Facebook Globalcoin’s Possible Effects on Bitcoin and the World Economy

Facebook’s cryptocurrency comes at a time when the blockchain has potentially become the backbone of the FinTech industry. Post the invention of Bitcoin; there have been numerous things built on the blockchain. Nevertheless, the most important of them all is its ability to store and send value.

Earlier in 2008, Bitcoin was built as a cash system that would work independently of the Federal Central Banking Authorities, i.e., it enabled holding value without the need of banks. Facebook has planned something similar with a couple of changes. Reportedly, the Coin will be backed by a backed of currencies to buffer the effects of economic shifts in specific world currency.

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