Libra cryptocurrency is latest in the line of cryptocurrency to hit the world. It has got people talking already and the government has responded to the new development. As the US Senate plan to have a discussion over this development.
The story of bitcoin has always been “me against the world” which has led me going on and off with the idea. Facebook as a global platform is the right backing cryptocurrency because is little needed to sway people to use it. Guess what that what Facebook has done getting a place to spend your coin.
About Libra Cryptocurrency
The idea of libra cryptocurrency is an improvement in the development of bitcoin.
How is Libra Similar to Bitcoin
Like bitcoin, Libra cryptocurrency is all about creating a global currency for the future that will be independent of currency fluctuations. The independence of cryptocurrency has been the undoing of the idea since the beginning. Because it is a totally unregulated commodity.
Also, like bitcoin, the cash value can be transformed into libra cryptocurrency.
Finally, the cryptocurrency will serve as an investment currency like bitcoin and can be earned a high dollar equivalent.
How is It Different?
Facebook is a global giant in social media and internet advertisement. As such there are millions of transactions going through its systems on a daily basis. Libra will be introduced as an ads payment currency for Facebook, and Instagram as such promote ads all you have to do is get libra currency on your facebook account.
The libra cryptocurrency will also be withdrawable on ATMs, unlike other cryptocurrencies. Thanks to partners such as Mastercard and Visa you would be able to withdraw the U.S dollar equivalent if it is supported.
For bloggers that go through multiple tech innovations daily, I see the Libra cryptocurrency feeling spaces with other facebook inventions such as the marketplace. Facebook will introduce the libra as the currency for online purchase within its platforms. Paypal, who is also a partner will enable users to link and purchase goods and services on other e-commerce sites such as Amazon and eBay.
There are also millions of e-commerce site that will authorize the receiver of Libra on their e-commerce platform once the potentials are seen.
For long the idea of bitcoin might have finally overcome the suppressing factors. The involvement of Facebook has pulled in worthy partnerships that will make this one stay. Although there are still a lot of challenges to come, this looks like the dawn of the bitcoin era.