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Soon You’ll Able To Shop on Facebook Using Bitcoin

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The new-age virtual currenices aka cryptocurrencies like bitcoin could help improve Facebook in the future, Mark Zuckerberg has said in his traditional Facebook post.

In his public post, the founder of Facebook said that technology, instead of decentralising the power, is centralised to few big companies including Facebook itself.

Zuckerberg further said that he would look into the use of new technology to stop it being quite so centralised.

And, one of those technologies is bitcoin. Referring to cryptocurrency he said, “There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services”.

The important summary of Zuckerberg’s post suggested that in order to counteract the de-centralisation of internet, he would look at bitcoin and other technology. And, the mention of cryptocurrency is might be a reference to blockchain, the technology that powers new kinds of cryptocurrencies like bitcoin. That allows information – like who owns what bitcoins – to be distributed across a range of computers in “de-centralized” way, rather than centralised in one specific place.

Few days back, Peter Thiel, a PayPal co-founder and one of the early Facebook investor, has bought millions of dollars in bitcoin, according to a report by The Wall Street Journal.

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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