Facebook Ends Its Virtual Currency Credits

Posted: Sep 13 2013, 9:54am CDT | by , in News | Technology News

 
Facebook Ends its Virtual Currency Credits

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Facebook is waving sayonara to its Credits. The shift to indigenous monetary imbursements means the end of its Credits system for good.

Facebook is undergoing some radical seismic changes in its structure. It has literally pulled the rug from beneath its Credits program. This was announced some time ago and now it is finally going into effect. Its local legal tender payment API is about to begin. What that means is that its virtual currency (which was in fact rather like Bitcoin) is going out of business for now at least.

Facebook Credits made its debut about two and a half years ago. So many game developers utilized the platform as a source of surrogate currency as well as an in-side currency game. Finally, Facebook made its virtual currency compulsory six months after its launch date. It was all ultimately a ploy to help out developers. Their efforts as economic exchange actors across a wide range of currencies were facilitated by this facility.

The whole plan had been laid out to help clarify and simplify the economic process. Yet it backfired. There were complications and loopholes that got in the way. Ultimately, the Credits system had to be abandoned in favor of a local currency program.

The economic house of cards that is the world economy is so sensitive and delicate that the slightest wrong move by producers and consumers can send it falling to the ground in a heap. And that is called a depression. The same laws count for any virtual currency system since it too is based on the real world model. So the story goes for Facebook’s timely decision to change its path.

Source: TechCrunch

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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