Bitcoin is showing its strong side within the current crisis will there be a Bitcoin Killer? Although the foremost important crypto currency has had to require an honest beating, the losses were almost made up within a couple of days. But now a supposed new threat to Bitcoin seems to be emerging, from companies like Google, Apple and Facebook. the businesses also are suffering considerably from the crisis – from the attitude of the share price – and are trying to find new sources of income to take care of their revenue stream.
Interestingly, all three companies are positioning themselves within the lucrative payments sector. then there are already media voices saying that Bitcoin is on the verge of going out of business (for the 1000th time?), as people could now make use of other attractive alternatives.
Google with payment solution
Google is currently performing on its new smart open-end credit . this may enable users to form purchases by card, online or via their smartphone. the cardboard also will be integrated into the Google Pay app. this may allow users to trace their spending, their account balance and access to their account. Google has partnered with Citibank and therefore the Stanford Federal depository financial institution within the development of the app.
According to Google, customers will “benefit from useful insights and budgeting tools”. The service, referred to as “Cache”, is predicted to significantly expand the capabilities of Google Pay. The date of the cardboard release is unknown, but the initiative will certainly happen this year. those that know Google, however, know that despite its innovative features, the main target will probably be mainly on one point: customer data. Maybe this could be a bitcoin killer.
Let’s now take a glance at the second company from Silicon Valley – Apple.
Apple also launched its own mastercard
Last year Apple introduced its own mastercard in cooperation with Goldman Sachs and Mastercard. Apple Card differs from other cards by combining rewards with a consumer-friendly app. It offers 3% cashback for purchases from Apple, 2% cashback for all purchases made with the cardboard via Apple Pay, and 1% cashback for other purchases. This in fact motivates many users to use the cardboard now. As always with Apple, the aspect of ‘prestige’ is added. Let’s now check out an old acquaintance: Facebook and Libra.
Facebook and Libra with payment solution – Bitcoin Killer?
To compete as a Bitcoin Killer, Facebook has long been performing on its own crypto currency called Libra. Yet in recent months there are few signs of life around Facebook’s former major project. Speculation picked up speed, and therefore the first rumors were circulating that Facebook would either terminate the Libra project completely or make an about-face. Recently there was news about Libra and now we all know that Libra is indeed getting into subsequent round:
Facebook has moved faraway from its original vision of a worldwide stablecoin currency pegged to a basket of national currencies. Instead, Libra now plans to develop several Stablecoins representing different Fiat currencies. One Libra coin might be linked to the euro, another to the US dollar, and so on.
So where can we stand on Bitcoin?
Let’s advance to Bitcoin. the primary USP that involves mind is that BTC works without a government, a financial institution or a technology company behind it. The decentralized network is consistently evolving through independent programmers and is predicated on mathematical principles that not require trust. Code is Law.
Bitcoin has no CEO, no advertising budget, and nobody to be pilloried here. It’s just like the Internet, only in monetary form. there’s nobody who can control or censor the countless BTC transactions, stop the network, or take people’s money (Bitcoin).
In addition, Bitcoin offers something that each one others cannot – toughness. BTC is tough because it can’t be created easily. there’s no possible way to extend the utmost amount of Bitcoin or to mine it faster than it should be. Bitcoin is that the antipole to the inflationary FIAT currencies we all know and use a day . it’s even more like gold, because it has similar properties and even has certain advantages.
No competition for BTC or is there Bitcoin Killer?
In principle, none of those companies are real competitors to Bitcoin. All companies are on the FIAT drip and are literally just an (unnecessary) middleman which will theoretically be eliminated with BTC. the businesses are all highly centralized and thus have control over the cash of the users who use their services. we do not want to start out with customer data within the first place (a small wink to Facebook). However, one advantage that each one companies have is that the power of the network effect. thanks to an existing (and very large) user base, it’s easier for companies to penetrate the masses and thus to realize acceptance.
Currently, Bitcoin is that the only alternative for decentralized money/gold. Even the large players cannot change this. The properties of BTC are unique and revolutionary. We must also remember that Bitcoin isn’t kept alive by central banks like some zombie companies. And yet BTC can hold its price extremely well.
We must also not forget that Bitcoin is merely 11 years old and was born out of nothing. We are curious if BTC can still do so well and obtain more and more coverage. But one thing must be said, no state or corporate digital currency are going to be ready to reach BTC. Because these digital currencies have an equivalent problems because the well-known FIAT currencies. it’s just old wine from new skins.
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