Feels Like a Bomb With Facebook Libra Coin

What is Facebook Libra?

Facebook, which is considered to be one of the most popular social networks in the world, has joined the crypto money world. It was already known that Facebook was working for a long time in relation to crypto money. New information about Libra, Facebook's official cryptocurrency, has begun to emerge.

As it is known, Facebook announced its name as a project of a young entrepreneur in the early 2000s. Growing in a short time and transforming into a world brand, Facebook continues to add strength to its power. Combining its paths with very important brands, Facebook is now launching its own private cryptocurrency. This news was particularly exciting for Facebook members; however, there are still many questions to answer.

Crypto Coins On The Rise
Today, digital data is decisive in the world of money. All transactions are now organized in electronic media. Coins and coins do not go beyond being symbols. It is even expected that money will be completely out of use after a while. Cryptocurrencies have started to make a lot of noise in the last few years. Especially the great success of Bitcoin made people meet these virtual currencies. As Bitcoin was used on some illegal platforms, there were essentially some trust issues. Therefore, there are some doubts and reservations about Facebook Libra.

Giant brands known worldwide are expected to gradually join the cryptocurrency industry. Perhaps the first serious step in this matter came from Facebook. Facebook's cryptocurrency Libra is a candidate to shake the throne of Bitcoin. Facebook is a private platform that is not connected to any state. This digital and independent world has more than 2 billion members in total. Facebook embarked on the crypto business to fully consolidate its economic independence.

Facebook management defines the new cryptocurrency Libra as a "global value". In other words, Libra will have an infrastructure expressed in the form of a block chain. In this sense, it will not be much different from other cryptocurrencies technically. Facebook itself will only take on the role of a technological practitioner. When we look at the origin of the word Libra, we see the word "scales". It is possible to use Libra easily both in financial transactions and in shopping.

Expected to Pass Bitcoin
More than 2 billion people can potentially benefit from the system. Experts claim that Libra will already outstrip Bitcoin with its advantages and services. These claims were also made on highly prestigious platforms such as The Guardian and Bloomberg. Facebook, whose development has slowed somewhat and hesitated in its popularity, wants to recover itself by making such a move. Libra is not essentially a fully cryptocurrency from Facebook, as it is thought. This currency draws attention as a project of the Libra Association, which was established in partnership with Facebook. Especially the association is very important in terms of conducting Libra's monetary organization.

Important Institutions Have Support
Libra Association is a Swiss-based free agency. Among the founding members of this association are giants such as Mastercard, PayPal, Visa. Facebook Libra specifically targets people who are outside the basic financial system in the world, that is, they do not have any bank accounts. Research shows that 2.5 billion people continue their lives without any bank account for various reasons. Facebook sees this as a real gap and evaluates it. It is aimed to fill this gap with Facebook Libra. Despite Facebook's reassuring statements and experts' estimates, people have certain concerns about security. Facebook management stated that the verification and security systems used by normal banking systems will be used. This shows that private information will never be shared with third parties.

The System Is Not Mixed
Facebook management has designed Libra in a simple and easy-to-understand structure. This detail is very important for billions of people to use Libra, which aims to be a global currency. It is imperative that both Facebook members and large companies adopt the system. Facebook plans to sell through social media channels under the name of Libra Coin. Apart from this, different websites will also be able to use crypto money for e-commerce purposes. Libra is expected to take a comfortable breath due to transfer fees in international payment systems.

Libre; It does not want to be affected by current currency fluctuations such as euro or dollar. Of course, Facebook will be audited more frequently by independent organizations when it achieves its desired success. Some experts say that it is better to wait and see about investment than to act hastily. Experts also say that developing countries are the main target of this type of cryptocurrency. Picture of Libra

We can say that it will show if it is reliable like a bank. Facebook announced its clear goal as 1.7 billion people. This is indeed a remarkable claim.

Does Libra have anything to do with Bitcoin?
Libra and Bitcoin are two separate cryptocurrencies. Therefore, we can say that it is two separate entities with similar purposes. Libra will be registered on Blockchain just like Bitcoin. This is also valid for other cryptocurrencies. In Bitcoin, developers can make various contributions independently. In Libra, developers have to get the approval of Facebook and its partners to do the same. In addition, Libra will take its place in the market, fixed to a certain value.

Is Facebook Libra Reliable?
When people search for crypto money called Libra, they keep the issue of security at the forefront. Obviously, we can say that Facebook has had bad experiences for its members from time to time. For this reason, it is difficult to say that Facebook can pass the class exactly in terms of security. It is quite natural for people to have some concerns about the current cryptocurrency. Still, it is a critical detail that Facebook will adopt blockchain technology.

Offering an elite quality of security, this technology is the highest rated point in the system. Apart from that, we know that crypto money can take an active role in money laundering processes today. Facebook wants to build an important firewall using systems used for credit or debit cards.

How do you rate this article?



What is Libra, What Is It For? Social media giant Facebook describes Libra as the “internet of money” by stating that the world needs a reliable digital currency and infrastructure. In Libra white paper, where it is pointed out that securing financial assets in a mobile wallet should be simple and intuitive, the good news is that transferring money worldwide will be as easy and cost effective as sending a text message or sharing a photo. It is also stated that costs will be reduced and frictionless / inv

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.