Mark Zuckerberg Taps Cryptocurrencies as a key Challenge for 2018

Fintechist Mark Zuckerberg Cryptocurrencies

The cryptocurrency world opens up a lot of new opportunities and challenges. It is a trend people can no longer afford to ignore any longer. Mark Zuckerberg feels the heat in this regard. More specifically, Zuck plans to pay more attention to this new form of money throughout 2018. There are no plans to integrate Bitcoin or altcoins into Facebook, though. How all of this will play, remains a mystery. It is a positive sentiment overall, though.

We don’t often hear Mark Zuckerberg talk about cryptocurrencies. That is somewhat odd, considering Bitcoin and consorts have dominated media headlines in 2017. Zuck acknowledges something will need to change moving forward. There is a growing public interest in cryptocurrencies. It may even open up new opportunities for Facebook which would remain out of reach otherwise.

What can Mark Zuckerberg do for Cryptocurrencies?

More specifically, other social networks play a big role in the payment sector. WeChat is one example. It is a very popular social platform, but also a very common payment method in Asia. Facebook has nothing to offer to even rival such solutions right now. Embracing cryptocurrencies may very well help even the playing field for all parties involved. There is a genuine first-mover advantage for social networks embracing Bitcoin and other similar currencies. Whether or not Zuckerberg will be the first “giant” to do so, remains to be seen.

Mark Zuckerberg comments on this challenge as follows:

“With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralises power rather than decentralises it. There are important counter-trends to this – like encryption and cryptocurrency — that take power from centralised systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

It is certainly true cryptocurrencies are a very different breed of money. It allows users to remain in full control of their financial wealth at all times. Moreover, there are no intermediaries involved whatsoever. At the same time, such currencies remain subject to speculation and being associated with criminal activity. It will be a steep challenge to change the public perception of cryptocurrencies. Mark Zuckerberg can play an important role in this regard.

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