Under the current conditions of the world, Bitcoin (BTC) continues to prove itself, so Google, Apple and Facebook need to find new streams of revenue.
While Bitcoin gains attention despite the coronavirus crisis, technology giants Google, Apple and Facebook are losing momentum. Bitcoin’s power is generating competition that can result in tech giants’ intention to kill BTC to keep them alive. Due to the epidemic, the main sources of income – advertising business in Google and Facebook cases and iPhone sales in Apple’s case – are at a low level and it is not clear whether they will recover after the crisis. For this reason, Google, Apple and Facebook need to find new streams of revenue.
Google Banking Service
It was recently reported that Google is working on the new smart debit card. The payment system will allow users to shop on card, online or mobile handsets. In addition, the card will integrate with the Google Pay application and allow users to track their spending, balances and account access. To develop the card, Google collaborated with Citibank and the Stanford Federal Credit Union. The card will initially come with a Visa-powered chip, but later it can add support for other payment processors like Google, Mastercard. The card’s release date is unknown, but the initiative will definitely take place this year.
Credit Card from Apple
Apple opened its own credit card last year in partnership with Goldman Sachs and Mastercard. Apple Card has reached a different position from other cards by combining excellent rewards with a consumer-friendly application. The card offers a 3 percent refund on purchases made at Apple, 2 percent on all purchases made with Apple Pay and 1 percent on other purchases. Apple Card provides transparency, simplicity and privacy and does not charge any fees.
Facebook and Libra
Facebook has long been working on the Libra currency to compete with Bitcoin. For some time, there has been no news about the development process, and reports have emerged that Facebook has abandoned the project. However, this is not the case. The union plans to develop several stable currencies to represent different fiat currencies.
What Will Happen to Bitcoin?
Let’s go back to Bitcoin. The first advantage that comes to mind is that it works without a government, central bank or technology company behind it. Protected by a developing and decentralized network, and only following mathematical principles, Bitcoin continues to exist without authority. CEO, no advertising budget. No authority can interfere with Bitcoin transactions, apply transaction fees, or take people’s money. In addition, its movement is extremely transparent as every transaction is stored in a large digital public ledger.
Bitcoin emerged during the recent economic crisis. Neither has the coronavirus epidemic crisis emerged at the moment negatively affected. Nowadays, it is unlikely that Facebook, Apple, and Google’s products will gain an absolute advantage over the digital currency leader, as more and more people are considering Bitcoin for investment.