The bitcoin and cryptocurrency industry was spooked earlier this year by reports search giant Google had achieved so-called quantum supremacy, something that could potentially break bitcoin’s cryptography (but likely won’t).
Meanwhile, the bitcoin price has climbed this year, largely due to interest in bitcoin and crypto from the world’s biggest technology companies–with others, including the likes of iPhone-maker Apple and online retailer Amazon, branching out into traditional financial services.
Now, Google, in partnership with U.S. banking giant Citigroup, has said it’s planning to launch its own fully-fledged “smart checking” bank accounts via Google Pay–piling pressure on bitcoin developers to improve user experience and adoption or face redundancy.
Google’s planned bank account, code-named Cache and expected to allow users to add Google’s analytic tools to traditional banking products, is due to be launched sometime next year, alongside Facebook’s planned bitcoin rival, libra.
“Our approach is going to be to partner deeply with banks and the financial system,” Google executive Caesar Sengupta told the Wall Street Journal newspaper, which first reported the story.
Facebook Coin to help crash bitcoin
This is how Lobra coin will also affect some other Cryptocurrency, since the Libra coin was out and launch by facebook, other investor are anxious about cryptocurrency due to facebook has grown so wide and well known by social media users and broadcasters
both those who haven’t heard about cryptocurrency will be aware of Libra coin and will be interested in knowing about investing in Libra that might be so easy to crash down bitcoin and billions of money could be lose
What Is Libra
Facebook’s new cryptocurrency is called Libra, after the Roman unit of measurement used to mint coins. (Download the white paper here.) For blockchain investors, this is yuge news. Talk about widespread adoption: Facebook’s reach is so vast that Libra may become a new global currency overnight, on par with the dollar and the euro.
It’s a stablecoin. Libra is a stablecoin pegged to the value of several different currencies.This means its price won’t fluctuate, like bitcoin — but it won’t be tied exclusively to the dollar, either.
It’s a very big, very secret team. Over 50 engineers are working on the project, which is highly confidential, requiring special keycard access to enter the building.
They want to trade it on exchanges. The Facebook team has had discussions with digital exchanges on listing Libra. This implies it’s not tied exclusively to Facebook, but rather as a real currency that can be bought, sold, and traded.
The estimated launch is 2020. In discussions with exchanges, Facebook has indicated they plan to launch in the first half of 2020.
It will be at least partially decentralized. By partnering with exchanges, Facebook is signaling that it will not be tightly centralized. And by using blockchain, Facebook is signaling this is not an “in-game currency,” accessible only to Facebook users.
