Meanwhile, Long states that Bitcoin's "scarcity", as opposed to the Facebook coin's forthcoming ubiquity, means that "people will migrate over time to the most honest ledger for storing their hard-earned wealth - and that's not fiat currencies or derivatives thereof, including Facebook's cryptocurrency".
Earlier publications that introduced these plans by Zuckerberg claimed of the company's plans to have the digital currency officially launched next year but we have of late been having reports of its debut coming up sooner than expected, that is this month.
If Facebook does push its tokens live, it will be to a user base larger than any cryptocurrency ever before: about 2.3 billion people use Facebook around the world as of the first quarter of this year. Apparently, Facebook employees who work on the project are given the option to be paid in the cryptocurrency token instead of real money.
Talking to the German reporter at Money20/20 Europe, McCracken revealed the whitepaper of Facebook's much-discussed cryptocurrency will be published on June 18. The project also mentions sign-up bonuses for merchants that will allow customers to pay with Facebook's digital tokens.
Stability: The currency is also meant to be a token created to have a stable price (stable coin) in order to avoid disparities and fluctuations like we have seen with other cryptocurrencies mostly when they are starting up. She said that it will be a positive force in developing countries. The token will mainly be used in Facebook's products - WhatsApp, Messenger and so on - but the company is also planning ATM-like physical terminals. Concerns of this nature will be addressed by a foundation that is being set up by Facebook that it ought to govern the digital currency. The node operators could also benefit financially.
Firstly, Facebook's cryptocurrency Libra is thought to be a simple solution for payments across the border and to prevent price fluctuations; it will be pegged to a basket of currencies. However, there was not much information regarding the same in public domain as of now.