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Will Facebook be able to become a reliable payment system?

When Mark Zuckerberg presented his vision of Facebook as a trusted digital brand of secure and private messages and payments, Billy Bambrow wrote in Forbes:

“Mark Zuckerberg announced the creation of the Facebook payment system, which will deal a bitter blow to Bitcoin. Apparently, Bitcoin, which has recently attracted the attention of the world’s largest entrepreneurs, will soon have a competitor in the face of the social networking giant Facebook. ”

Last week two reporters unveiled on the New York Times pages leaks from numerous sources that Facebook is secretly developing a cryptocurrency designed to compete with Bitcoin in the field of digital payments.

It is worth noting that the news about the appearance of ‘FB Coin’ did not affect the price of Bitcoin. It seems that the Facebook’s cryptocurrency will resemble JPM Coin, which is the digital coin used in accounting, and the database software for the payment service. Cryptocurrency characteristics are not available in it but the bank called this system JPM Coin.

Although Facebook enthusiasts say they are “hoping that it will succeed where Bitcoin was defeated.” But this is also worth noting that Bitcoin was not defeated. It achieved success by becoming the most widespread scenario of using multiple access cryptography in history.
It is Bitcoin that makes it possible to conduct banking and financial transactions on an open, transparent, decentralized, peer-to-peer network, managed through a system of checks and balances. A certain economic philosophy is built into the architecture of its network.

Facebook urges to trust it not only in the matter of confidentiality but now also in the matter of financial privacy and safety of funds. It is difficult to imagine that people will massively use the popular instant messenger to send a coin that is not suitable for anything other than a transfer within the social network.

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