It is no doubt that many Facebook users are stuck on the giant social network because “they have been there and their friends are there”.  Facebook, like many social networks are good places to friends and family to connect. There are sad moments and sad ones.

Facebook, the social network has been abused by users and no one cares about the language used. It has on the other hand connected businesses across the globe but all the stakeholders care about is the profits they get from advertising nothing more.

Lack Secure Data Store

Now when you put the complexity of the giant social network and the level of exposure of user information to third parties, it is evident that the pain is being transferred to the Libra coin. If you have had a bad experience using the platform, embracing the crypto is almost impossible and that is what is eating the Libra project.

For one, Libra is not bringing anything new to the crypto verse. In any case, it is taking the role of fiat in disguise and this is what many governments are afraid of.  The growing opposition of the project globally means it is rubbing some authorities the wrong way and no one wants to be in the mix, eventually.

Coin Role Missing in Crypto Sphere

On the onset, the coin if not clearly defined; to date, no one can point out its benefits or risks. Secondly, it is not clear how the coin will be used. It is neither a remittance outfit of plain payment ecosystem. This makes it hard for the regulator to categorize it.

Privacy and security are other concerns and no one is convinced that their transaction details will not be traced. As much as the Whitepaper indicated that Facebook will not play direct role in the day-to-day running of Libra, many are sitting on the fence to watch how the scenario unfolds.

It’s Your Call

As a crypto lover, the digital money market hype should not be the guide to stake up Libra. FoMo might drive Facebook users to identify with the coin but this is not the right way to increase crypto holding. First, do a background check before staking up; due diligence is free after all!