Through Mark Zuckerberg's senate hearings about Facebook's privacy policies and data practices, and the recent announcement about the creation and release of Libra (a cryptocurrency that will allow Facebook users to perform financial transactions online), many people have many questions.
In June, following months of speculative rumors, Facebook officially announced the development of Calibra, a digital wallet slated for launch in 2020. Along with the announcement of Calibra, which will operate as a subsidiary of Facebook, the company also announced the development of Libra. Facebook describes this as “a new global currency powered by blockchain technology.” These announcements mark a huge development in the world of cryptocurrency, as Calibra could potentially function as the first digital wallet that can be accessed by potentially billions of people across the globe.
On its surface, Bitcoin is a coin that seemingly subverts traditional financial conglomerates and governments alike since anyone can open a wallet without identification. In reality, it is a pseudo-anonymous coin that leaves behind a public paper trail that anyone can see, and cannot be erased from the blockchain.
Cryptocurrency stands poised to take over the world, yet so few truly understand what it is and how it functions. With some experts claiming that crypto possesses the power to become bigger than the internet, it's time for everyone to pay serious attention. The future is here—and it's crypto.
No longer are the days that people are asking, "Is Facebook coming out with a cryptocurrency?" On June 17, 2019, Facebook announced its newest product, exactly that (a cryptocurrency), which they are planning to launch in 2020. The company seems to be constantly expanding. They were even called out recently by prior co-owner Chris Hughes, who stated that he thinks Facebook should break up its monopoly. He believes that the social media giant should be government regulated. However, Facebook seems to disagree, as it continues to expand in every possible way.
Almost 12 years after Satoshi Nakamoto announced having developed, "A Peer-to-Peer Electronic Cash System," his unintended creation, the Bitcoin, reached a record high of $19,783.
Even though Facebook is a social media platform with a massive amount of users, to the point that their sign-in functionality feels like it's available on just about every website you want to register on, its popularity is definitely dwindling. While it's still a fine platform for sharing photos and chatting with old friends, people are looking at Facebook a lot more skeptically now.
You love Bitcoin. I love Bitcoin. We all should, in theory, love Bitcoin and blockchain technology—but we don't. Only 6 percent of the population invests in cryptocurrency at all, and even fewer are deeply active in blockchain.
Once in a blue moon, you'll hear about things that were invented on a whim that became incredibly important later on. It's rare, but it happens—and when it does, it makes the world wonder how things came to be.
If you've invested in digital currency, congrats. You are one of the six percent of people who have jumped on the Bitcoin bus and started to see good returns for doing so. Most of us who have looked into blockchain technology love our blockchain portfolios—and that's great.
If there's one thing that cryptocurrency users love, it's the opportunity to mine cryptocurrency with ease. I mean, think about it. When you mine cryptocurrency, you're pretty much getting cryptocurrency for very little work.
Bitcoin mining is so 2018, isn't it? After Bitcoin's value burst, the ability to turn a profit from Bitcoin mining started to shrink. In fact, if you listen to many experts, Bitcoin mining is no longer profitable for independent miners.