CLOSE HOME CONTACT FAQ'S OUR LENDERS BLOG HOW IT WORKS

Facebook to Launch Its Own Cryptocurrency

Facebook to Launch Its Own Cryptocurrency

Facebook has really come out of no where many years ago, and has literally exploded onto the virtual world.

Facebook also seems to polarise different people, either they fove it and are regular, if not very regular users, like almost hooked on it, or there are those that dismiss it, and would never be caught using the service.

The service has it positive points, and also its “whole new realm of mischief” aspects.

It is a great way to stay in touch with friends and know what is going on in their lives, and also for locating long lost friends.

However, sharing your relationship status, which can change daily, publicly airing personal and family arguments, and the amount of information and details about someone that is shared, is a bit much.

Going on holiday, post it on Facebook; you may as well advertise to people, I’m away, come rob my house.

That is a bit extreme, but a fact and reality.

Besides being one of the largest IPO’s/Initial Public Offering when its stocks were offered, the company is worth billions, and has access to so much information on its users.

All these details, data and information about yourself is valuable and worth money.

Money that Facebook can make off this information, by selling it, or just using it to target ads.

If you remember the Facebook scandal a couple of years back, where third party apps on the Facebook site were used to harvest information.

So with all this information and access to even more information, because we post new details daily, if not hourly, what is next for Facebook, where to go next???

Cryptocurrencies

Being an investor or not, you may have read in the news about bitcoin and other cryptocurrencies, and not just how volatile they are as investments, but also how quickly they were growing in value. A small investment could yield thousands of pounds.

It also could yield a lot of risk.

So much so the FCA/Financial Conduct Authority warned of investing in cryptocurrencies.

And yet people still invested in these virtual coins, and the market for them is still there.

So with a market still there, and Facebook having a billion or billions of users and their details, why not launch their own cryptocurrency.

I mean, why not?

Facebook and Digital Money

Facebook has announced that by 2020, which is not that far off, they will launch “GlobalCoin” their own digital currency.

This however, is not Facebook’s first venture into “digital currencies”, over 10 years ago they tried and launched “Facebook Credits”.

Facebook Credits did not grow to be as popular as Facebook had hoped, and was withdrawn after a period of time.

So fast forward to today, and they are launching GlobalCoin.

While Bitcoin and other cryptocurrencies may be volatile, they are are secure, secure due to “blockchain” technology. A blockchain is in essence a huge ledger showing all transactions prior to the current transaction, and all transactions that follow.

One cannot change one transaction, without changing all those transactions that were before and after the one you wish to change.

Blockchain and cryptocurrencies also offer anonymity. Which means cryptocurrencies can be good to launder money, and hide money gained through illegal means.

This can pose some hurdles for Facebook, as they will need to show not just the U.S. Treasury, but also world banks their system is secure, and not involved in any illegal money means.

Why world banks and treasuries in other countries, because with digital money/cryptocurrencies there is no central bank. So Facebook will need to jump through every hoop, and compliance issue in each country it wishes for its new currency to be able to be used.

If it wants to go mainstream.

Then there is consumer trust. Will we as consumers trust Facebook’s currency??

Facebook has in excess of two (2) billion users, even if a small percentage make use of the currency, it could be a start in the cryptocurrency world for the social media giant.

Leave your comment

<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
 
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.