Crypto Goes Mainstream: Will Facebook And Google Support Cryptocurrency Adoption

[sotoshihero]

Facebook wanted to create a coin of it's own. It's main motivation was to use an advertising coin for all it's platform. Making it easier for users as well as the facebook platform to make deals and evade taxes. They could have allowed buying and selling of their coin through other crypto. Google has a working payment gateway called google pay, they too could further transform it into blockchain based token but as they are already facing restrictions from a number of government around the world, google too won't be transforming soon. I don't think both of these platform would readily accept crypto anywhere in the near future as they are heavily advertisement based industry which are also a good tax generating platform.

What happens to their own Facebook cryptocurrency project? I heard this too years ago.  These government restrictions and bureaucracy hampers growth and innovations.  But, engaging these 2 big companies in crypt is huge jump on bitcoin itself and I am expecting them in  adding bitcoin and other cryptocurrency in their platform. As part of adoption, this should be pursued and hopefully this company sit up with government to iron out this discrepancies.

[Warkop]

I think Google is still keeping everything secret about this decision, but for Facebook is already planning to make libra, but libra hasn't shown the shape of the process, maybe one day Google and Libra will really seriously support all cryptocurrencies and I also don't know when that will happen. So let's see how they will open up support for cryptocurrency later.

[AniviaBtc]

But if bitcoin is accepted by Facebook and Google, it will be a great news to the crypto world. The adoption can easily create a new innovation.

Probably it will become a positive impact for cryptocurrency as people will engage due to the fact that most of the people are using Google and Facebook app in their daily lives.

Adoption is hard to achieve if people are making bad reputation on bitcoin when they make scams using these apps.

Google and Facebook might help support cryptocurrency because that companies are knowledgeable about how profitable and effective this coins in the economy. And I know that this is the future, bitcoin is the answer when economic crisis comes and promoting cryptocurrencies is really effective in that times.

[Darker45]

How could somebody use it when it did not even materialize? It wasn't a flop because it was nipped in the bud by the governments.

As a matter of fact, I would not even consider the idea as a flop because it actually threatened governments and central banks. It actually raised a strong alarm among them that they needed to urgently convene themselves and discuss it. It became an important agendum in the meetings of powerful world leaders and bankers. These people wouldn't have lifted a finger had they perceived it as a mere addition to the thousands of shitcoins.

In a censorshiped nation like China, Tencent, Alipay, Wechat Pay can do it and I don't think in the future the better nation in freedom like the US, there won't be digital currencies for social media companies, Twitter, Facebook on the their shops or other usecases.

https://www.coindesk.com/chinese-internet-giant-tencent-to-launch-digital-currency-research-team
https://www.ft.com/content/fec06de9-ac43-4ab8-81f3-577638bd3c16

We have to remember that Paypal was originally one of the large companies coming together to form the Libra Association. But it was compelled by a very powerful force to get out from there.

I guess if Libra won't push through, Facebook will eventually be accepting Bitcoin. It is just a matter of time before Google and others would also embrace Bitcoin.

Facebook accepts bitcoin on their shop or don't accept it, I don't care about it too much. What I am waiting for are the announcements and official launches of digital currencies are made by Facebook, Twitter and are used on their platforms. It will be big bangs for crypto market.

Libra could have already seen the light of day had the US and other European countries not blocked it. These freedom-loving countries were afraid that Libra would somehow destabilize the financial sector.

The project seemed too ambitious and grand to materialize and potentially too disruptive of the financial status quo that they see the need to stop it at all cost. They simply cannot give such potential power to an entity which does not belong to their inner circle.

Yes, it could have been a big bang to the market, too gigantic a big bang that it poses a serious threat to governments' financial and monetary systems. I wonder when such currency would come out.

[Axelseseclevz]

Maybe one day Google and Facebook will be like Paypal willing to adopt cryptocurrency on their platform. But, still not as easy as what you think, it depends if many people will use crypto currency to pay for ads and other Google and Facebook services. If ever it will happen bitcoin will become more and more popular and useful that even government will be attracted to legalize it.

[Wexnident]

In the first place, Paypal the only comparison with Google Facebook and Paypal is that they're all big companies imo. Paypal is a big merchant itself, while Google and Facebook are on social media and advertisement kind of stuff. Facebook had the idea of developing their Libra, didn't really go well though. As for google, I don't think they've ever shown any moves so far, from what I've seen that is. Well, as long as they're not anti-crypto, I think we could expect that they'd either adopt their own crypto or acknowledge another crypto into their own platforms.

Let's not even mention how Paypal introduced bitcoin mainly as an investment, proof is that most of their guides is about investing properly and whatnot about crypto guides. They still use it as a currency, with them indicating that they could use it to buy stuff normally without any issues, but that's shown like as a minor feature instead of the main one.

[CODE200]

They are of course observing the development of the crypto world, if bitcoin creaks touch above $ 100k, I think never mind google or facebook, all big companies will look at this and use cryptocurrencies too in the future, we'll see how long they only see it, I sure behind them other companies have also started to adopt cryptocurrencies, the more their users use cryptocurrencies indirectly they will also adopt it, let's see the news at the beginning of next year 

They don't have any choice once adoptions took place with majority of people around, this is business so the only that they can do
is to accept and embrace the system.

Right now, they are surely observing and monitoring everything, doing some good plans and assessting what will be the impact to
thier company and how they'll be compensated well, that's how business owners thinks in everything that happened around them.

It would be a domino effect once benefits are obvious to those who adopted it first.
But for sure if these two networks will adopt this technology, mass adoption will occur. It is just in the case of PayPal which is already quite revolutionary wherein many of us were surprised. Right now, this large network is still not in 100% progress regarding adoption of Bitcoin and things will be answered eventually whether other networks or businesses will do the same thing.

[Binaryx.Exchange]

Just imagine, to pay for ads on Facebook, you can choose any cryptocurrency instead of the US dollar, and using Google Play service, you can pay for purchases with Bitcoins. If earlier it could seem like something empyreal, today it is quite an expected decision. Will Google and Facebook change their crypto policies?

Is PayPal first, then Google and Facebook?
The cryptocurrency is rapidly acquiring new supporters, including large companies, funds, institutional and retail investors. It is obvious that the global economy is moving at full speed towards digitalization, and its transformation is only a matter of time. The leading players in the financial market have already jumped in, as evidenced by the multi-billion dollar investments in Bitcoin in the context of 2020.
-snip-

Crypto hasn't gone "mainstream" yet.  Just because PayPal is now supporting bitcoin and some companies are investing in bitcoin, it doesn't mean everyone is now ready to adopt/accept crypto currencies.
Imagine paying for ads on facebook or using google play services with bitcoin and having to wait for an hour to get a confirmation? There are still more space for improvement and we are yet to achieve this "perfect" crypto currency that can be used as a regular currency.
Facebook is working (are they? i am not sure) on making their own crypto Libra. Google could do the same thing like paypal with their Google Pay service.

This is generally good for the market, advertising of cryptocurrencies to a wide range of people. Many companies that work in the industry accept cryptocurrency already as a means of payment, market giants will only accelerate the adoption trend.