Libra: Facebook’s New Cryptocurrency

If you’re in the business of cryptocurrencies, then your social media app might be full of newsfeed and updates about Facebook’s Libra aka a famous Global Coin. People from different regions of the world get notified with the pros and cons of this discussion. Here, in this article, we’ll discuss Facebook and Libra’s connection in detail which proves to be the most trending topic in the current era.

What is Facebook and how you can use it

Have you wondered why people mostly loved Facebook and use it like other social apps to know the live crypto price? The answer is simple that Facebook has a unique ability to connect and share with the people or your loved ones from all over the world. We will define Facebook shortly as;

“Facebook is known to be a social networking site that makes it easy for you or for everyone to connect with your family, friends and even with your loved ones in no time.”

  • Typically, designed for college going students to help them keep connecting with their friends and get cryptos price details.
  • Facebook was originated in 2004 by Mark Zuckerberg while he was enrolled as a student at Harvard University.
  • Today, Facebook conquered a higher place in social media by connecting more than 1 billion users worldwide who get crypto coins price.

How it can be used and how it works?

There are already a lot of ways to communicate online with our friends, but Facebook is unique among them. Facebook can be helpful for connecting many people at a single platform. You can chat, send images and can even make a video call using Facebook instantly. All these things can happen at the same time. Isn’t it a magical social app?

While using the Facebook account you can have expected part of being online all the time to know the crypto stock price and having an email address as well. By using the Facebook account, you can able to access or even can sign into different services across the Web.

You can chat, shop, email, send images, videos and do much more if having an account on Facebook. For using this social platform, you will have to follow some basic steps as discussed below;

  • Make an account on a Facebook web page that is www.facebook.com.
  • Now, you will have to add your all accurate details in it just like your real name, age gender etc.
  • After this, you will have to confirm your Facebook account through your email address, for example, Gmail, Yahoo, etc.
  • Now, your account is ready to be used and let’s make chat with your loved ones.

What is Libra?

Now let’s talk about Libra and it’s worth that being increased in the market with every passing day as all crypto prices do. Briefly, Libra can be described as;

“A simple and useful global currency that have financial infrastructure that empowers billion of people.”

According to various researches, Libra has the following main features or characteristics that help every single user. These characteristics are;

  • They are built on secure, scalable and reliable blockchain that proves its efficiency as a real-time crypto price.
  • It is known to be a stable coin backed up by a reserve of assets.
  • This currency is governed by the independent Libra Association.

Libra, Facebook’s New Cryptocurrency

The word Libra basically originates from Basic Roman measurements of weight and the abbreviation lb. for pound also comes from the word Libra. According to Facebook:

“Libra is known to be a global currency as well as financial infrastructure built by Facebook and powered by new Facebook-created version of blockchain”.

Facebook claims that Libra is the best way for people that can’t reach directly to the bank account for using top crypto prices. Facebook announced a new currency for use in 2020 that named as Libra. It will allow millions of users across the globe to make fast and easy transactions online.

Why Facebook is lunching Libra?

Need for launching Libra by Facebook arises due to following requirements;

  • Facebook claimed that over 1.7 billion people around the world on Facebook do not have direct access to bank accounts.
  • The company was driven into regulatory hurdles as well as antitrust concerns with nano crypto price.
  • Amidst rumours about fakebook’s new launch wrote to CEO of Facebook to clarify anything on privacy concerns.

What are they preparing for?

This cryptocurrency named Libra would be serviced by a collection of companies named as Libra Association. Another name of Libra is “Stable Coin” that was pegged into existing assets just like Dollars or Euros etc.

An independent, non-profitable organization described by Facebook located in Switzerland is named as Libra association. Basically, it provides two main functions;

  • To validate transactions on Libra blockchain.
  • To manage the reserved Libra, allocate funds to social causes.

Facebook claims that Libra Association and Libra Blockchain launch this currency in 2020, in which company will take withdraw from the leadership role and all the members of the association have equal votes in the governance of Libra.

Both companies contribute a minimum of $10m to the founding members of Libra association through crypto price chart which includes tech companies such as Pay Pal, Spotify, eBay and Uber as well as a financial firm named Andreessen, Horowitz, Visa and Masterpiece.

What Will It be used for?

When Libra cryptocurrency launched users can easily download Calibra which is known to be a digital wallet that allows them to send transactions to anyone with a smartphone. It will be available on Messenger, WhatsApp or Standalone App.

It is not yet confirmed that in which countries this coin will launch first. But according to Facebook, almost anybody in the world will be able to reach the cryptocurrency Libra or also be able to download the app.

Ultimately, users will need a more reliable source of Libra income as compared to get simple handouts from Facebook.

What you can Buy with Libra?

Soon, Facebook will launch Calibra, a digital wallet for users to send and receive money with each other. Apart from other transactions, Facebook wants to facilitate its users with Libra at various vendors from day-to-day transactions.

Uber and Lyft are known to be early investors in the project that help users to pay for services on the respective app using Libra with crypto kitties price. Also, the company will respond to a request of comment too.

How you can make Facebook Money?

Libra will apply a small charge per transaction on the blockchain which is approved by Facebook. These charges will be transferred to the vendors who can absorb the cost themselves or could rely on users.

Account information and financial data of Calibra customers will not be used to improve add targeting on Facebook.

Is this Safe or Not?

Many privacy concerns took place in a financial app run by Facebook. Some secure steps of fool-proof security could be taken by the company in order to prevent users from money laundering and fraud.

Facebook said:

“We will use all the verification and anti-fraud processes that banks apply on credit card users. Just like that we also have the same automated systems that work proactively to secure users from any kind of fraudulent activity”

Facebook will help its users by offering refunds if they lose all their money through big frauds.

Conclusion

In the end, we can say that Facebook’s Libra is built on open-source code that will allow the developers and other research communities to monitor design and security flaws accurately.

Facebook will implement a bug bounty program on every incentive security expert in order to point out every single vulnerability in the platform.

That’s all of it. If you want more updates on trending topics, then stay connected with us.

Good Luck!

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