SimpleFX Blog
    Facebook Twitter Instagram
    Monday, June 27
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX BlogSimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»News»Can GlobalCoin become as dominant as Facebook, Instagram or Messenger?
    News

    Can GlobalCoin become as dominant as Facebook, Instagram or Messenger?

    Zach WrightBy Zach WrightJune 7, 2019Updated:June 7, 2019No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Trading Facebook on a Bitcoin Account with SimpleFX WebTrader

    Facebook remains the largest social media platforms as it plans to launch its cryptocurrency in early 2020. The new coin will be named ‘GlobalCoin,’ and it will enable Facebook to end users to trade, store and also exchange the currency via all Facebook applications, including Messenger and Whatsapp.

    The report by BBC also has it that  Facebook plans to work with third parties, who are to act as its validator nodes and that these validator nodes will be charged up to $10 million to enjoy this privilege.

    [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#df4444″]SELL Facebook[/button]        [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]BUY Facebook[/button]

    Facebook has, however, not released any additional information about how the third party organizations can qualify as a validator node or how they will be rewarded. Be that as it may, GlobalCoin already looks good to be the antithesis of the popular cryptocurrency, bitcoin in that anyone can also run their node with minimal resources.

    The result of the above is that GlobalCoin from Facebook will not be a peer-to-peer cryptocurrency but will be more of a peer-to corporation-to-peer cryptocurrency. There are also indications that GlobalCoin will become the very first of its kind as a corporate-issued competitor to national currencies.

    According to some online commentators, the unique state of GlobalCoin will most probably give bitcoin a unique advantage as a neutral alternative to money protocol that never gets transactions censored by design.  

    Furthermore, there are reports that Facebook will allow its employees to get paid via GlobalCoin, its new cryptocurrency.

    In an attempt to give GlobalCoin a unique and commanding position in the cryptocurrency world, the CEO of Facebook, Mark Zuckerberg has reportedly reached out to Tyler and Cameron Winklevoss, who are his old-time rivals.

    The twins are the acclaimed founders of the Gemini cryptocurrency exchange, which is well-known for being exceptionally regulated in the United States and can play a critical role in the cryptocurrency being planned for launch by Facebook, which is dollar-pegged. The cryptocurrency is expected to be kept under the purview of cryptocurrency regulators.   

    Also, Zuckerberg is building on this by having talks with US Commodity and Futures Trading Commission (CFTC) towards exploring the possibility of GlobalCoin fitting into the regulatory remit of the Commission. Additionally, Mark Zuckerberg has reached out to Mark Carney, who is the Governor of the Bank of England on this same issue.

    Payment for Russia oil with GlobalCoin?

    There is also a Russian angle to the development of the GlobalCoin worth mentioning. The CEO of Rosneft, Russia’s largest oil company, Igor Sechin, said that his company would not mind accepting the cryptocurrency floated by Facebook for its oil payments.

    Sechin reportedly said,

    “A separate phenomenon that needs to be noted is a growing importance and the beginning of the technological leaders, most of whom have American roots – Google, Apple, Amazon, and Facebook – penetrating the oil and gas industry. It may be that soon we will all be paying for the barrels of oil cryptocurrency Facebook – Global coin, which at least is evidence that some of those present here are engaged in the wrong business.”

    featured gold
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleUS Private Jobs Growth is the Lowest in 9 years! Is it an Early Sign of Recession?
    Next Article The Inverse Correlation of Gold and Bitcoin Can Be Useful for Traders
    Zach Wright

    Related Posts

    How Long the Recent LTCUSD Run Can Last?

    June 24, 2022

    Is BMW Worth It After the New China EV Plant Activation?

    June 23, 2022

    How COVID-19 Impacted Japan and What Investment Opportunities it Created

    June 21, 2022

    Leave A Reply Cancel Reply

    Copyright © 2022. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT