Mark Zuckerberg of Facebook fame has announced that he is seriously looking at bringing Bitcoin in as part of Facebook. This would be seriously good for Bitcoin. Like everything good, Bitcoin started life by pretty soon giving itself a bad reputation. If Facebook takes on Bitcoin then other social media channels will probably follow suit. This would boost Bitcoin sky high, it would bring it into the major consumer world, from a cryptocurrency some feel will boom and bust to something that is so well supported by a major international social network that it will hold it’s own, demand for Bitcoin will go through the roof as well it’s cost.
Is Facebook good for Bitcoin in the Long-term?
Ofcourse one of the major problems with Facebook taking on Bitcoin is that, although it’s been the realm of geeks like me fascinated with the Blockchain and drug dealers in the past, it will become mainstream, and that will mean that governments and banks may find the threat of a currency switch just too much, so I expect the joy of a global platform taking on the cryptocurrency MAY result in heavy regulation by those in power thinking they can take control of it, but Bitcoin and cryptocurrency just has a way of staying free, even if they made it illeagal they still could not stop it growing.
People have a habit of doing pretty much the opposite to what they are told by governments and dictates and Bitcoin will be the proof. The more you try and control us, the more we yearn for freedom. You see Mark’s comments indicate his recognition that Bitcoin is about freeing people from being tied to a particular currency and set of regulations because Bitcoin is controlled not by people, but by mathematics, there is no person saying “yes that’s a valid transaction”, it’s a whole bunch of computers, somewhere in the world randomly approving or disapproving of transactions.