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Facebook unveil its new cryptocurrency Libra and this is what we know

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Many years after the launch of Bitcoin many companies have been creating their own cryptocurrency, these company has set part for? other for a new way to create a digital currency. With the newly introduced cryptocurrency of our time Libra which was introduced by Facebook last week and back up by many other companies.

Libra

The Libra is backed up by 28 companies including online payment company Mastercard and Visa and it will be launched by Facebook on WhatsApp. The new cryptocurrency Libra is a role for the goal of fixing tradition currency.

Libra is a very different kind of currency but not that far from Bitcoin, if suppose I say that it will fill the gap that other cryptocurrencies suppose to fill, the currency will be view as more as an added value to the crypto world. The Libra will use a start-up price to jump-start the currency. If per say that the currency is worth its value and add its benefit – what the new coin can offer will be embraced by people.

The new cryptocurrency has to be on announcement since early 2018 in the cost of setting its own Blockchain group, with the case of the Facebook founder learning and understanding cryptocurrency and Blockchain technology.

The crypto is said to be launched by Facebook on both messenger and its other app with the goal to be able to send and receive money on each platform.

The Libra has come to stay if it’s able to fill the gap that other cryptocurrency fails to do, and will be able to solve the traditional currencies while overcoming basic obstacles and to be able to achieve mass adoption within a short time.

Libra

The new cryptocurrency mission is to create a simple global currency and financial infrastructure that will empower billions of people.

A survey found out that the developing market would be quicker to adopt the new crypto more than developing countries.

Facebook with more than 2 billion users and its new currency; it will be quicker to adopt and possibly become the first mainstream cryptocurrency but the question is this, can Facebook dominate the global currency, in the same way, it as a gain attraction on the internet?. With the new creation, the company targets the reach that Libra will become a full global currency because of the large already made audience on its reach.

The company is trying to create a medium that can be used to make payment across its network instead of transacting in dollars or pounds it will be based on Libra the Facebook cryptocurrency.

Facebook has not yet stated the release date for Libra but was setting that it could come up before the end of 2020. With up to 28 global companies backing the system up it will be likely acceptable anywhere, partners such as eBay, Spotify, and PayPal have their hands on it.

The Libra will be ought to serve over 1 billion people who don’t have access to traditional financial services. But once Libra succeeds, the financial crisis will began because as at now many Blockchain experts has already started criticizing the new cryptocurrency as said by the independence.

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