It is expected that on Tuesday, Facebook will be revealing the details about its own coin.  The social media giant already has the features of pictures, friends, and diary of the majority of its users.  Now, Facebook is touching upon the wallet of its users.

It has the endorsements of nearly 12 corporations ranging from Uber, Paypal, Mastercard, Visa, and others.  There have been various attributions like Libra, global coin, and others. There will surely not be any signs of libertarianism.

Cryptocurrency has already earned an image of being from the Wild West.  The values keep fluctuating.  Terrorists and drug dealers pile it up. And a lot of other things that the government would not want to permit it.

The Facebook currency will likely be different from the previous cryptocurrencies.  It will be pegged to several different cryptocurrencies. This is being done in an attempt to deal with the complicated value fluctuations associated with the cryptocurrency.

Bitcoin was previously sold for a few cents.  And, when it touched upon a record high of under $20,000 per coin during December 2017.  And, now every Bitcoin sells for $9,258.

The cost of the current Facebook project is expected to cost anywhere from $1bn, and it has been under development for over a year.  This will likely enable the 2.4 billion Facebook users to change their dollars and other international currencies into digital coins.  This currency can further be used to buy goods on the internet.  It can also be used in shops and other outlets.  This can be used to transfer money without the need for a bank account.

Mark Zuckerberg, the founder of Facebook, met the governor of the Bank of England to talk about his plans, and he further decided to discuss the matter with the treasury officials.  In the company’s developer conference during April he stated, “Payments is one of the areas where we have an opportunity to make it a lot easier,” he further added, “I believe it should be as easy to send money to someone as it is to send a photo.”

It is expected that Facebook will erase the poor image of cryptocurrencies and will likely make cryptocurrency appear like a worthy idea.

Critics are of the opinion that Facebook has a spoil reputation when it comes to sustaining the privacy of its users.  This might probably prove to be a hurdle when it comes to making cryptocurrency a success.