Facebook always makes sure to get ahead in the game, and now it comes with a cryptocurrency launch. You can expect a cryptocurrency launch called Libra by the social network giant early next year. Billions of Facebook users can enjoy the services of this digital currency through integrated apps like WhatsApp, Messenger, and Instagram. When Facebook Libra cryptocurrency becomes a hit, it can change the lives of many people in terms of their spending, saving, and sending of money. Along with that, there will be disruptions of flow in banking industries and the big aspects of the tech. There are many implications of Facebook Libra cryptocurrency after you get a better understanding about what is Facebook Libra.
One of the main issues of Facebook Libra cryptocurrency is the whole point of its establishment. Libra can be a convenient form of making online payments when users and companies adopt it properly. Facebook, Instagram, and WhatsApp are not only the ones that can sell products and use Libra for payments but also other websites can benefit from this currency.
Aside from using Libra for e-commerce, it can be instrumental in transferring and storing money without paying high costs. Many people living in developing areas can benefit from this cryptocurrency, most especially that they lack proper banking inrastructure. If you are planning to send money to another person from another country, Facebook Libra may be the cheaper option you have over the present options in the market.
For people who are familiar with cryptocurrency, they often wonder what makes Facebook Libra the same or different from other cryptocurrencies. Speaking of cryptocurrency, Bitcoin is the most popular in the current industry. Both Bitcoin and Libra are the same in terms of using a blockchain for recording all transactions. Running across computers, a blockchain is a secure ledger that you cannot tamper. This is the same technology that other cryptocurrencies are made from. Indeed, there are similarities in Facebook Libra and other cryptocurrencies even including creation of secure transaction records and ease of moving money.
Even so, you will find some differences between Facebook Libra and other cryptocurrencies. For instance, in terms of prices, Libra is more stable than Bitcoin. You can expect this since the Bitcoin value just floats while Libra has a reserve fund as backing. In record-keeping, Bitcoin has public blockchain that provides permission to anyone to build on it. If you want to build on some features with Facebook Libra’s blockchain, though, you need to ask permission from Facebook and its partners.
Finally, Facebook Libra also deals with issues of privacy. Some people want to find out if Facebook will keep track of how much they are spending. Privacy in Facebook Libra depends on a lot of things. By using a wallet app in navigating your Facebook Libra coins, you can rest assured that your privacy is secure because the app records all of your transactions and don’t combine it with data from Facebook.