Facebook recently launched a new cryptocurrency call libra.
People are accepting that this coin will change the future of payments as it gives a new revolution to fund transfer within easy secure and less fee payments.
Libra is an open source cryptocurrency and will be accept worldwide. It has been created by using the blockchain technology.
Who created Libra coin?
Facebook and 21 other founders listed below has invested in this project and build
Mastercard, PayPal, PayU, Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Mercado Pago, Spotify AB, Uber Technologies, Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking etc joining soon as they have some requirements to become founder of this association
- 1 billion $ market value
- 500 million $ customer balances
- 100mbps internet connection with secure data centers
- And many more requirements
Benefits of Libra cryptocurrency:-
Unlike bitcoin and ethereum etc which do not have stable value. Libra will be having stable value as dollar rupees pound etc. Which will be indicated with this sign this will be possible by creating Reserve for the created Libra coins like if 10 Libra coins are being generated there will be reserve for 10 Libra coin equivalent value stored.
By creating Reserves it will also protect your money in case of hacking, cheating etc. Libra coin and its wallet will be created insecure blockchain Technology which will automatically write the transaction record permanently which cannot be deleted.
Libra coin Technology ability to to do 1000 transaction per second where as bitcoin is only 7 transaction per second these show the speed of Libra coin transactions.
Libra coin will be globally available and its value will not change country by country nor it will be unstable there will be no Bank interference which will make the international transaction very easy and effective.
There will be very small fee in decimals even for the biggest transactions where is PayPal Takes 4% and Bank takes 7 to 12% transaction fees (not is all cases it may defer) which they will take for their management of Technology.
Open source program
As Libra is an open source program it will be easy for everyone to create and use this as a mode of transactions of money including some big companies like uber eBay etc. Also Facebook will integrate it in messenger Instagram and WhatsApp and will launch its on wallet call calibra
Here is the white letter page and resource page of Facebook regarding the Libra which will clear your all your doubts
Libra privacy concern
I said it is made up of blockchain Technology it is secure but also companies are responsible for the privacy so there will be no one control of our company all the founding members will be having equal right to take decision which will help in getting the best services.
How to buy Libra coin?
Facebook will launch its on wallets same as bitcoin call calibra where you can buy libra coins and can do transactions very easily it will be launch in 2020 according to resources.
Outcomes of Libra coin in the market and economics.
bitcoin and other cyptocurrency rates down might go down or exponentially increase in case of libra ko in success and failure.
Banks will go on losses as there will be less transaction which may lead to ban on Libra coin by many governments but indirectly it will help economics to do exports and imports which will eventually increase the GDP of a country this might be the reason of many countries promoting this coin.
Incentives and offers
As the launch of Libra going there will be many incentives and offers coming to the users to promote it and it will be on the huge scale as many Tech giant are founders of this program.
So this article might help you best and the Libra coin and common doubt it will be successful or fail and also right your concerns and questions we will try to answer it.
Useful pages of learn more about libra
mrbcr.org:- libra Cryptocurrency By Facebook (Definitive Guide 2019)