Facebook, the revolutionary social network used by one sixth of the world’s population, has been processing payments for game players and advertisers since its early days in 2007. Now, users can even send money to one another through the messenger app.
If you didn’t know monetary transactions on Facebook existed, you can see how simple it is with a few quick steps. First, send a message to the person you wish to send money to. Then, tap the “$” symbol and enter the amount you want to send. Last, hit pay and enter your debit card to send the money. This should trigger an instant payment anywhere in the world, but may take a few days to show up on bank statements. This is certainly a nifty feature, but deals still have to go through banks, interest has to be paid, and exchange rates factored in.
Facebook’s CEO Mark Zuckerberg has also announced that he plans to enhance the messenger feature further with the introduction of virtual reality headsets such as the Facebook-owned Oculus Rift. The founder of the popular social network believes it will be 10 years before VR hits mass markets, but also described it as “the next major computing and communication platform.”
There is a “social VR” team led by Daniel James and Mike Booth in place, working on creating settings to act as VR chat rooms. Both men are executives of gaming companies with backgrounds in creating 3D multiplayer experiences.
Already the stage is set for a readymade e-currency like Bitcoin to show how it can be incorporated in these chat functions. With the payment transfer scheme between users, banks would be bypassed and fluctuating exchange rates and fees would be eradicated. Facebook is a global network that should have a sole global currency.
In the same sense, Bitcoin could be the currency of choice for VR settings. There are already plenty of ideas for what kind of VR chat rooms users will be able to choose from. Virtual cafés, cinemas or casinos are all potential options, and no doubt there would be the opportunity to spend money on things in these places. AltSpaceVR for example already has shared browsing where users can watch Netflix videos.
There are also plenty of Bitcoin casinos already in place that are poised to benefit from a VR makeover. The Bitcoin casino industry is thriving because casinos that use the e-currency can offer better bonuses. A top online casino bonus may be a 100% deposit match, but a top Bitcoin casino bonus would be a 100% match and 200 free spins on the slots. Adding strong social aspects to these sites with VR will provide a fun gaming experience in which players can meet like-minded individuals.
Already, plenty of huge businesses such as Subway, Virgin and Reddit are accepting Bitcoin as payment. The cryptocurrency is ready to take the world by storm and all it will take is a mammoth company like Facebook embracing it for that to happen.