With Facebook about to enter the cryptocurrency arena, the industry is awash with opinions about how exactly the arrival of the much-discussed coin will impact on all aspects of the digital currency market, and whether these impacts will be negative, positive or a mixture of both.
Facebook’s original vision, created by a small group of enthusiastic students, was pretty profound. They created FaceMash in July 2003 which was to morph into Facebook under the supervision of Harvard students Mark Zuckerberg and roommate Eduardo Save a year later. They put their plan for social media networking into a few words:
“Facebook’s mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.”
Before examining whether Facebook will impact the likes of Bitcoin and its now numerous altcoin alternatives, it may be worth considering just how much impact it has had on populations around the globe, long before it decided launches into its next major reincarnation as a cryptocurrency player.
Across the globe, Facebook now has over 2.38 billion monthly active users as of 31 March 2019. Some 1.56 billion people on average log onto Facebook daily. As of 2014 On average, the Like and Share Buttons are viewed across almost 10 million websites daily. In Europe alone, over 307 million people are on Facebook, and worldwide every 60 seconds on Facebook 510,000 comments are posted, 293,000 statuses are updated, and 136,000 photos are uploaded.
These statistics are outstanding, and it is worth looking at who these users are in terms of a crypto demographic which has proven that millennials have made cryptocurrency their home when it comes to how they arrange their financial lives. The prime target audience for Facebook is Age 25 to 34, representing 29.7% of users; a demographic which also matches that of the majority of today’s crypto users. 50% of 18-24 year-olds, another prime cryptocurrency audience, log on to Facebook when they wake up each morning. One final statistic; Facebook claims that 2.7 billion people use Facebook, WhatsApp, Instagram, or Messenger each month and more than 2.1 billion people use at least one of the Facebook family of services every day on average.
With an estimated 1.6 billion people logging on to Facebook each day and almost twice that amount using Facebook services each month, this creates a market which Bitcoin could only dream of. The impact on Bitcoin could be profound, and in a highly positive way, as billions of users within the 18-34-year-old user group now begin to become aware of a new mode of payment; cryptocurrency. Amongst this huge demographic will be those who may have had little prior knowledge of cryptocurrency or its workings, or simply not trusted it. Facebook’s entry into the market will change that perspective, that lack of knowledge and hesitance in using crypto will change.
That is to say that the potential for millions to simply discover Bitcoin “accidentally” or now take interest due to becoming familiar with Globalcoin through their daily FB log-ins becomes a huge prospect. Altcoins can expect to gain exposure too as more eyes shift towards the crypto market, potentially boosting mass adoption of cryptocurrencies across the board.
This is highly unlikely to happen overnight, but more of a drip feed as Facebook users gradually gain confidence in using a stablecoin and begin to take an interest in the market, and particularly the potential of Bitcoin. Facebook can, therefore, become a route to the cryptocurrency market for billions, and potentially in doing so become Bitcoin’s greatest ally.
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