Another Social Media Giant turning to crypto
There is a strong relationship between social media and cryptocurrency. From afar, it might not look like these two separate worlds are connected, however, if you examine all the available facts you will spot a strong bridge between the industries. Social media is the main driver behind the success […]
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There is a strong relationship between social media and cryptocurrency. From afar, it might not look like these two separate worlds are connected, however, if you examine all the available facts you will spot a strong bridge between the industries.
Social media is the main driver behind the success of many software ideas and trends, the same thing happened with cryptocurrency and blockchain. The relationship is strong and constantly keeps evolving and growing in new and exciting ways.
Social media networks finally changed their old ways and now we are moving towards developing a safe and secure place for users by avoiding anything that might affect or intrude their privacy. This is the case for the largest social media networks such as Facebook, Instagram, and Twitter, especially after the Cambridge Analytica data scandal.
The scandal triggered a lot of people thinking “I need to build a website for my business and develop my own social community” to protect the data, but the latest security measures somehow convinced the general public that social media is safe and harmless again.
However, there are people that support the cryptocurrency idea and believe that it will be beneficial to incorporate the system directly into social media transactions. The idea finally will become a reality, according to the latest rumors on the world wide web.
VKontakte is crypto ready
The ice breaker is the Russian social media giant VKontakte. This social media network is the most widespread and used channel in Russia and the whole Russian-speaking segment of the Internet. It has at least 500 million accounts and 100 million active monthly users and is ranked 15th (as of February 2019) in Alexa’s global Top 500 sites.
The idea is still a work in progress. However, the plan is to present the new paying method in front of the general public and provide all the users with the ability to monetize their presence with cryptocurrency.
Facebook is the future
Originally, VK might not be the first social media network to accept the new online currency. In the last couple of months, there was a lot of news about Facebook and how they will incorporate crypto in their social media transactions. The plan is to get WhatsApp on board and enable users to make transfers easily via the app.
However, initially, Facebook will test these functionalities in India, as the largest amount of WhatsApp users (over 200 million active users) are coming from this country.
The social media giant has long been expected to enter the cryptocurrency market, as in 2014, Facebook hired David Marcus, former PayPal president. Marcus initially was running the Messenger app, however, in 2018 he became the leader of the Facebook blockchain group, meaning that Mark is taking seriously the implementation of the new crypto transaction services.
When the trend is set by the giant then smaller dwarfs will follow through. Other social media networks are expected to jump on the bandwagon too. There were rumors that Telegram and Signal will add crypto in their business models.
The heavy implementation of crypto by the major social media networks means that the general public is ready to accept, use and interact with the new finance models.
We can most certainly say that the future will be virtual.