Crypto-currencies are something that really caught up the attention of a lot of people in the past couple of years, especially with the sudden âboomâ that Bitcoin made two years ago when it reached an unbelievable number of $22,200 per piece.
Today, the crypto-market is a bit more âchillâ, maybe even more than we like it to be, with really small rises and dips going on every now and then. However, crypto-enthusiasts are still investing and looking at the news, getting informed about everything thatâs about to happen.
If you are one of those people, you probably already heard the news of the new Facebook cryptocurrency that is supposed to come out by the name of âLibraâ. If not, chances are that you donât know about this coin, but now youâre probably intrigued to learn more. Well, weâre explaining everything that you should know about Libra, right here in this article, so feel free to continue reading until the end. Letâs take a look.
Libra â What is it?
Source: HuffPost
Just like weâve mentioned earlier, Libra is a crypto-token that is launched by Facebook itself, the world-leading social media network, and it is quite different in terms of features, especially when we compare it to some of the most popular cryptocurrencies such as Bitcoin and Ethereum. Rumors say that Libra will be something thatâs called an âenclosedâ blockchain, where all of the transactions will be verified by pre-selected agents, unlike the decentralized blockchain system where transactions are being verified on their own, by confirming all the steps from previous users.
Weâre not going to go entirely in-detail about the tech-stuff related to crypto-currency, simply because there are far more important news and drama thatâs going on about Facebookâs Libra, so letâs take a look.
Libra has the potential to be used for money laundering?
Source: TechSpot
There has been a lot of drama going on about the launch of the new Libra coin, and a lot of finance and economy experts stated that Facebook is not really capable of making something that big which will be secured and private at the same time, so they strongly believe that it will be used for money laundering if the launch procedure is not carried out properly. Click here if you want to learn more about this topic.
According to Mnuchin, Libra would have to convince a lot of expert financial regulators that it has a high privacy standard before it will be able to be freely used worldwide, and specifically in the USA.
When will this coin be available?
Source: Digital Trends
Rumors say that the coin will be available in 2024, and after it gets launched, you will be able to use it in every place that allows the usage of Libra, which we doubt will be really frequent during the earliest stages of the launch period. If you are wondering whether Facebook will make money from this, yes, but not a lot. Their point is to reduce the fees and costs to the bare minimum and combine the stable-ness of the US Dollar with the security that the blockchain network provides, into one ultimate coin called Libra. Whether this project will be successful or not, only time will tell.
