Libra, the new Facebook cryptocurrency has finally be revealed and plans are on the way for its full deployment in the first quarter of 2020. The idea was to connect the 1.2 billion Facebook users not have access to traditional banking platforms. With the goal to create the first truly mainstream cryptocurrency. This would be available not only to Facebook 2.4 billion monthly users but also extending to the Libra association members platform.

What is Cryptocurrency?

A cryptocurrency is simply a digital or virtual currency. It’s called “cryptocurrency” because it uses cryptography for its security which makes it difficult to counterfeit. Cryptocurrency is built on blockchain technology with decentralized systems making it very secure. Moreover, the major and possibly best feature of cryptocurrency is its organic nature. A cryptocurrency is not issued by any central authority. This makes it immune to government interference or manipulation.

Features of a cryptocurrency

- It is a digital currency built with cryptographic protocols.
- It’s not controlled by any central authority such as governments’ regulations.
- Transactions are easily conducted using cryptocurrencies with minimal processing fees.
- Cryptocurrencies simplified transfers through the use of public and private keys for security and privacy purposes.

What is Libra?

Libra, as named after the Roman unit of measurement for coins, is a much different cryptocurrency from the others like Bitcoin. Libra will allow you to buy or cash its currency online or at local exchange points like grocery stores. Also allowing you to spend it using interoperable Facebook-owned wallet (Libra) or a third-party wallet app. Libra will be available on Google Play and the Apple App Store as a standalone app. Also, Libra wallet will be integrated into Facebook, Messenger app and WhatsApp.

The Libra currency



Libra, the first to be world's stable cryptocurrency would be a good medium of exchange. Having its value tied to a basket of bank deposits and short-term government securities while linked to stable international currencies. The unit of the Libra cryptocurrency is known as a Libra, represented by three wavy horizontal lines.

Facebook and Libra



Libra will be integrated into Facebook services such as WhatsApp, Messenger, and Facebook itself. In achieving this, Facebook is launching a subsidiary company called Calibra. Calibra will deal with handling of Facebook cryptocurrency and protects users’ privacy. This is aimed simply because Facebook does not want to conjoin your Libra payment with your Facebook data. Ensuring that your data wouldn’t be used for ad targeting and your real identity not tied to your publicly visible transactions. A major goal of Libra is its setup simplicity as well as its ubiquitous payment method. Libra is hoped to be the evolution of PayPal by becoming more efficient with fewer fees while easily accessible to the unbanked.

Also, Facebook won’t just be fully in control of Libra, but instead, get just a single vote in its governance. Other founding members (28) of them, for now, will all have a vote. Which is for investing at least $10 million each into the project’s operations and meeting up with other conditions.

The Libra association members (partners)



Libra associate membership comprises of 28 founding partners which include:

Payments: PayPal, Mastercard, PayU (Naspers’ Fintech arm), Visa, Stripe.
Technology and marketplaces: Facebook/Calibra, eBay, Booking Holdings, Farfetch, Spotify AB, Mercado Pago, Uber Technologies, Inc, Lyft.
Telecommunications: Vodafone, Iliad.
Blockchain: Coinbase, Anchorage, Inc., Xapo Holdings Limited, Bison Trails.
Venture Capital: Union Square Ventures, Andreessen Horowitz, Ribbit Capital, Breakthrough Initiatives, Thrive Capital.
Academic institutions, Nonprofit and multilateral organizations: Kiva, Creative Destruction Lab, Women’s World Banking, Mercy Corps.

Notwithstanding, Libra partnership is open to anyone that meets its requirements. While Facebook is still hoping for more founding partners, targeting a 100 before the official Libra launch.

Most importantly, Facebook/Calibra and other founder members of Libra will earn interest on the money users cash in. The cash in money will be held in reserve to keep the value of Libra cryptocurrency stable.

How do I use Libra cryptocurrency?

