Sirwin
Sirwin

Facebook, Libra, Bitcoin and Incent

By Incent | Incent Loyalty | 19 Jul 2019


The world is moving to a new system of creating and using currencies – and it’s hugely exciting that Incent is a part of that!

There is suddenly a lot of interest in digital currencies at the highest levels of government. Facebook’s announcement that its Libra project would imminently be going live galvanised US Congress into engaging with both the idea of centralised stablecoins issued by large tech corporations, and ‘true’ cryptocurrencies like Bitcoin.

There is still plenty of skepticism around these new financial technologies, as you might expect. On the one hand, they offer enormous benefits – one of Facebook’s stated aims is to give some of the world’s 1.7 billion unbanked people a way of sending and receiving money easily. On the other, the idea of a company issuing billions of dollars of private money potentially represents a direct challenge to both commercial and central banks.

There are, of course, ongoing concerns about the scope for such forms of money to be used for money laundering, terrorist financing and other criminal activity. Whatever you think about Donald Trump’s recent tweet about Libra and Bitcoin, it reflects the same misgivings that many US officials have.

21st century money

But US lawmakers have also openly recognised the need to innovate in the financial sector and the benefits of blockchain technology to that ends – for example, the potential for real-time payments and modernisation of the banking system. 

Arguably the most important thing that Facebook has achieved with Libra is opening a conversation about a topic that was previously ignored or swept under the carpet. Lawmakers are now learning about cryptocurrency to a depth they have never needed to before. (One of the high points has been Republican Representative Warren Davidson explaining to members of Congress the nuances between Bitcoin and ‘shitcoins’.)

Presidential hopeful Andrew Yang is vocally pro-Bitcoin, and others recognise the innate value of the technology. As Antony Pompliano tweeted, ‘US Congressman @patrickmchenry saying “the world that Satoshi Nakamoto envisioned and others are building is an unstoppable force. We should not attempt to deter this innovation” is legendary… Eventually everyone will join this revolution’. People get it.

This feels like a time of seismic change in the way we ‘do’ money, after decades of existing within a monopoly system that was almost designed to fail from the outset. As a form of distributed private money, Incent falls somewhere in between what Facebook is doing with Libra and a fully decentralised ‘digital gold’ model like Bitcoin.

We don’t yet know which currencies will gain or retain traction in this new era, but it’s very exciting to be a part of a movement that will, without doubt, change the world.

With the launch of the Incent platform, consumers will be rewarded in INCNT tokens on every spend they make. To find out more, visit www.incent.com

 

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Incent
Incent

Incent is a blockchain rewards system that enables anyone to save and grow wealth in crypto through their everyday spending. www.Incent.com.


Incent Loyalty
Incent Loyalty

Incent is a blockchain rewards system that enables mainstream consumers to save and build wealth through crypto - on every spend they make.

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