Facebook and Google to adopt bitcoin payment services after PayPal

Google and Facebook

November 18, 2020

Reading Time: 2 minutes

In an interview, the renowned businessman Jason Yanowitz, and also the founder of BlockWork Groups, took to Twitter and mentioned that big tech companies and financial co-operations are considering the use of bitcoins behind the scenes. Cryptocurrencies are immensely dominating the world, and the conventional fintech organizations are shifting to them, primarily through bitcoins.

Following the move made by PayPal and Squares in adopting bitcoins, most world pronounced co-operations could follow the course. Yanowitz added that the world’s profound co-operations like Facebook and Google are most likely to augment their policies and adopt bitcoins via their digital wallets.

In one of his tweets, the businessman mentioned that PayPal’s move should not be the biggest surprise; people should expect more extensive co-operation, which he included Google and Facebook. He added that the co-operation might just be protecting their subscribers from the scams within the digital platform, but will soon succumb to the need.

In one of the retweets that Yanowitz received, a Twitter user suggested increasing the block sizes could ease the crypto transaction. He added that huge transactions like the US stimulus bill could not be carried out via BTC with the existing limiting block sizes. Increasing the block sizes could accommodate more.

As per the whitepaper embodying the bitcoin founder statement, Satoshi Nakamoto, a third party’s involvement, would violate the benefits that the P2P digital currency offers to its users. A Twitter user added that significant co-operation like Amazon could follow suit, using bitcoins as just a record and not digital currency.

Most analysts within the crypto space suggest that the course taken by major financial co-operations might violate the intended purpose of the bitcoins and other cryptocurrencies of the P2P payment system. However, they indicate that the cryptocurrency payment systems’ adoption is inevitable, and full adoption should soon be expected.

Diverse opinions suggest contrary points of view on the significant institutions adopting the digital payment systems. An instant is a Brazilian government banning Facebook libra and lifting the ban after some time. They have as well, prohibited WhatsApp payment that was soon to be launched on the app.

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