Are you ready for Facecoin? How about Googlecoin? If you follow the world of cryptocurrency, you already know that Google and Facebook made news in 2018 by banning advertisements for digital tokens and ICOs. Some people have speculated that the Internet giants had a motive for the crypto ban. That motive could be to eliminate competition when Google and Facebook launch their own digital tokens.
This idea may sound crazy, but it actually makes perfect sense. Each of these platforms provides paid services such as advertising that could be paid for with cryptocurrency. Blockchain technology could also be used by each company to improve the management of its operations. Quite simply, there are benefits Google and Facebook could reap with by launching an ICO.
Facebook Admits It’s Considering Cryptocurrency
In May of 2018, several cryptocurrency websites reported that Facebook was quietly considering the development of its own digital currency. The company is said to have been investigating blockchains an how they can be used for a while now. This comes as no surprise when one considers that companies like Microsoft and IBM have already begun developing blockchain applications.
The idea that Facebook could launch a digital token is massive when considered against the sheer number of Facebook users. Consider this. The total number of Bitcoin and Ethereum wallets in use is about 56 million. Many of those who hold these tokens have more than one wallet. In contrast, Facebook is used by more than 2 billion people. Each of those users is a potential investor in an ICO for a Facebook coin. The potential for a financial windfall may simply be to great for Facebook to ignore.
Now consider the oft-repeated rumors that Facebook has long-range plans to charge for some features. While this rumor is overblown and often pops up in a user’s Facebook news feed, it is not unrealistic to assume that Facebook could put a price on some features in the future. Just like popular apps that are free to use offer in-app purchases, Facebook could do the same thing. It would make perfect sense to let users purchase those extras with digital currency.
Specifically, Facebook could allow users to pay for games and advertising with cryptocurrency. But, there is another application that many people are overlooking. What if Facebook became a platform like SteemIt which rewards users with crytpo for making posts? SteemIt has gained popularity since its launch, and the mere law of economics may force Facebook to adopt a similar model.
Google Could Also Try Cryptocurrency
Google may have even more incentive to develop its own cryptocurrency. The search giant has long provided paid advertising platforms. It also controls YouTube and a host of other services that could easily migrate to a token-based environment. But the biggest potential for a Google cryptocurrency rests in the Google Play Store.
Android has become the world’s most popular mobile platform. The number of Android phone users is staggering to say the least, and all of them love their apps. Games, productivity, finance. All of these categories have hundreds of apps available for download, and most of them thrive on in-app purchases. You know how it works. The app is offered as a free download. Once you install it, you discover that purchases are required to open up all of the features.
This is especially true in games. One could argue that launching a Google Coin would simplify the process of making in-app purchases. Users could even trade the asset among themselves for game items and such. The possibilities are limitless.
Cryptocurrency Has the Potential to Create Billions in Fiat Revenue
Don’t think for a minute that the leaders of Facebook and Google are dumb. They know full well the potential an ICO has to generate billions of dollars in spendable cash. Additionally, once a coin is launched it has the potential to grow in value. All this means that Facebook and Google could financially benefit from their own digital tokens.
Do you think Facebook and Google really have a problem with cryptocurrency advertisers? Not likely. These entities spend advertising money, and that is what keeps Google and Facebook in business. Mark Zuckerberg didn’t just wake up one day and say, “Hey, I think I’ll purchase a lot of servers and let people share cat videos for free. I’ll pay for everything.” He saw the potential of his platform to make money.
There must be a deeper motive for preventing cryptocurrency advertisements. Both platforms are still allowing ads from online casinos. Many of these ads specifically marker their services to players in countries where online gambling is illegal. If Facebook and Google were really concerned about their users, surely they would crack down on those guys. Nope. They merely targeted cryptocurrency.
Why would Google or Facebook allow another cryptocurrency to advertise an ICO on its platform if the company were thinking about making its own coin? They wouldn’t. The ban looks more and more like a pre-emptive strike as these giants get ready to throw their hat in the digital token ring.
If an ICO is forthcoming from either of these companies, one would not reasonably expect it until 2019 at the soonest. It also wouldn’t be out of the realm of possibility to think that these companies would create a massive, long ICO. Perhaps a year in length. It is also reasonable to assume that each company would want to construct its own blockchain rather than build on an existing framework. This is an exciting possibility, though. Can you imagine what would happen to the price of Ethereum if Facebook partnered with the foundation to launch its coin on the Ethereum blockchain?
The coming months will tell. Our guess is that the predictions being made now are on the money. Soon enough, you’ll be able to trade Facecoin and Googlecoin on many popular cryptocurrency exchanges.
- US Government Wants To Put The Brakes On Facebook LIBRA
- Will Facebook Libra Help Or Hurt Cryptocurrency?
*** Here at CryptoSwede you will find information on Crypto Mining the different cryptocurrencies as well as the best cryptocurrency exchanges. You can trade or you can set up trading bots instead and then store the crypto on crypto wallets. Later, spend them using crypto debit cards!***