July 8, 2020
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Why not build a social crypto-exchange? Facebook has developed mini-projects in the past thanks to it’s messenger app. In fact, you can actually send real money to your friends on the platform. It’s already got that capability. How much harder would it be to add bitcoin and other altcoins?

Currently, if you want to trade bitcoin or altcoins, you have to sign up on Coinbase or Gdax. Small companies with poor infrastructure and software plagued by bugs and over taxed systems. Then you have to sign up for one of the exchanges like Bittrex, or Binance which have the same problems. Transfers between accounts can often take a frustrating amount of time and there is often little to no communication from support teams if you ever have a problem.

Facebook’s massive infrastructure can pretty much fix all these problems overnight, if they planned to build out a crypto-exchange. That is indeed one of Mark Zuckerberg’s personal goals for 2018. To look into how cryptocurrency can help make Facebook better, but maybe the question he should be asking is what can Facebook do to help make cryptocurrency better?

Imagine, if Facebook adds a crypto-exchange button on it’s side menu, opening up access to altcoins to all of it’s 2+ Billion users worldwide. It would automatically revolutionize the cryptocurrency market and money would come flowing in! Cryptocurrency would go even more mainstream than it is already going, and millions more people would be incited to check it out. Facebook has had a fascination with using money on its platform and a marriage with cryptocurrency is just what it needs to keep people glued to their screen. Facebook’s power comes from how many people log into the site and how it draws people to stay on the site for hours at a time. Having a crypto-exchange on built in, is in no-brainer for Facebook in it’s effort to connect the world.

John J. Falco