Supposedly, using a blockchain network could free merchants from the 2 to 3 percent fees they must pay to accept conventional credit card payments.
isnt blockchain super expensive when its big enough
To produce, yes... but not when it's exchanged (at least to my knowledge); unless they incorporate the cost of production into the market, which gets handed on to any consumers/merchants.
Crypto currencies have transaction fees, to make it worthwhile to verify transactions.
and uh, bitcoin's median transaction fee was $30 before the crash.
https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html
But isn't mining extremely expensive due to all the computer power required? Mining is the way they verify transactions and it's far, far less power efficient than traditional credit cards.
I doubt Facebook will use Bitcoin, they'll probably use a new/improved algo.
The promoted comment sums up what I expect will happen very well:
https://files.facepunch.com/forum/upload/532/14e6d7b2-104b-4208-ab6b-30e9db559fd9/grafik.png
There's zero benefit (neither to them nor to users) in using any sort of cryptocurrency.
You can do those more cheaply by not using a blockchain or proof of work, but avoiding the issues still doesn't create value over what e.g. PayPal is doing.
Without the consumer privacy regulations card processors and point-of-sale services are bound by. PayPal might be shit but they don't have your entire social graph from the past decade to pair with your transaction history and assumingly some form of internal Amazon-ripoff marketplace to try and sell you things with targeting that'd make Google blush.
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