Facebook on Tuesday has announced its new cryptocurrency Libra. This designed to allow the billions of users on its platform, Facebook, WhatsApp and Instagram to send and receive payments with no banking intermediary. The token which is a stable coin and notably differs from the likes of Bitcoin is targeting those people in a region where they could not access traditional banking services, in a move that’s likely to prove a significant disruptor in the money transfer market.
This was speculated for some time that the Facebook was working on cryptocurrency, tied to its blockchain, until now, we’ve had little in the way of detail.
What need know about the Libra? It named after the Roman weight measurement, is Facebook’s new stable coin that will let the user send a money transfer with Libra to another user across all Facebook network. Libra needed is a digital wallet to send and receive funds – the system does not rely on any traditional banking methods. Facebook wants to bring crypto currencies to the mass internet user and mark By 2020 send and receive payments across Facebook and WhatsApp realistic
Facebook has finally made the announcement of its new cryptocurrency Libra, this designed to allow the current billions of users on its platform to send and receive payments with no banking intermediary.
The token which is a stable coin and notably differs from the likes of Bitcoin, is specifically targeting those people in a region where they could not have access to the traditional banking systems, in a move that’s likely to prove a major disruptor in the money transfer market.
It was in the news for some time that Facebook was working on form of cryptocurrency just like bitcoin, tied to its own blockchain, until now, we’ve had
All the same, before you recall the wild price inconstancies of Bitcoin, Facebook’s cryptocurrency is a stable coin, as we speculated would be the case in a few months ago. The value of Libra stabilized to fiat currencies, like the dollar or euro, and will, therefore, be protected against wild pitches in value. It functions more or less like Bitcoin, which is seen like every other digital currency as it is an asset, and more like a digital token – it represents ‘real’ money for day-to-day business as usual.