Cryptocurrencies are one of the biggest opportunities for investor out there. Facebook recently announced two different coins The second one doesn’t get much attention because it was only for companies and rich people. The digital currency by Facebook called Libra Currency which is also called a stable coin will be available in the transactional form in WhatsApp, Instagram and Facebook.
What is Libra Currency?
Libra is a global currency and financial infrastructure which means it is a digital asset built by Facebook and powered by a new Facebook created version of blockchain. It is just like PayPal, MoneyGram or western union without the annoyance of emails and higher fees.
Who is in charge of Libra Currency?
Libra is a stable coin which will be processed by the members of “Libra association” only via permission blockchain. Similar in purpose to USDT and Tether, as a centralised, permission fungible, non-mineable, not rare for the transactions between fiat and Libra and hopefully BTC. Libra will act as a separate company to Facebook and based in Geneva(Switzerland). Facebook stands to profit extremely in fees should Libra become successful crypto.
How will I get Libra?
Unlike other cryptocurrencies, Libra will be backed by real government-backed assets from central banks to make it stable. Facebook will let users simply buy the currency. It says Libra will be made available to messenger, Instagram and WhatsApp users, who can cash in their local currency to buy Libra. Libra currency units will be retired as they are redeemed for conventional currency.
Facebook will also carry out “airdrop” which means it will distribute a small amount of cryptocurrency token or coin for free to a large number of wallet addresses. It can be used as a standalone app for anybody who has a smartphone in this world.
Users can download a digital wallet named calibra, which is a digital wallet for Libra. It is a Facebook supplementary whose goals are to provide financial services that will let people access and participate in the Libra network.
Is it safe?
Libra is said to be a global currency that will allow users to make instant transactions through approved apps, supported by secure and stable open source “Libra blockchain” technology. Facebook is using the same verification and anti-fraud processes that banks and credit cards use. It has an automated system that will keep a check on the activities to protect and prevent any false behaviour.
Calibra is a trusted digital wallet which will not release any of your private data without your permission. Facebook states that it’ll have “live support” by which individuals can receive refunds if they lose their money through fraud and has a “bug bounty program” implemented by which users can get compensation for reporting bugs.
How will this make Facebook money?
Libra will be maintained through small but profitable cuts from every transaction on the blockchain. Facebook is not going to sell the user’s crypto data to ad companies to make money. Your financial data will be kept safe from the third party. Fin. For information on Libra click here.