Is Facebook about to become more than just social media?

In 2020, Facebook is set to launch its own cryptocurrency, called GlobalCoin which could change online purchasing and social media forever.

What is Cryptocurrency?

In case you didn’t know, cryptocurrency is an online currency used for exchanges of products and services. Unlike real life money, it operates independently of banks. Technically speaking, it uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. The most well-known use of cryptocurrency is Bitcoin, which had taken the digital world by storm back in January 2009. Now, only 1 bitcoin is the equivalent to £6,835.02!

What is GlobalCoin?

GlobalCoin is Facebook’s answer to Bitcoin and will be available to use on Whatsapp, Instagram and Facebook. GlobalCoin will allow social media users to make low risk, easy borderless payments online. And help users buying products from overseas easier.

The Future

We have already seen Facebook change over recent years, with the introduction of the marketplace on the social media, allowing retailers to sell through Facebook and letting users buy and sell via the Facebook App. Was this the first step Facebook had taken to launch their GlobalCoin currency?

If this is the case, Facebook could be much bigger than just a social media hub and could eventually become the central platform for everybody’s connected online experience. A place where interaction, consumption, exchanges of goods can all happen in one place! If the cryptocurrency is also launched in Whatsapp and Instagram, this will create a new age of social media.