Everything you need to know about Libra, Facebook’s cryptocurrency
Facebook has announced its own cryptocurrency, Libra powered by blockchain technology. You’ll be able to buy online or at local grocery stores with your libra. The word Libra comes from a Roman unit of weight measure. Facebook has released its white paper explaining every detail about Libra. It said it will be launched for the public in the first half of next year. Libra has Visa, Uber and Andreessen Horowitzbut as founding members besides the Libra Association and Facebook. So Facebook is not the sole controller of the Libra.
Facebook is also launching Calibra which will introduce digital wallet for the Libra. This will be Facebook’s global digital currency. Facebook has an opportunity to because billions of people who do not have a bank account may opt them as financial services provide alternatives to the bank. Bitcoin and other available cryptocurrencies cant be accepted as a medium of exchange because of their unpredictable price swings. This will make Libra the alternative of PayPal. Libra will easy to setup and common as a payment method with lesser fees.
Facebook wrote “Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee,” in Libra’s documentation. It will have to face with the existing modes of payment which users are using and are familiar with either banking’s or its alternatives. Here is what you can do with Libra! Get Cashed in local currency without big transaction fees or your real name disclosed, send as payment.
Facebook said it want to have 100 founding members it’s open to anyone that meets the requirements. The Libra Association will take care of finding more founding members. A Libra is a unit of the Libra Facebook cryptocurrency represented by a three wavy horizontal line ≋ . The value of a Libra will be almost fixed making it a good medium of exchange for merchants. Soon You’ll be able to trade in your local currency for Libra and vice versa.
When someone cashes money goes into the Libra Reserve and an equivalent value of Libra is coined. If someone cashes out from the Libra the Libra they give back are destroyed and they will receive the equivalent value in their local currency. The Transactions will not be entirely free. They charge a little fraction of a cent.
So how do you use Libra? You can use it through Libra wallets like Facebook’s own Calibra and or built by any other third-parties, The idea is to make sending money as simple as sending a Facebook Message to a friend. You won’t be able to make any transactions until the official launch next year, though you can sign up for its early access when it’s ready.