Facebook has become a social media phenomenon. It continues to define the standard of internet communication, with other imitators following. Now the company wants to get involved in cryptocurrency. From a point of business this makes logical sense. Getting involved in digital currency early may secure more profits and higher value for Facebook in the future. Facebook has given a name to its proposed cryptocurrency known as the libra. There are concerns about it development. Facebook has done a poor job at protecting user data. Privacy may not be guaranteed to users of the social media network. Facebook also found itself answering questions about fake accounts connected to Russia attempting to influence elections in the United States. The spread of false information has also become a concern with a public that has limited media literacy. The fear about the use of the libra is that may enable massive financial fraud. When digital assets are traded it is done under a strong system of cryptography and firewall protection to ensure security. Facebook has difficulty or lacks the ability to protect user data, which makes the exchange of libra a risk. Other detractors have a concern that is not about Facebook in particular, rather they want to preserve private central banking. Beside the few nations that have national banks, cryptocurrency make to a serious threat. At the moment a large portion of the public is not doing financial exchanges in cryptocurrency. It may take some time before this type of money becomes available to most of the global population.
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