Facebook coin would not be able to hurt Bitcoin market

Despite attracting the attention of some of the greatest tech entrepreneurs around the globe, Bitcoin is about to face some huge competition from the biggest social network media, Facebook.

The CEO of this social media giant, Mark Zuckerberg claims that he envisions Facebook as a secure and trustworthy medium for private conversation and transactions between end users.

It was revealed last week that some sources have leaked information regarding a confidential project that Facebook is allegedly working on, the development of a cryptocurrency to challenge Bitcoin for digital payments. Facebook hopes outbid Bitcoin based on the trust and influence it has developed during the past years, as opposed to the mistrust and hostility faced by its opponent.

Sources claim that the company is working on a digital coin that WhatsApp users can send to their family and friends immediately. However, analysts fear that this cryptocurrency might be just as underwhelming as the JMP coin, despite all the fuss and claims, and may not be able to outperform its current market competitors.

The value of BTC however, remains the same even after rumors of the new Facebook coin, and Bitcoin does not consider their new project as a threat. In fact, many believe that the FB coin might be used as a system to keep track of financial activity, for moving around money, and do not expect it to be able to stand in competition with Bitcoin.

Many others are highly skeptical of the fact that Facebook, despite facing multiple allegations in the past regarding public privacy and security of the user data, want to be handed over the rights to financial privacy and monetary security now.

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