There is so much buzz and roar around Facebook’s newly launched cryptocurrency Libra. Ever since it’s launch has been announced by Facebook, people are very curious about it. So, I thought why not make things easy for you guys. In this article, I will provide you with various important information that you must know about Libra.
So, fasten your belts and let’s being the roller coaster ride!
First tell you guys, what exactly Libra is?
Libra by Facebook is not just a cryptocurrency. It is a digital currency with which you can enjoy all the services that you enjoy with the help of a traditional currency. You can shop, pay bills and even pay for your coffee with Libra. Not just that, you can easily transfer Libra cryptocurrency to any part of the world, without the involvement of any third party, with the least minimum amount of fees.
How is Libra different from other cryptocurrencies?
I knew this would be the question in the minds of many people, so I thought why not clear it for you guys! Well, Bitcoin is a pretty famous cryptocurrency and people have immense knowledge and a huge interest in Bitcoin. Though you may not find any specific difference between these two cryptocurrencies. After all, they both are digital currencies! But this is not true my friend. Though both Libra and Bitcoin are both cryptocurrencies, there is a huge difference between them. Libra though is a digital currency but it is designed to be stable, unlike Bitcoin which is free from any control.
With Bitcoin, you do not need to go to the bank. All you have to do is to download the Bitcoin wallet and you are good to go, however, it is not the case with Libra. Libra is backed by so many big firms like PayPal, MasterCard, and Uber. Libra is a digital currency with fiat currency like features.
It is also assumed that Libra is not as decentralized as other digital currencies and has multiple nodes controlled by stakeholders, unlike Bitcoin that is managed by a single central node.
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The objective of the Libra method!
Facebook’s Libra is launched to provide financial security to everybody in this world. According to Facebook, almost 80 percent of people around to world cannot access bank services as they do not have a bank account. So, Libra is here to help such people out.
According to Libra, people with less money, spend too much on financial services which are not a healthy habit. It needs to be addressed and stopped at the same time.
Libra aims to make the world a better place to live with low-cost money movement. Keeping this in mind Libra has decided to charge a very small amount as transaction fees for transferring money in any part of the world.
How does Libra work?
Libra is very different from other cryptocurrencies. You do not need to purse it like Bitcoin and start trading with it. In fact, with Libra, you need to do is to purchase the cryptocurrency and keep it into account and just wait to match the value of euro or dollar. Once the Libra cryptocurrency matches the value of the currency, it is immediately backed up by dollar and euro.
Now, you may think why so? What is the idea behind this process? The idea is pretty simple and that is to create interest-based on the account of the currency, which can be used to return to the initial investors of cryptocurrency!
So, this is some of the less known but important information about Facebook’s Libra.
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