So I thought I'd jump on the bandwagon and make my Global Coin predictions. I feel I am in a good position to make predictions as I am living in Asia where the messenger apps are already quite advanced, and FB will be taking ideas from them as well as the blockchain space.
Note: This is a completely my thoughts based on observation and not research.
1. What do you think of Facebook Coin?
I think the masses will adopt it very fast as it will be convenient. It will help businesses to sell their goods much faster. I think on top of that they will give points/rewards for anyone that uses the coin to purchase goods. They are gonna make it real convenient with added value to use this coin. Why do I think so? Well Facebook is not a leader, they are a follower, they are like Apple. Other companies do something and they copy it and make it look good.
We chat and Line messenger have their payment gateways built into their messenger apps/social media and they are getting people to use it by giving them points for doing so. These points can be redeemed for Starbucks gift cards, convenient store goods, converted to money or changed into airline mileage points. The list goes on. These companies are offering so much value it is not even funny and Facebook will do the same and more. Lets face it, most companies want to be in bed with Facebook.
Facebook will also build a membership card system for companies to give to their customers digitally, all stored on the Facebook "blockchain" . This will probably be free for all companies that use the FCoin. I could keep on predicting and just the thought of an FB coin was a prediction I made the moment I understood bitcoin in 2016.
How will this FBcoin affect crypto
Honestly I have no clue, it could go 3 ways just thinking off the top of my head though.
Scenario 1
"The masses wont see the need for these rogue currencies". Facebook will set an agenda to build that image. "Those are the dirty coins you can lose easily, the ones used in email scams. Our coin is a safe and secure made by the best experts in the world and backed by insurance who has insurance on their insurance". The masses love convenience. Many shit coins will die, many good ideas will be scooped up by Facebook and the companies in the Fbcoin orgy. ( I can see them picking through all those ICO white papers right now.
Scenario 2
The one we all hope for, the masses get use to digital currency and start exploring outside the Babylon system. I feel blockchain social media like steem will play a big role in attracting people to the Cryptoverse as facebook wont have much to offer in terms of earning from your content. Yes they may start to give a portion of ad dollars to viewers but I doubt those cat pics on Instagram will get monetized anytime soon. ( could be in the works though as they could get membership points from various companies and not necessarily a currency that will come from their pocket but form other companies pockets.)
Scenario 3
Nothing changes much, we use facebook coin when we have to use it to get money from the masses for our goods and services, we use crypto with the ones who are about the real Blockchain LIFE. Paypal was a huge shift in how we use money and many people today still do not know how to use it. The adopters will adopt crypto, and Fcoin and the laggards will keep on lagging.