In the last few years, cryptocurrencies have become a popular topic. The most popular cryptocurrency is Bitcoin but there are other cryptocurrencies as well. The new addition into the list is the Facebook Libra Cryptocurrency that is expected to be launched in the year 2020. Since Facebook is one of the powerful social media platforms, more people have become interested in understanding the Libra crypto better.
It is still in its early stages and many people are yet to understand what is Facebook Libra. But basically, it is a new cryptocurrency intended to make purchases and sending money online easier and at almost zero fees. The idea behind the Facebook Libra coin is to offer reliable and fast transactions. You will also have an option to hide identity as you exchange local currency into Facebook’s Calibra wallet.
The new currency is expected to change global payments. This is because Facebook aims at reinventing money and transform the global economy so that people across the world would live better lives. Another concern for many people is how Facebook Libra works. However, Libra will work just like other cryptocurrencies such that you can exchange the currency without the need to reveal your identity.
On the other hand, Facebook Libra coin is more centralized since it is being governed by over 20 organizations that form the Libra Association. The main purpose is to make online transactions fast, scalable, secure, and stable. Calibra will be a subsidiary that will deal with Libra financial services and will operate independently. They will also have strong measures to protect your money and information.
To guarantee safety, similar anti-fraud processes and verification used by credit cards and banks will also be used. There will also be automated systems to proactively monitor activities in order to detect and prevent any fraudulent behavior. Users will also access dedicated live support to assist them in case they lose their password. In case a person loses some Libra due to a fraudulent activity, they will receive a refund.
The main reason why Facebook is interested in cryptocurrencies is to help over 1.5 billion people who are outside the financial system. Facebook also wants to assist individuals who want to access better financial transactions.
At the same time, Libra is a huge opportunity for all businesses irrespective of their sizes. All business can now make their client base bigger. This is because Facebook will bring more customers even close to businesses in a way that feels secure, stable, and easier. Get more details about facebook libra here: https://www.huffpost.com/entry/libra-facebook-cryptocurrency-details_l_5d097144e4b06ad4d257e35c.