Cryptocurrency is the new thing of the generation. No more need to run around with government backed paper currency when you have money in your phone in a digital form. Yes, you heard it right! After mobile phones even currencies have taken a digital format and are available in your phones and computers for use.
Bitcoin, Altcoin, Litcoin, and ripple are to just name a few of the digital coins that are ruling the current economic system of the world. Having said that, Facebook has also grabbed this golden opportunity to present to it’s more than 2.5 billion users with another cryptocurrency-Libra. Libra was announced by Facebook in July 2019 and will be launched early next year.
Soon after it’s announcements people have started comparing it with Bitcoin and other cryptocurrencies. There is a lot of Buzz around Libra and the reason is pretty simple. It is announced by one of the best and most famous social media platform and so it is bound to create interest among the people around the world.
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Having said that, there are so many unknown things about this new cryptocurrency which I will brief you about in this article. Fasten your seat belts, sit back and keep reading for some interesting facts.
Facebook is not the owner of Libra
Well, this piece of information might be shocking to you as Libra is gaining all it’s popularity and attention in the name of Facebook. Confusing, right? Let me clear this up for you! Actually Facebook is creating a technology, which it will hand over to a non-profit organization called “Libra association”. For now there are 28 members in this association including Facebook, Uber, PayPal, MasterCard and Visa among others. So, Facebook will just be one of the partners with not more authority than other partners.
It’s not Volatile
Unlike other cryptocurrencies, Libra is not volatile in nature. Infact Libra is planned and designed to be a stable currency. Each Libra cryptocurrency is worth the slice of collection of bank securities of government and central banks like yen, dollar, euro and pound among others. So, it will keep the cryptocurrency from fluctuating widely. it hints a great extent that Libra is not a fully cryptocurrency nor fully a currency and even the government in not sure to a certain extent that how to regulate it.
You don’t need to be a Facebook user to trade Libra
Yes, there is a no compulsion to the fact that you need to have a Facebook account. Say for example if visa produces a wallet for storing Libra crypto-currency, you won’t even need to use a Facebook product and if you use Calibra wallet by Facebook who don’t need to have a Facebook account to operate it necessarily.
It’s not Anonymous
Libra is not anonymous and it is a cause of concern for many people as Facebook has already faced allegations of stealing data of it’s users in the past. However, Facebook has already made clear here that in order to register with Libra you need to show your government ID and other personal information. Apart from that while doing transactions, it will not share information with the third party except in case of legal compliance unless you want it to.
Quick online Transactions
Libra will make the process of sending money much easy and quick as compared to the money transfers that are slow and take three to four days time. Libra will probably do the transaction without charging any fee.