Libra would be used through Libra wallet, controls by Facebook’s own Calibra. While other Libra partners would have their own wallets for their users. Although, for now, you won’t be able to make or receive any real payments until when Libra is officially launched next year. Still, you can sign up now for early access once it’s ready for use.


What are the disadvantages of using Libra?

With all the glamour Libra is posing and promising, it’s also fair to look at its other side:

- Libra as digital money is in the same category with a credit-card and would cause people to spend more money that they wouldn't have otherwise spent with cash.
- Social media has been shown to promote spending, no thanks to its ads promotion and peer pressure. And having an integrated currency tool as Libra integrated into social media, will cause easy spending.
- Consumers will need to understand how Libra’s currency exchange works. So as to know the worth of their physical money when it’s converted to Libra or when it’s cashed out.
- It pushes the idea of a cashless society which disenfranchises the poor, elderly and unbanked.
- Spending your Libra currency would demand you using an Internet-enabled gadget resulting in cost and fees.
- A cashless society can result in an entire economy vulnerable to disruptions and attack.

Final words

In all, Libra is a great idea and we hope it does live up to Zuckerberg’s lofty economic goals and empower billions of people worldwide.

Source: https://techablaze.com/blog/facebook-libra-cryptocurrency-what-its-all-about-and-what-itll-do-for-you/

https://www.youtube.com/watch?v=3NdlhgPZ1Do

Facebook has with the announcement of Libra made cryptocurrency to have a better image. But Libra is to launch in 2020. 2020 is too far. Nigerians need to own cryptocurrency today. I am giving out some units of cryptocurrency for free until midnight on June 30, 2019. When you receive it you can keep it in your pernum wallet and watch the value rise, maybe you can sell it in 2020 when Libra launches.

twnklshop:
Facebook has with the announcement of Libra made cryptocurrency to have a better image. But Libra is to launch in 2020. 2020 is too far. Nigerians need to own cryptocurrency today. I am giving out some units of cryptocurrency for free until midnight on June 30, 2019. When you receive it you can keep it in your pernum wallet and watch the value rise, maybe you can sell it in 2020 when Libra launches.

bros i am here ohh let me send my wallet id please, i haven't received a single btc since i opened that wallet, just any amount will be good, meanwhile i have been trying to mine btc with honey miner, and cos i dont have an ascii miner and just pc gpu plus including the nigerian factor, i havent made much progress or gained much satoshis, i was wondering if you could point me in the right direction in the case of cryptomining

and dont forget the btc please, its not a right bro, its a plea

twnklshop:
Facebook has with the announcement of Libra made cryptocurrency to have a better image. But Libra is to launch in 2020. 2020 is too far. Nigerians need to own cryptocurrency today. I am giving out some units of cryptocurrency for free until midnight on June 30, 2019. When you receive it you can keep it in your pernum wallet and watch the value rise, maybe you can sell it in 2020 when Libra launches.

bros i am here ohh let me send my wallet id please, i haven't received a single btc since i opened that wallet, just any amount will be good, meanwhile i have been trying to mine btc with honey miner, and cos i dont have an ascii miner and just pc gpu plus including the nigerian factor, i havent made much progress or gained much satoshis, i was wondering if you could point me in the right direction in the case of cryptomining

and dont forget the btc please, its not a right bro, its a plea abeg

Cannonleo:
bros i am here ohh let me send my wallet id please, i haven't received a single btc since i opened that wallet, just any amount will be good, meanwhile i have been trying to mine btc with honey miner, and cos i dont have an ascii miner and just pc gpu plus including the nigerian factor, i havent made much progress or gained much satoshis, i was wondering if you could point me in the right direction in the case of cryptomining

and dont forget the btc please, its not a right bro, its a plea abeg

I am not giving BTC, it is Rainbow Currency I am giving out for free till midnight on June 30, 2019. I prefer to keep Rainbow Currency than to keep BTC. Rainbow Currency is more likely to appreciate by 400% before BTC appreciates by 100% from current price levels of both. If you want free Rainbow Currency contact me with the details on my signature.