Facebook Libra ( A watershed moment for Facebook)

Facebook Cryptocurrency ''Libra''

Facebook Libra

Libra is a cryptocurrency which will use block chain method for transaction of money. On 18 June 2019 Facebook unveiled that it is going to launch global digital cryptocurrency by the first half of 2020 the Facebook cryptocurrency has been named Libra. It will be run by Libra association, a Geneva based company that has over two dozen founding partners including, Facebook, LYFT, MasterCard, Visa, Uber, PayPal, eBay, calibra ,Vodaphone group and so on.

Facebook proclaimed on Tuesday plans to unveil in 2020 a subsidiary referred to as Calibra, which will allow access to Libra, a new digital currency. Calibra will work in concert with Facebook messenger, WhatsApp, and as a standalone app.

The currency is designed to reach adults globally who have no access to a traditional bank but do have a mobile phone. Cryptocurrencies like Bitcoin allow users to buy and sell digital units of currency independent of a central bank, with little to no transaction costs. Libra is designed to work with Calibra as a place to save, send and spend Libra. The app interface for Calibra looks similar to existing mobile banking apps. Calibra won't share account information or financial data with Facebook or any third party without customer consent.

Why is Facebook bringing Libra in a Marketplace?

·         Libra will be a cryptocurrency which will use block chain method it is totally different from bitcoin.

·         It will be a stable cryptocurrency and its price will never fluctuate like bitcoin.

·         There is no or little processing fees in Libra and you can easily convert your currency into Libra then you can use it anywhere where you want.

·         Libra will work under the regulation of government in any country but bitcoin isn’t follow any government rules and regulation that’s why it is banned in many countries Furthermore, bitcoin is mostly used by criminal & there is no any Transaction record system.

·         Libra don’t believe on cryptocurrency mining. It will be transacted via block chain method

Major Differences between Bitcoin and Libra:

·         Bitcoin isn’t a centralized cryptocurrency means it isn’t operated by government. Furthermore, it is operated by people by using mining but Libra will be centralized cryptocurrency & it won’t rely on cryptocurrency mining and it never use your computer power for checking transaction. Only member of Libra association will be able to process transaction via block chain.

·         Bitcoin users who have their own private keys and wallets can send money to anyone and do not require permission. In case of Facebook's coin Libra, governments are already wary of it and are starting to push back. Also, Bitcoin doesn't care where you live and who you are. You can’t use Facebook Libra in Iran, north Korea and other countries because FATF has implemented some sanctions on Facebook Libra.

Why do we need Libra?

The reasons for these are high fees, lack of access, and absence of documentation. Libra is being pitched as an answer to the current. The promise is of economic inclusion on a worldwide scale.

The white paper says:

" Moving cash around globally ought to be as straightforward and cost-efficient as and even a lot of safe and secure than causing a text message or sharing a photograph, no matter where you live, what you are doing or what proportion you earn."

Vulnerability Issues in Libra:

Bitcoin is safer than Libra since bitcoin is decentralized because it has been working since 10 years that’s why bitcoin can’t be hacked (Hack-proof) But Libra will be centralized and there are many servers of Libra that’s why Libra’s server can be easily hacked by hackers.

Will Libra Cryptocurrency be the watershed moment for Facebook ? Write your opinion about libra in a comment box .