Facebook to enter the Cryptocurrency world

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Facebook to enter the Cryptocurrency world – “Diem” to be launched in 2021.

The wave of cryptocurrency has been sweeping almost every industry in the market amidst the pandemic scene. Digitalization has emerged as a winning factor during Covid-19. This transformation has led to further rise in the virtual currency world such as cryptocurrency.  

Bitcoins are said to be leading in the cryptocurrency pack which also includes Ethereum, Litecoin, Ripple, Stellar, NEO, Cardano, IOTA, etc. As of April 2021, there are reportedly over 10,000 various types of cryptocurrency. The coins are differentiated under two types namely Bitcoins, Altcoins (non – Bitcoin cryptocurrencies) and Tokens. 

Tech giant Facebook has recently announced that the firm will be launching a new cryptocurrency named “Diem” in 2021. The word “Diem” is originated from Latin translating to “Day”. With this initiative, Facebook aims at making money transfer a smooth process. 

Diem is said to be a game changer in the cryptocurrency world. Some of its key features includes having cheaper transfer fee. Facebook’s enormous data base is targeted to be attracted to this new initiative. 

Facebook’s cryptocurrency entry is announced days after Tesla’s Elon Musk tweet announcement stating that Tesla has suspended vehicle purchases using bitcoins due to the rapid increase in usage of fuels for bitcoin mining and transactions which can cause huge damages to the environment. 

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