Bitcoin expert Max Keiser thinks that the new stablecoin of Facebook GlobalCoin will make other altcoins unnecessary according to the latest cryptocurrency news that we have on our website today.
Ripple (XRP) and most of the other cryptocurrencies will be defeated by the social media giant’s stablecoin according to Keiser. He also thinks that the stablecoin will obliterate payments and remittance firms that leverage cryptocurrencies:
“The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh.”
As it was revealed so far, the main goal of GlobalCoin is to make peer-to-peer payments and other microtransactions which could pressure altcoins such as XRP and Litecion. Both of the selling points of the altcoins are making chief selling points that which are cheap transactions and speed. Unlike the scenario what will happen to the altcoins, Keiser thinks that the new stabelcoin will be a boost for bitcoin because the largest cryptocurrency competes with gold and not fiat.
Facebook announced previously that the new digital currency will be pegged to a few currencies and not just the U.S. dollar. The social media giant says that they will especially target developing countries where domestic currencies are hit with high volatility such as Venezuela and Zimbabwe. The new stabelcoin will be available on multiple properties such as Messenger and WhatsApp.
The Bitcoin expert says that Facebook is using the argument that the GlobalCoin will mostly target developing countries which is expected to increase the revenues of the company in the poorer regions in the world where there is a massively growing users base but low average revenue per user.
As an illustration, the revenues of the company are drawn from North America despite the fact that the majority of the users are coming from outside the region as noted in the altcoin news previously. For example, in Q4 2018, Facebook generated about 34.86 percent of the revenues from Canada and the United States. Also, the Asia Pacific region made up to 2.96 percent of the revenues where only India has more users than both Canada and the United States combined.
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“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
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