One of the greatest social media platforms recently announced the launch of its new crypto-currency Libra. The currency will be soon in front of the people by early next year for trading. People will not only be able to trade with the crypto-currency but will also be able to purchase things and do swift transactions with a very small amount of fee.
According to Facebook, their objective behind releasing Libra is to make sure that everyone gets banking facilities as more than 70,000 people around the world do not have a bank account and thus they cannot utilize the banking facilities.
With Libra still to be launched, I know you guys may have a lot of questions in your mind regarding the Libra cryptocurrency. So, in this article, I will provide you with important details regarding Libra.
Before we begin, let me tell you sometime important that any trader must necessarily pay attention to it!
PLEASE PAY ATTENTION: Libra is not a very volatile cryptocurrency like Bitcoin. In fact, Libra was designed to be more stable so don’t just expect to earn huge profits by investing directly in Libra. Moreover, be it any kind of trade, it always has some amount of risk associated with it. You cannot expect to trade without dealing with any kind of risk. So, if you are interested in crypto-trading or investments in digital money, you must also be prepared to lose your investments. You cannot expect to win every time.
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Having that said, here are some of the important things that you should know about Libra crypto-trading!
How Are Libra And Bitcoin Different From Each Other?
Both Libra and Bitcoin are crypto-currencies in which you can invest and make purchases and do transactions. Both these crypto-currencies use Block-chain technology. That is it. This is where the similarity ends.
Unlike Bitcoin, Libra is not volatile Infact it was designed not to be unstable and is tied down by a pool of money in the Libra Reserve association. This association has 28 members like MasterCard, Visa, and PayPal among others.
Whereas the value of Bitcoin has fluctuated hugely from $1,914 and $19,345 over past couple of years.
Motive Of Creating Libra
Facebook has officially announced the reason for creating Libra is to help those people who lack bank account. Yes, Libra will help such people to make transactions and send money to their families in another country.
You will be shocked to know that more than 70,000 people around the world do not have a bank account, so Libra is out there to help them. With about 2.4 Billion of Facebook users, it already has a readymade pool of traders, who can directly use Libra to purchase the products shown on social media.
Setbacks Of Libra!
Facebook has always been on the radar of people over privacy issues. Many people have shown concerns and complained regarding their privacy on Facebook. So, with Libra though Facebook is claiming to provide complete security and anonymity to it is user, it is still highly doubted.
Effect Of Libra On Other Crypto-Currencies
There are so many Crypto-currencies launched Before Libra, like 1000 of them and no not only Bitcoin is the most traded crypto-currency but Ethereum, XRP, Litecoin and EOS are also among the most famous ones.
So, if Libra is able to win the trust of people and becomes a famous crypto-currency, it will for sure pull down the prices of the rest of the crypto-currency and lead to reduction in their value.