Facebook’s stablecoin that we are expecting to be launched soon, will supposedly compete with major financial players such as PayPal and Credit Cards. The coming altcoin news will give you some more info on the subject.
Crypto enthusiasts are wondering whether the social media giant will create a real crypto asset or just a version of PayPal or credit cards. Some are even wondering if Facebook is really getting into the crypto space or is it just moving into traditional fintech industry.
All indications show that Facebook just wants to enter the fintech industry. This is not a bad thing but it won’t bring us some valid use. The company is also looking to launch a new venture in India which is not surprising since India is the home to a large population that has no bank account. They could eventually deliver user-friendly financial services and this will be a major improvement for Facebook’s stabelcoin use.
However, Facebook’s stablecoin is not competing with cryptocurrencies. Initially, the social media company has nothing to do with Bitcoin or the concept of decentralized digital currencies. The entire concept of bitcoin is that there is no need for intermediaries or custodians. This way, users can have direct ownership of their assets without anyone interfering.
What is also important to know, Facebook’s stablecoin will likely be controlled by the company which makes it extremely centralized. This principle crushes the one of decentralization and censorship which is what crypto is all about. Facebook will provide payment services for customers and by doing so there has to be a custodian for every payment that goes over the platform.
Finally, unlike bitcoin, Facebook’s stablecoin could be manipulated by the management for their benefit. The company already proved to be a decision-making platform after the many bans, accounts blocked and having users’ funds frozen. This is another slap in the face since crypto users are the ones that decide what to do with their assets.
As it was reported in the best cryptocurrency news sites, Facebook could manipulate its coin by re-allocating funds for undisclosed purposes. In addition, Facebook will control the coins as a custodian and can end up using them to back their own stablecoin.
Bitcoin Searches On Google Increase After Trump’s Bashing Tweet
“Trump tweets… BTC does nothing. Bitcoin is now less volatile than Donald Trump.’’Other comments moved the entire BTC market in the past such as the damning report by the Bank of International Settlements and its Chief Augustin Carstens. In the end, the only increase that Trump initiated the bitcoin searches on Google Trends where the interest for ‘’Bitcoin’’ temporarily surged before leveling once again. In the long term, Trump may change his mind according to some commentators. He has already acknowledged bitcoin as a major global phenomenon and of huge importance. The CNBC host Ran Reuner commented:
“We finally got that Bitcoin tweet from Trump. They can’t shut down Bitcoin but Facebook, on the other hand, may have some issues. I say again, the more resistance Facebook face (sic), the more valuable Bitcoin becomes.”As reported in the latest cryptocurrency news, the idea of BTC finally getting its ‘’Trump pump’’ was very irresistible for bulls. They eyed the potential for the largest cryptocurrency in order to break all-time high. Just a few days ago, the BTC/USD pair traded above $13,000 which suggests a new record that is imminent or due at some point this year.
Litecoin Wins A New Partnership With The Miami Dolphins
‘’We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.’’The deal means that all Litecoin will have the exclusive opportunity to enjoy in-game advertising through the team’s Hard Rock stadium as well as some other online places as well. The partnership will launch for the 2019 NFL season. This also means that the users will be able to pay with both Bitcoin and Litecoin for the 50/50 raffle. The home game visitors will be able to purchase tickets by using the Litecoin cryptocurrency both online and ad the stadium with the support of the Alliant Payments. The attendees can buy tickets until there are about 12 minutes left on the clock for the fourth quarter. The tickets will start selling for $10. Half of the proceeds will go to the foundation of the team and to charitable causes. It’s really great news that Litecoin wins s partnership like this one with the Dolphins. The price of the altcoin increased nearly fivefold since 2018 in December. It is currently resting at $105 so Lee claims that Litecoin is the new silver to Bitcoin’s gold. He also expects an increase in adoption as noted in the altcoin news previously.
FED Chair Jerome Powell Admits Bitcoin Is An Alternative To Gold
"Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really. It's a store of value; it's a speculative store of value like gold."There is a huge significance that the world’s largest central bank is labeling bitcoin as a store of value and even calls it an alternative to crypto. Many people in the crypto community took it to Twitter to celebrate. Morgan Creek Digital’s Anthony Pompliano was among the happiest users that wrote a triumphant ode to the FED Chair Jerome Powell. On the opposition side, the notable gold bull Peter Schiff had some really strong words for Jerome saying that he likened the validation of bitcoin by such a strong and prominent individual to the financial crisis in 2008. Schiff noted:
‘’Just like Alan Greenspan encouraged homebuyers to take out ARMS at the height of the housing bubble, Jerome Powell effectively just did the same thing with Bitcoin. By claiming it's similar to gold he not only validated Bitcoin, but encouraged people to buy into the bubble.’’Powell also noted that the lawmakers should be considered the regulatory risks that are associated with Facebook’s Libra crypto project. He appeared to take a severe approach to the crypto project and even stated:
"Libra raises a lot of serious concerns. Those would include around privacy, money laundering, consumer protection, financial stability. Those are going to need to be thoroughly and publicly evaluated before this proceeds."As noted in the latest cryptocurrency news, the bitcoin price didn’t really do anything despite the comments made by Powell. This could be the case since the major cryptocurrency was buried in a long testimony that included mainly the approach to Libra suggesting a similar harsh approach to Bitcoin as well. Despite the good words from Powell, the BTC/USD pair is going back sharply towards the $11,000.
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