In order to succeed you must fail, so that you know what not to do the next time - Anthony J. D'Angelo
Facebook was into virtual currency much before the Bit Coin phenomenon appeared. In fact, Facebook created its own currency, “Facebook Credits” in order to encourage its users to spend on the platform.
Zynga and its very popular game “Farmville” were the biggest beneficiary as players spent a lot of money to earn virtual goods and bonuses in the game. Facebook wanted to grow Credits into a real virtual currency that could be used for an unlimited amount of online transactions, on par with companies like PayPal.
However, the feature didn’t catch on, and closed in late 2012.