Pay with Facebook: the new online payment arrives in Italy

Facebook introduces a new cryptocurrency-based payment method? Let's get ready to use Facecoin. Here's how it will work

Facebook's CEO never stops, and after getting his hands on the social and online messaging empire, he's getting ready to conquer the cryptocurrency one as well. According to some rumors, Mark Zuckerberg is planning to launch a new method of online payment with a cryptocurrency similar to Bitcoin.

Among the countries involved in the project there would also be Italy. The cryptocurrency of the social network would be called Facecoin and would have been confirmed by a series of screenshots appeared online and made by an Italian user. In these images appears a new section of the personal profile, called Pay with Facebook: among the various payment methods available would also appear the Facebook cryptocurrency. Zuckerberg has not yet officially launched the news, however reliable sources admit that Facebook has recruited a team to explore the potential of Blockchain technology. Initially, the virtual currency could be used to allow money transactions between Facebook Messenger users, but later, it could also be introduced on Instagram and Whatsapp.

Online payment with cryptocurrency: the Pay with Facebook project

There are no details about the Facecoin system yet, but it will surely be a revolution for the company, which has always been active only in the digital market. Some rumors about the project have been released by the New York Times and Bloomberg, according to which Facebook's currency will be a "stablecoin". This type of cryptocurrency instead of having a variable price based on demand, will have a fixed one. So it will be the quantity of the money that will vary, not its value. According to the NYT, the price will be the result of a combination of the dollar, euro and yen. Another difference from Bitcoin is that the transactions will not be anonymous, but associated with the Facebook account. Mark Zuckerberg would already be working with his team to create a function that allows users to authenticate themselves for the use of Facecoin.

Will Facebook's online payment be similar to WeChat's?

According to some rumors, Facebook would be inspired by WeChat's system, which is currently investing a huge amount of importance in China. Recently, in fact, the app has been integrated with an alternative payment method called WeChat Pay, which has won over Chinese users. The integration of cryptocurrency on Facebook and WhatsApp could therefore lead to the same results. It should be noted, however, that WeChat does not rely on cryptocurrency, in fact, to send or receive money you need to connect a bank account.

For this reason, Facecoin will be truly revolutionary and will represent the first example of social-blockchain.

Facebook's cryptocurrency in Italy

Lately, in some Facebook apps in Italy, both on iPhone and Android devices, an item called "Pay with Facebook" has appeared that allows you to configure your account in order to perform transactions. Among the different payment methods, a Bitcoin icon also appears, of which, however, nothing more is known.