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The New PayPal Of Crypto

Project Libra is a very interesting project by #Facebook in its pivot to the #monetization of encrypted chat and it’s walled garden #social and attention #architecture.

So here’s the #crazy part about Facebook’s internal #stablecoin that will help #Monetize #WhatsApp, which has more active users than both #Instagram and #Messenger.

Project Libra Sounds a Lot like the #Crypto Version of #PayPal

Facebook’s crypto #project echoes board member Peter Thiel’s original vision for #PayPal.

It’s so clear to me, with #Facebook hiring #PayPal people to implement this. If #Facebook succeeds in scaling its #blockchain #payments project to its more than 2 billion users, the #company will deliver on Peter Thiel’s original vision of online #payments.

$19 Billion #Opportunity

According to #Barclays, Facebook’s #cryptocurrency could be a $19 billion revenue #opportunity.

Facebook’s much-hyped #cryptocurrency project, dubbed #Project #Libra, may launch in #India within a matter of months, according to a Bloomberg report. The #future of the company might be less I#nstagram than you think and more #WhatsApp. This is because how #mainstream #WhatsApp is in places like #India and South #America.

As #Messenger, #WhatsApp and other channels are merged, #exchanging an internal #stablecoin and connecting with #businesses is just an epic #opportunity for the #future of #advertising and the future of #payments globally.

There’s no #mystery in how #mass-adoption could take place. #Facebook says it’s #blockchain, but it sounds a lot more like a #cryptocurrency. The sort of thing it was #banning #Ads for not too long ago.

Project Libra is essentially #Facebook’s late and limited attempt to become like #WeChat. Facebook’s #family of apps is so far from providing the super-app #quality of #Chinese apps, it shows just how far behind #Silicon Valley are in terms of #actual consumer #centric #innovation in apps. “Mini-Programs” are totally missing from #Facebook, #Google and #Amazon’s #playbook, and it shows a wide #discrepancy in how Chinese #innovation is out smarting them.

For the #PayPal analogy however. Payments will (not could) help #Facebook develop an entirely new #revenue #stream aside from advertising — something “sorely needed at this stage of the #company’s narrative,” says #Barclays internet analyst #Ross #Sandler on #CNBC.

A Project Libra #stablecoin isn’t decentralized however, it’s just another #centralized digital #currency without #aspects of real #cryptocurrencies. It’s not #Bitcoin, but #Facebook can get it regulated and essentially become like a global #bank and peer-to-peer system which will make #Venmo, #Square’s Cash App, #Zelle and maybe even #WeChat look small in #comparison. It could realistically one day disrupt #Apple Pay and yes, #Paypal itself.

Facebook might be the #crypto version of Paypal without needing to #behave like a crypto but rather a real digital #currency and asset that’s #blockchain based without being controversial and #volatile. Project Libra has a good chance of #succeeding for these #reasons. It does add a next level #convenience for the #arriving #Token #Economy.

Facebook’s Project Libra will likely be the #play before they acquire #Coinbase. Think about to what #Paypal was envsioned as. “Every one of your #friends will become like a virtual, miniature #ATM,” Thiel told Wired in 1999. Facebook’s #blockchain project is of course #led by former PayPal #president David #Marcus, and reportedly includes a number of other former PayPal #executives.

Now that Facebook has acquired 2 #Billion #users it has to learn how to #monetize them without just relying on super #successful digital #advertising. That’s how #Facebook remains a generational #company, though realistically it will mean #Paypal, #Square and many others could be under threat.

The entire #future of #crypto could be disrupted by this, a #centralized #solution making decentralization a distant #dream of young people who have no clue how the real world (#Wall Street, #Finance, Global #Economics, #B2B Enterprise solutions, #Cloud) works.

 

A report by

Michael K. Spencer

Blockchain Mark Consultant, tech Futurist, prolific writer. WeChat: mikekevinspencer

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