Libra: The Facebook’s New Own Currency

What is Libra?

  • Libra: The Facebook’s new own currency, technically its cryptocurrency now being govern and monitored by Facebook. 
  • Facebook just introduced Libra, a new cryptocurrency designed to blow up the global financial system. 
  • Using this new cryptocurrency, Facebook’s customers will be able to save money, send money and spend on the basis of Libra ‘virtual currency’.
  •  Facebook said that, “It’s going to be as easy as sending a message. This will be Launch on next year. 
  • There is a possibility that Facebook may present cryptocurrency from next year. 
  •  Libra will be developed as a global digital currency.  
  • It can be used by both online and offline. 
  • Calibra Wallet for online transactions through Libra it has also been made by Facebook.  
  • Libra which will be expected to launch in next year has supported by some organizations like Uber, Spotify, MasterCard, eBay and Vodafone.

What is Calibra?

  • Calibra will let you send Libra to almost anyone with a Smartphone, as easily and instantly as you might send a text message and at low to no cost” Source: Facebook.
  • It’s a new subsidiary of Facebook that is solely designed to focus on financial services.

Partners of Libra:

  • One of the superior thing that I was surprising because of is its partners have you seen the list of the partners they have like just look at the image below, 
  • The Partners of Libra are Uber, Strip,  Kiva, Vodafone oh my god! This is so impressive.
partners of libra
Source: Google

How Libra will change the way you spend money

  • This crypocurrency which is invented by Facebook will provide alternatives to our online payments, credit cards, debit cards, bank transfer and so on.
  • Facebook CEO Mark Zuckerberg said that “Libra and calibra will be decentralized that means it will not run by only one organization instead of it will run by many different once.”
  • As the internet is easy to access and affordable so it’s obvious that its available for each and everyone.
  • Cryptography is the most secure way from which you can safely transfer money over internet.
  • It keeps your money safe.
  • It will interact you to make secure payments through messaging.
  • Head of the calibra Marcus said that “There is lot wallets which will compete with us and they would not be in social and if we want to successfully win people’s trust, we have to make sure the data will be separated.”
  • Facebook also said that if calibra reaches its scale then they will provide more features  and finical tools with the help of calibra just like  paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass etc.

Security of Libra

  • If in case you may get hacked or lose access of your account then Libra will refund you, your lost coins in possible time as it’s a secure wallet it has its responsibility to keep users privacy and security.
  • Calibra manages all your keys for you which make it more easy to use you just don’t have to remember any long passwords.
  • But if we talking about the security Facebook is still being seen for different eye for the security

What is Libra’s Mission

  • Facebook is biggest company its going to take over a lot of things in the future.
  • At a initial level any company wants to grow in innumerous scale wants to build more and more but some companies has crossed that level then they are not just the company who has been working for the growth, profit and anything like that.
  • They are working for beyond the level they just wants to getting more control on entire global population as much as they can.
  • They become the money itself like the Facebook doing now.
  • Likewise apple also launched its credit card if you know.
  • Facebook says that Libra is a simple global currency and financial infrastructure that empowers billions of people.
  • Libra has a high degree of assurance they can convert their digital currency into local fiat currency based on an exchange rate, just like exchanging one currency for another when traveling.

The Conclusion:

  • It’s all about Libra the new trending and the Facebook’s own currency rather we can say cryptocurrency.
  • Libra is for everyone and anybody can use it. It’s on mobile also you can just send it like a message. 
  • It’s a stable, fast and also scalable and secure.
  • It’s a stable currency, open source and govern by independent association.
  • In future it would be successful to making good, better, cheaper and open financial services.

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