On Tuesday Facebook has revealed that it is going to launch a digital currency (Cryptocurrency) called Libra. There are possibilities that Facebook’s Libre will reach to you in 2020 and Facebook has generated an organization called Libra Association to manage the technical areas of their project. Cryptocurrencies are known for their unstable nature but this one will offer you stability which differs Facebook’s Libra from other digital coins.
You know very well that Facebook is the world’s largest social media network and along with Facebook there are over 20 partners engaged in this project. People are going to curious about to know the key aspects of the Libra and if you are looking for the same then you are lucky to reach here.
I know several questions are striking in your mind and here we will try to satisfy a few of them based on our analysis we gathered from different sources. So let’s check out the chief aspects of Facebook’s Libra to get a better understanding of the upcoming digital coin.
What is the motive behind the creation of Facebook’s Libra?
Contents
First of all, let me clear one thing that people are addressing the upcoming digital currency as Facebook Libra but in fact, there are 20+ partners behind this project. This project is of the Libra association and this organization acts as the monetary authority for the cryptocurrency. Behind the creation of this digital currency, Facebook’s motive is to simplify the online transactions of Facebook users.
Facebook’s virtual currency is known as Credits which is used to make payments for the games that are played within Facebook. But Zuckerberg was looking for a convenient way to make these transactions and Libra is created to make online transactions easier and affordable.
What is the difference between Libra and other digital coins?
Before explaining the differences let me shed the light on the similarities. Like other digital currencies, Libra is totally virtual means you can’t touch it and don’t get it in the form of a note and a coin. Like Bitcoin and other digital currencies, all the transactions will be recorded on a ledger which is known as Blockchain.
One of the major features which differentiate Libra from other Cryptocurrencies is its stability means and one can invest in it without any hesitation. There is no risk of less value in the upcoming time like other digital coins. Libra will be attached on the basket of assets that will the reporter of its value. These assets may be bank deposits and government securities from the reputed central banks.
The total supply of Libra will be affected by people’s interest. If the coin will get more popularity and people wish to use it then the Libra association will purchase more asset belongs to Libra and generate more Libra as well.
Thus Libra is a totally secure and stable coin that is pegged by the assets and this is the chief difference between Libra and other cryptocurrencies.
Will Libra fulfill your Privacy measures?
One of the major features of any cryptocurrency is its privacy policy and everyone wants to safeguard their transactions. Facebook’s Libra is a decentralized coin which is run by the different organizations that promise a fair system. With just the availability of internet connection, anyone can use it with a cheaper transaction fee. To keep your money safe it is secured by cryptography. Your transaction data will not be shared with anyone without your permission.
How can you use Libra?
Like other digital coins, you need a wallet to store Facebook’ Libra and send it to other users. After the launch of Libra, users have to download the Calibra, a digital Wallet. With Calibra, you can send Libra to your desired person with just the availability of smartphone and internet connection. Although it is under wraps that in which countries Libra will be launched first, Zuckerberg has said that anyone around the world can use Libra.
I what ways one can use Libra?
Another hot question about Facebook’s Libra is that what can you buy with Libra. Libra can be used to make transactions to each other but no only transactions but also users can do much more with the upcoming digital coin. Besides transactions, Libra will be used as the medium to buy things and to pay for services on the app.
Bottom lines
If you are a crypto geek then you would think to adopt Facebook’s Libra because it offers more stability and privacy but you have to wait for its launch. You can also covert Libra into Dollars and other traditional currencies then you can do so with Calibra. There are many more features which makes Libra more approachable than other digital currencies. I think via the post you got the fair idea about Libra and if you liked the post then give it a thumbs up.
If you are struggling with any specific question regarding Libra then let us know below in the comment section. We will back to you with the most suitable answer.
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