Facebook’s Libra Will Disrupt Everything
Facebook just came out with news this week that it would release a new crypto currency called Libra. This I believe this will disrupt the entire financial world as this is predicated more on the usage of this crypto more than speculation on what it could be! That idea alone will remove all the volatility that Bitcoin and Etherium experienced in the past few years. The fact also that it will be pegged to a basket of currencies will someone limit its volatility and it will be a more stable currency for exchange. Imagine a world where you can transfer money from one corner of the world to another without paying massive fees to Western Union and without having to swap from one currency to another. Will this be the largest acceptance of cryptos and digital money? Will this beat Bitcoin and other Cryptocurrencies? Let’s take a look at some of the major possibilities of using Libra in our developing digital world.
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What Is Libra?
For those who just heard of the terms Libra and crypto currency, let me tell you a simple definition of what it is. Libra is basically a digital currency. It’s not going to be just USD or GBP but instead, it will inherent values from various currencies as there will be a basket of currencies attached to it. Its value will be based on what currencies are placed in that basket. What’s good about using this digital currency is that you don’t have to convert currencies anymore just to use it for different transactions. It’s a single currency that you can use if your transferring money to another user of Facebook’s apps. To add, there will be a coin wallet where you can store and secure your Libra and it’s called Calibra.
Benefits of Using Libra
A lot of benefits is going to emerge in the Facebook world. Financially speaking, Facebook users will have better access to online transactions and online transfer of money. As I have mentioned earlier, you don’t have to convert currencies anymore just to send it to someone. You can just use Libra since it is a single currency and transfer it to that person who has the same wallet as you. This will make users stay longer in Facebook apps because of the existing and coming privileges. Who wouldn’t want to transfer money with zero to minimal fees, right? Sending money digitally will also help you skip long lines in banks and remittance centers. Plus, engaging yourself in digital transactions evolving digital currencies will help you understand the world of crypto more.
Will Libra Be Successful?
The launching of Libra will be successful, I believe. Facebook’s network is so large that it can market new projects and products easily with the tip of a finger. Now that people are becoming interested in cryptos and digital money, this is good timing for Facebook. There will be more features such as adding more wallets where you can store your coins aside from Calibra, loans that you can borrow through Facebook’s apps, and many more. If you are using GCash and PayMaya, there are possibilities that Facebook will launch the same characteristics for Libra or maybe even better. Facebook is not just a social media platform anymore, the future of digital currency is here.
