Facebook Credits

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Facebook Credits

What Were Facebook Credits?

Facebook credits were virtual currency that could be used to purchase things in online games on the Facebook social networking site. Facebook credits may be purchased both online and offline, using a credit card, PayPal account, mobile phone, or a variety of other payment methods. The credits were then supposed to be used to buy games or software programs, often known as apps, on the Facebook network. Credits were active from from 2011 until 2013, before being decommissioned.

Key Takeaways

  • Facebook credits were phased away in 2012 and altogether discontinued by 2013.
  • Facebook credits were a proprietary payment method used on Facebook’s platform to pay for virtual or in-game objects or services.
  • One credit cost USD $0.10 at first, and Facebook (now Meta) took a 30% share of any on-platform transactions made using credits.
  • The Credits beta project was initiated in 2011 and ended in 2013.
  • In 2019, Facebook launched Libra, a more ambitious blockchain-based platform-specific currency slated to launch in 2021.

Understanding Facebook Credits

Instead of consumers using their local money to purchase items on Facebook’s ecosystem, Facebook (now Meta) introduced Credits, an intermediate proprietary virtual currency that cost USD $0.10 per unit and could be used on virtual products or game-specific cash.

In platform-based video games or apps, Facebook credits were supposed to be used to purchase intangible items like as in-game or in-app virtual presents, tracts of virtual real estate, virtual weaponry, equipment, and “animals.” Facebook received 30% of all Credits transactions.

The platform’s test stage concluded in January 2011, at which time Facebook declared that all Facebook game creators will be required to execute transactions only with Facebook credits. By the end of 2011, this virtual money was backed by over 50 different countries’ government-issued currencies. However, in 2012, Facebook stated that it was discontinuing Facebook credits and transferring any cash accumulated by users to their local fiat currencies.

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Credits vs. Libra

In 2019, Facebook revealed that it was revisiting the notion of a platform-specific digital currency called Libra, which could be used by users from any nation. Unlike Credits, this iteration is supposed to be built on blockchain technology and behave similarly to a cryptocurrency such as Bitcoin. The objective is to build a stablecoin that can be traded against a basket of fiat currencies and whose value does not vary significantly.

Furthermore, Libra is planned to be supported by a number of prominent banking and payment businesses, including PayPal, Visa, and MasterCard – albeit many of these corporate agreements have already fallen through. The Libra project has also been scrutinized by authorities and legislators, as well as criticism from the greater cryptocurrency community, which claims that it is not as safe or technologically sound as the business claims.

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