue an internal token without careful consideration, Facebook is likely to put the cryptocurrency industry on its back.A beautiful vision completely destroyed.

Nowadays, everyone is exploring blockchain solutions: Telegram and Signal plan to launch cryptocurrencies next year, and Square also hopes to integrate the Bitcoin Lightning Network to deploy the most innovative and scalable new technology. However, Facebook doesn’t seem to understand cryptocurrencies.

Until now, WhatsApp still has not achieved profitability. Digital currency may not be the answer to Zuckerberg's problem. One of the reasons is that when trying to deploy cryptocurrency solutions, Facebook did not innovate, but only cloned and copied. Moreover, the market should still be a little skeptical about Facebook/WhatsApp Coin - sending messages to friends and family at any time is undoubtedly an easy thing for WhatsApp. But what about funds transfers? After all, people may trust banks like JPMorgan Chase more than Facebook to handle real-time transfers.

Facebook owns a series of applications, such as Facebook Messenger, Instagram, and WhatsApp. Users often switch between these applications and cannot concentrate at all. Now, Zuckerberg now hopes to use encryption to integrate Facebook Messenger, Instagram, and WhatsApp, but if Facebook really wants to launch their cryptocurrency project, it must upgrade its messaging infrastructure, and this transformation and integration work may take at least more than a year to cover Facebook's digital currency to all 2.7 billion users. Putting aside the cumbersome infrastructure transformation, when it comes to financial security, Facebook has to track every transaction of each user. However, as a "centralized" enterprise, Facebook's adoption of decentralized solutions will make transaction processing even less efficient. Using traditional centralized processing systems like PayPal will be more effective.

Facebook has missed a lot of "windows", and Zuckerberg is now very eager to keep up with the market, but rushing to launch a "pseudo-cryptocurrency" may not be a good idea. This is one of the reasons why many people think that Zuckerberg will repeat the same mistakes of failure in the payment industry. Do you agree with this view?

(Source: Planet Daily)