Talking of Facebook Libra cryptocurrency, this is a form of the digital payment systems that has been on the receiving end for quite some time from legislators and regulators alike. As a matter of fact, Facebook’s so planned roll out of the digital coin, Facebook Libra, has received some rather lukewarm or plain cold response from the various players and parties of interest in this, legislators, regulators and nonprofits all who have had an expression of some form of reservations for this project by the great social network. These relations may only get frostier if the concerned are not going to have the right information about Facebook Libra. Here under we take a look at some of the most basic of the facts that should be known on what Facebook Libra and Facebook Libra cryptocurrency is to debunk and sort out the misconceptions there may have been so far about this project.
One misconception many have had when it comes to this project is that this is a project owned by Facebook and as such many ask why Facebook wants to have a cryptocurrency. The truth to know is that this is not actually Facebook’s cryptocurrency. This project is actually by the Libra association which was co-founded by Facebook. Facebook Libra cryptocurrency will be serving as the monetary authority for the cryptocurrency. According to the founders, they specifically target the billions out there of the unbanked who are seen to be able to use the cryptocurrency.
With this said and done, one thing that needs to be noted is that Facebook has had its own interests in digital cash and these have been there from the days of old even before the coming in of Libra. In fact some years back, we even saw the social network run its own virtual currency, known as Credits, which particularly served for the payment for games that were played on Facebook. Some time earlier in the year, Mark Zuckerberg, founder of Facebook made a comment to the effect that sending money online should be as easy as sending photos and other media is. By and large, Facebook Libra is designed to make it so easy and cheap sending money online and this is seen to be a strategy that will help see the numbers of the subscribers to the platform grow going forward.
Facebook Libra has similarities and differences with the other forms of cryptocurrencies like ether and bitcoin. One of the areas of similarity is in the fact that just as the others, Facebook Libra cryptocurrency exists only in digital form.