The rebound is quite commendable given its recent bear run, but Bitcoin may not have a bright future ahead. According to one expert, the revamped interest from Facebook could introduce a worthy challenger for the crypto throne, and Bitcoin is likely to come up short. And it’s not only Facebook, British blockchain and crypto expert Gavin Brown explained. Amazon could get into the ring as well, and Bitcoin will not stand a chance against the two global tech giants.
A Game of Thrones
The crypto community welcomed the news, but it presents a new challenge to Bitcoin according to Brown. Brown is a senior lecturer and researcher in blockchain technology and cryptos at the Manchester Metropolitan University.
This time last year Mark Zuckerberg was talking about crypto and blockchain being a solution to the challenges that Facebook faces, but there’s never been any clarity about what form that would take. But if it is, as anticipated, the creation of a ‘Facecoin’ as such then it would seriously take the world by storm
Facecoin, if created, will definitely have an upper hand. For one, it will have two billion people ready to use and back it. In comparison, there are about 50 million crypto wallets, and not all these are active. Second, Facebook might make it much easier to access the token to their users. One of the challenges Bitcoin has encountered is the perception that it’s difficult to obtain and use.
Would Facecoin Just Be Repackaging the Original Problem?
Satoshi gave us Bitcoin to give us freedom from monopolies. The peer-to-peer currency is governed by mathematics and programming, with no single entity having absolute power. Bitcoin was supposed to give back the power to the most important faction in the ecosystem, the user.
Whether Facecoin will threaten Bitcoin is still unknown. The token could become just a medium of exchange on the platform while Bitcoin pursues the larger fiat-dominated market. For now, one thing is clear; Bitcoin is on the recovery path once again and could recapture the $4,000 soon.