If Facebook had simply decided to launch its Libra cryptocurrency solution on the Bitcoin SV (BSV) blockchain, it could have itself a lot of headaches, money and hassle. Given that Bitcoin was created to be used in compliance with global financial regulations and governments, and that BSV is the only crypto that adheres to Bitcoin’s original white paper, the digital currency solution has been constructed to work within financial boundaries, not outside of them. If anyone expects to see a digital currency survive that isn’t compliant with global money rules, they’re sadly mistaken and out of touch.
The CEO of Money Button, Ryan X. Charles, recently published a video on YouTube that broached the subject of why Facebook’s Libra should have been launched on BSV, explaining that the blockchain’s unlimited scaling capabilities and regulation-compliant design make it a logical choice. He has now followed up with a second video that looks at how Facebook, as a social media platform, could benefit from making the switch, as well.
The issue with Facebook now is its revenue generation model. It’s completely based on advertising and this produces an environment that encourages content of any type that will drive hits in order to drive ad sales. In the end, as has already been seen on numerous occasions, this leads to any type of content being delivered, even if that content is completely fake.
Facebook could, instead, turn to BSV and give ownership of the content where it belongs—the content provider. In doing so, it can then sell rights to include content on the platform by including the ability to charge micropayments for all available content. This was never possible with any financial solution before BSV, given its extremely low transaction fees. In the end, this will encourage improvement in both quality and quantity of content, which would be a business model that has more potential for long-term revenue sustainability.
Too many social media platforms, Facebook and Twitter included, operate on an ad-revenue generation basis. This model only serves to create manipulators of information, determined to increase their bottom line at any cost. This is part of the reason certain social media platforms are now facing challenges as they try to keep users engaged, and switching to a solution that facilitates better content will lead to a better user experience, which translates into better revenue.
Many companies have already realized that a micropayment-based solution is the way to go. BSV has seen extensive development on its blockchain already and this is going to continue. BSV is also able to provide certain enhanced characteristics that conventional solutions can’t, such as better security and identification, which will help blockchain-based alternatives thrive while others continue to lose ground.
Watch Ryan X. Charles’ latest video, How Facebook could adopt Bitcoin SV:
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