The Facebook Libra Coin is designed to succeed where other cryptocurrencies have failed. We recently received the announcement from Facebook that they will be joining hands together with 27 partners to launch the Libra cryptocurrency in 2020. eBay, Mastercard, Uber, and Spotify are a few popular partners who will be backing up this revolutionizing cryptocurrency. Operating on the latest technological systems, Libra is believed to be a cheaper, faster and more secure alternative to traditional ways of trading or making payments on the internet. This modern cryptocurrency is designed with the objective of streamlining the money transfer process across the company’s social media platform.
What is Facebook Libra Coin?
A little like PayPal and a little like Bitcoin, Libra comes as a new and more advanced digital currency which will ease financial transactions for people without bank accounts or credit cards. Facebook Libra Coin is a digital currency which will allow you to buy stuffs and send money to people with almost zero transaction fees. Facebook affirms that they are aware of the existence of other cryptocurrencies in the World. And that’s why they’ll increase a good number of key differences in theirs to boost user experience and happiness.
The Facebook Libra coin will also be used to transfer money between users on Facebook. With it, you can pseudonymously make purchases or cash out at local exchange points. You’ll also be offered the ability to spend using interoperable third-part wallet apps as well as that owned by Facebook known as Calibra Wallet. The Calibra wallet will have its personal app built and it will also be integrated into WhatsApp and Messenger. Users of this cryptocurrency do not need to worry about their privacy given that the tech is powered by a series of computers. This means that the system is not controlled by one central authority.
What does “Libra” mean?
The word Libra literally comes from the basic Roman measurement of weight. In addition, the £ symbol comes from an ornate L in Libra and the well-known abbreviation Ib is derived from Libra.
How is Facebook Libra Coin different from Bitcoin?
Before proceeding to point out the differences, it is worth noting that both Libra and Bitcoin are cryptocurrencies although they serve for different purposes on a wide scale. Facebook’s goal for creating Libra is to make it a “global coin” such as the British pound and the US dollar. Libra comes in to eliminate the instability displayed by Bitcoin and Ethereum. Libra will initially be available only through Facebook’s chat apps including messenger and WhatsApp. However, the 27 companies backing up this digital currency might likely be accepting its use through their platforms upon release.
Facebook has plans to install physical cash out points in order to boost user experience and allow Libra users to freely exchange and use their money whenever and wherever need arises. All shopping outlets that will accept Libra as a means of payment will likely be receiving special signup bonuses. Note that Bitcoin was designed to allow people to mange and store their money without necessarily going to the bank. And because Bitcoin is not pegged to a real-world currency, its value is more volatile than traditional currencies. Libra comes in to resolve this problem. Although Bitcoin has not been generally accepted in most payment outlets, it is a good cryptocurrency for investment.
Can anyone buy Libra?
As of the time of writing, Facebook users won’t have any problem purchasing Libra. They will be able to easily swap their real-world money to Libra digital coins. Facebook users will also find it easier to exchange money for foreign currencies. Worth noting is that Libra does not offer the same level of investment opportunity or risk as Bitcoin or Ethereum given that it has been pegged to a real-world currency.
How are Libra coins stored and spend?
Even though Facebook won’t necessarily be distributing physical Libra coins, users will still need secured places to store their digital currency. For this task, the company has developed the Calibra Wallet. The Calibra Wallet will assist people in storing their Facebook Libra Coins. It will also serve as an app for money transfer for people using Facebook.