Facebook Libra Coin | Facebook Libra Cryptocurrency - TechSog

Facebook Libra Coin | Facebook Libra Cryptocurrency

Facebook Libra Coin – Facebook is about to launch its very own cryptocurrency in the year 2020, which is known as Libra. The name Libra is gotten from a Roman measurement for weight, which may or may not have anything to do with Facebook’s desire to give their coin this name.

Well, Facebook intends to launch this new payment system that works like other cryptocurrencies, just like other crypto payment system, Facebook Libra coin has a decentralized system and does not need a third party for transactions to be conducted.

Facebook Libra Coin

People are however quite skeptical about this new payment system and Facebook is also facing some legal issues concerning this new cryptocurrency being developed.

It is even believed that Facebook is trying to dominating the world by creating a payment system which cannot be controlled by the government and other bodies. But does this new payment system have some advantages attached to it.

What Are The Advantages Of Facebook Libra Coin

Despite the allegations and attacks against this new payment system, Facebook still insists that this new payment system is for the best and has come to stay.

Facebook claims that this new payment system is a way of creating methods of transactions for unbanked users, to make it easy for them to receive money and send money with ease.

There are lots of smartphone users and there are also users who do not have active bank accounts, and Facebook is trying to say that as a smartphone user you can conduct money transactions whether or not you have an active bank account.

This system is beneficial for such individuals who do not have active bank accounts, this means they can conduct transactions either through their messenger app, WhatsApp or Calibra app.

This system is also convenient for lots of people who spend a lot of time on messenger or whatsapp, it makes it convenient for them to conduct money transactions while using these apps.

Facebook also claims that users can conduct transactions at low cost or no costs at all while using this payment system. This means you do not need to pay bank charges or other fees attached to using third-party payment systems.

Facebook is yet to release more details about its crypto coin but with the little we know, founding members of this system are tech companies like Paypal, Ebay, Uber, Lyft, MasterCard, Visa and other financial and venture capital firms, which means that Facebook Libra coin will be likely used to pay for services offered by these firms.

This means you can pay for Uber or Lyft using your Facebook coins, you can also use Libra coin to pay for offline services according to Facebook. You can use Facebook Cryptocurrency for peer-to-peer transactions, and users can send money to other users.

Facebook also intends to facilitate the use of Libra at various vendors for day-to-day transactions. Users can also pay for services like Uber and Lyft since they are also founding members of Facebook Cryptocurrency.

How Do You Use Facebook Libra Coin?

Facebook Libra coin is stored and used in Facebook digital wallet known as calibra, Facebook is yet to release operations of these digital wallets. But with the little info we have gathered, this wallet is a standalone app which can also be used within messenger and WhatsApp. Users with smartphones can simply download the app and start using it for money transactions.

Who Owns And Controls Facebook Libra Coin

Facebook Libra coin was masterminded by Facebook, therefore it is Facebook creation however Facebook claims that once this new payment system is launched it will relinquish its leadership roles and its founding members will have equal votes to govern the system.

This means that Facebook cryptocurrency is not controlled by a single body but acts as a decentralized system. The group of firms controlling it is known as Libra Association, and this association of firms makes decisions concerning this system collectively. The decisions concerning the operations and policies of this system are made by this collective body and the system is not controlled by Facebook alone.

Is It Safe To Use Facebook Libra Coin?

According to Facebook claims its Libra coin will be free of fraudulent or money laundering activities. The payment system will be decentralized and transparent too giving little or no room for one body to control the system and mismanage it.

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