What everyone should know about Facebook's foray into cryptocurrency:
If true, and there is enough smoke surrounding this story to suggest that it is, it represents a key inflection point for not only Facebook, but the financial services space as a whole. Here are a few things that everyone needs to know.Although GlobalCoin is being called a cryptocurrency it will bear very few similarities to bitcoin. Bitcoin is revolutionary because it enabled any two parties to transact scarce digital value without an intermediary.
Second, it is unlikely to be purely permissionless like bitcoin or ether, as there are expected to be some access restrictions to GlobalCoin. Mark Zuckerberg and other executives areto explain their proposed system and understand their regulatory obligations, which are a bit nebulous given the fact that Facebook is not a bank. Therefore, it is probably more accurate to compare GlobalCoin to other internal blockchain-based payments systems such as J.P.
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