Bitcoin and Facebook’s Dream of Crytocurrency

Bitcoin Still Dominates as the Most Popular Crytocurrency

Bitcoin is a digital payment currency that uses blockchain technology to manage and create monetary transaction. It is the first decentralized network which is powered by the users without a central authority. The idea of cryptocurrency was first mentioned by Wei Dai in 1998 through cypherpunks mailing list which later was adopted by Satoshi Nakamoto. He then published in 2009 the specification and proof of concept. Bitcoin is currently considered the biggest and most popular cryptocurrency, with over 100 billion dollars’ worth of bitcoins exchanged daily as of May 2018.

What are Crytocurrency? Also called internet money, token, or crypto-coin is a digital internet based medium of exchange that uses a cryptography to secure any digital exchanges regarding financial transaction. Crytocurrencies can be both decentralized and centralized, where the transfers are made between users or peer-to-peers (P2P). These transactions then are confirmed through mining. The difference between crypto and other digital money is that they are independent from any controlling authority such as banking institutions. They are also self-manageable and can be used by anyone at any time.

According to an analysis of Google search data on Google Trends it shows that bitcoin still remains the most popular search topic in the U.S when comparing with other top-ranking currencies such as Litecoin (LTC) and Ethereum (ETH). Even though the other two coins have certain features that are considered better than bitcoin, bitcoin still maintains to be in the top list.

Facebook Raises Political Stake by Creating Libra a Cryptocurrency

In June of 2019 Facebook published the white paper detailing the plan and execution of a digital cryptocurrency called Libra which will be overseen by a non-profit named Libra Association based in Switzerland.

Facebook stated that their goal for the currency “is to provide a fast, low-cost way for people around the world to transfer money, especially those who don’t have access to traditional banking services

But even though the idea sounds appealing, many government officials, fiance ministers, and central bankers from round the world have publicly voiced their concerns about Libra’s potential to disrupt government fiat currencies. It would consequently force them to give digital currencies a more serious and thoughtful look.

According to Zennon Kapron, founder and director of consultancy firm Kapronasia describes that Facebook already has billions of people within their network. And because of companies like PayPal and Ebay who are also part of the Libra Association, there is a to much potential for control because of the connectivity of networks that Facebook possess, which is making the regulators scared and extremely concerned.

According to an analysis of Google Search data on Google Trends shows that Bitcoin (yellow) is still the main topic of search, even though cryptocurrency (blue) and Libra cryptocurrency (red) are a trending topic of news and concern. People are still searching for Bitcoin at an extremely higher rate than any other crypto related subject. This could be because of the lack of information or news focus on the subject.

Published by cristinamcgraw

Digital Journalism Student

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