Exclusive on Facebook Libra Coin (price) and Comparison
Last week, Facebook announced its plan to expand into payments and in bid to accomplish this, it will launch its coin known as Facebook Libra Coin. In this endeavor, more extensive use of new types of cryptocurrency assets will be opened.
Authorities and finance regulatory bodies are still optimistic in ensuring high standards and regulations.
The coin, Libra will be launched in 2020, and it will be a little like bitcoin, a little like PayPal and will be a more advanced digital currency of choice.
The Libra will be available to people without bank accounts or credit cards; this may pose a little danger to us all.
Now, the following sub-topics will give you a broader view of Facebook coin ‘’Libra’’:
Insights on how it works, and Comparison:
Libra will be a digital type of currency; users can access it through apps and will be able to pay for goods, products, and services. They will also be able to send money to one another all over the world; it can as well be used for daily transactions.
In a way, Libra is like the favorite PayPal and venom. PayPal and Venmo are for people with bank accounts, but Libra will make a difference in this area.
The Coin is not like a coin where you buy it because it will grow 100times as valuable. It is tied to Government-issued currency like euro, dollars, and pounds.
This coin’s usage is practically like exchanging a pound for a dollar.
To exchange or keep Libra, you need to use a ‘’wallet’’. The wallet is an application that is integrated into other existing applications, just like apple pay or PayPal. The plan is to allow developers to create their wallets, but unlike bitcoin and co, Facebook Libra is tied to government-issued currencies (Dollar, euro, pounds, etc.).
It will have a market-value basket of several world-trusted currencies (Nick Douglas and Wired, 2019).
The market value basket will keep the currency safe; it will prevent and curtail the scammy, weird, and gambling vibe of bitcoin.
This digital currency is not what you buy for its benefits or inflation. It exchanges a dollar for a euro.
Now coming to its backend; Libra handles transactions with blockchains like bitcoin.
Although bitcoin blockchain is distributed to all who use it, Libra’s blockchain will be solely managed by the Libra association. It will be handled in line with standard monetary policies, and this will make a huge difference.
The Libra will be launched in 2020; it will be available in your Facebook messenger, Whatsapp App, and other Libra partners.
You may or may not use it in your lifetime.
The answer to whether you will use it depends on two factors or questions.
1. Do you need a Venmo?
2. Do you need a credit card?
These two questions will determine if you will use the new digital currency.
History of Libra Coin:
Facebook started the work since 2018; it was left undercover until Facebook launched a website and white paper for Libra Coin.
It was developed or controlled by the Libra Association; Libra association is a 28-partner consortium of foundations and companies, but Facebook is the cornerstone behind Libra invention.
The founding partners of Libra include Vodafone, Paypal, eBay, Spotify, Cryptocurrency companies, many investment firms, Companies and few non-profit organizations.
Each of these founding partners invested at least $10 million; part of their investment was to build a reserve of fiat currency (regular dollars) to exchange for the coin.
Facebook is a partner, the same with Calibra, and the association hopes to add more partners in the future.
To get a clearer insight: the aim is to decentralize the currency and lower their control over it. This step will help in building faith in the currency because the founding companies aim for something bigger and more real. The dream is more prominent than Flooz, airline miles or Disney Dollars.
As I mentioned earlier; other developers can make their wallets, but Calibra is a ‘’wallet’’, an application that allows you to exchange Libra coin.
Facebook will integrate it into our Facebook Apps, Whatsapp, and other facebook associates; this will offer a huge advantage to users of these platforms.
With these apps, you will be able to send money just by texting or something similar to Apple Pay in the messages Application (Nick D., 2019).
Advantages of Libra Coin and Prospects:
If PayPal works for you, you may not need the Libra. If Venmo works perfectly well for you, then Libra is not for your consumption.
Libra is not aiming at these two groups mentioned above. The biggest beneficiaries will be people sending money to family abroad.
According to Stats, 1.7billion adults lack access to a traditional bank (Libra White Paper, 2019).
This is approximately 31% of the total world’s adult population. If you wish to send money to one of those 1.7billion people, Libra is the ‘’fairly predatory’’ option of choice (Lammer, 2019).
Fees for the transfers average close to 7% (Techcrunch, 2019).
You don’t need a bank account; PayPal or Venmo couldn’t solve the problem for this 1.7billion people who have internet access; Libra makes it possible for you to send and receive money at will.
The transaction will also be cheaper than other non-bank option plus you can also fund your Libra account from your bank account, through Stripe or PayPal.
For the remaining population, there are still some benefits for us. Incentives from Libra coin can benefit us instead of credit cards which charge more.
The founding companies like Uber, Lyft, eBay, Spotify, and others will be eager for you to pay in Libra: they might even offer discounts if you use Libra coin for transactions.
Although no formal discount has been announced, they’re working things out.
Other Prospects include:
Companies will want to use it to keep you as a customer. Some people don’t purchase goods because they lack credit cards, but Libra liberates such people from massive constraint. Companies can as well win your loyalty as they will encourage you to keep your money in Libra wallet. Examples of such companies are Uber, Spotify et. al.
Libra saves money: when you use a credit card, there is always a remarkable transaction fee. With the incoming coin, this fee is smaller than what credit card transaction cost.
Another considerable benefit is ‘’tracking your purchases’’: customer’s data is essential to them, and they will always want to play on safer ground. Libra transactions will be pseudonymous.
Libra will also help you sell more services to people around the world.
Facebook libra coin price
The Official Price of Libra Coin has not been announced by Facebook. However, any moment facebook will declare the price of facebook libra coin.
How to buy the libra coin
By 2020, when Facebook will officially commence the purchase of the libra coin, you can buy it through creating a wallet on facebook. By 2020 more details will be released by Facebook
Facebook Coin, Libra will be very cheap to use; it can also make micro-transactions more beneficial and attractive. No need to worry about excessive charges.
On the issue of investing, Libra won’t have a significant gain or lose value; if you have $10million and a good reason to join, you could become a member of the association.
With this new digital coin, your money will never be useless; the value of Libra will always be very stable.
The risk is not to be ruled out because as all transactions have its own risk; but one thing is sure, Libra can never fluctuate like bitcoin and co.
Your money will not be hacked unless you got too adventurous. Using the official app and sending funds to legitimate people will keep you 100% safe from all scams.
Libra is more stable than bitcoin, more digital than PayPal, very easy like our daily chats and this coin requires no centralization; finances will be evenly decentralized and protected.
Facebook Libra coin may be the one-end-solution to all your transaction/finance management needs.