Analysts Predict Google Coin in 2021David Kemp
After a lot of talk about Libra token launch by Facebook, many analysts, Winklevoss brothers included, believe that the rest of the giants will follow its lead.
Facebook was the first among the FANG companies that announced the launch of its token. And the crypto community generally believes that the rest of them will take action in their hands as well. Of course, in 2020 «blockchain» and «cryptocurrency» are still some sort of buzz-words that are often used for bringing attention to the business that wants to seem tech-savvy and modern. However, as we know Amazon, Google, Facebook, and Netflix do not miss a step when it comes to the opportunity to be the best.
Many predict that even though Bitcoin was the first cryptocurrency for many of us and it is considered digital gold, but the future will be in the hands of the central banks and giant companies. They have recourses and potential users that are more likely to buy token if the big company name behind it. The famous Winklevoss brothers predicted that all of these companies will issue a token by the end of 2021.
Google is a giant machine and it is already working on implementing its features for analytics in banking products. This is planned to be released this year. Consider this and Facebook’s token and you will see how threatening this launch is for Bitcoin. This is a huge competition.
Google coin VS US dollar
The main concern of the banks all around the world about Libra token is how it can take place of the US dollar. Many EU and US officials have voiced this concern. The Facebook CEO states that its token is only going to help US dollars to be more stable.
If launched, Google coin may seem risqué for the same reason. Mr. Sengupta, Google executive, has commented that Google pay is meant to be implemented within the existing system. Will they keep the same approach for Google coin?
The safety of your data and its vulnerability to compromising
It is safe to say that Google has a big budget that allows it to protect its project from malicious intents. Some of the best engineers want to work with the company and their expertise combined with big technological resources adds up to high-level protection. That is on paper. However, is it really that perfect? If you had worries about Libra and how it can potentially expose information of thousands of people, just think about what may go wrong with Google coin. Let’s consider the concerning points together with NewsBlockchain.
It is reported that the company earned around 90 billion dollars by tracking users’ actions and selling it to the ad companies three years ago. If you consider not just web-based services, but mobile apps and Android phones in general, it is worth a lot more in 2020.
We are certainly not accusing the company of being unethical, it acts according to laws, however there are hackers that are willing to go to great length to obtain information from Google and sell it on black market. Even though the company is considered well-protected, a number of cases happened that led to used data exposure.
Google is associated with the CIA, to be exact with its cutting edge technology department. This partnership is a potential risk too.
Just think about all the targeted ads that pop up when you use Google search or Gmail. Some people are joking that as soon as you think about buying something, you will see ad for it next time you try to search for something. Just imagine all of the date stored on your typical user behavior. Combined with financial asset it is a dangerous combo.
Also do not forget about cookies and incognito mode on the company’s browser, which actually lets other websites track your searches and actions.
At the end of the day, we can only imagine how much information we may give about ourselves if Google coin will be widespread. And taking the amount of potential users in consideration, if information gets leaked, it would be a total disaster.
But if we look on the positive side, the influence of the FANG companies may potentially help introduce cryptocurrency to the wide audience. Tim Draper believes that using crypto as much as traditional will be possible sooner if the FANG companies get behind it.
It only confirms that digital currency is not going anywhere.
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