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Facebook considering its own bitcoin for payments. Is this a good idea?

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The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system that it could launch for billions of users worldwide. The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin’s value stable.

The Journal report cited unidentified people familiar with the matter. It said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook’s plans may include ways to financially reward users who interact with ads or other features.

Do you think that Facebook’s plan to introduce cryptocurrency-based payment system is a good idea?

 

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Written by Darren Silverman