With more than 2.7 billion active users in the whole world, Facebook is the biggest social network that continues to grow in 2020 even! Despite the fact that Instagram and TikTok are getting popular, Facebook still stands first as the largest social network used by people as per the reports of April 2020.
You and I also belong to the same category of people who use Facebook for entertainment and to share photos and videos with our friends.
Absolutely free to use, this mob and web application have turned the tables upside down for every other social network after announcing its own powerful cryptocurrency. The currency is named Libra and it is all set to launch in the upcoming January 2021.
You may be wondering what Libra currency actually is? This article revolves around Facebook’s newly launched cryptocurrency. This comprehensive guide will take you to the world of digitalized currency of your most favorite social network and you will gain a clear insight about Facebook’s Libra currency.
AN OVER-VIEW OF LIBRA CURRENCY:
Diem or commonly known Libra is a type of digital currency-mainly a permissioned Blockchain-based payment system. The currency has been mainly proposed by the social network company Facebook.
Libra also introduces some other private currencies that must be implemented as cryptocurrency. As per resources of the dissertation help writers the complete plan has not been exposed yet and only the experimental code of the software has been released. Written in Rust programming language, Libra is going to be the revolutionizing face of Facebook.
FACEBOOK’S LIBRA CURRENCY- A COMPREHENSIVE GUIDE:
Why Libra is introduced?
The biggest social network Facebook claimed that Libra would help people to reach people without access to a bank account. For this purpose, there is nothing better than Libra currency. As per the statements by Facebook, it is hoping to reach 1.7 billion people around the whole globe who are not having a bank account.
Libra is a global currency and a financial infrastructure. It would help the billion users of Facebook to make financial transactions online throughout the globe. The Libra currency is an updated version of Blockchain technology and encrypted technology that would be used by Bitcoin.
All set to launch, this new currency can alter the face of banking and the scenarios for online transactions will take a huge turn. It is an open threat to the banking forums because the Bitcoin and cryptocurrency are already making their remarkable appearance in the technological ground.
Launch of Libra:
The launch date of Libra is announced to be as soon as in upcoming January. The absolute launch date would also depend on the approval of the project that would be done by Swiss Financial Market Supervisor Authority (FINMA).
There are many cheap essay writing service has shown their interest in the launch of Libra, because the digital currency would allow them to perform payment and refund methods easily.
In association with Facebook, the currency would firstly launch a single coin backed one-for-one by dollar.
Facebook had announced this digital currency and a related project in June last year but later it scaled-down all the plans. The reason for scaling them down was the scrutiny done by the regulators worldwide.
Why the name “Libra” is given to the Facebook currency?
The name of the newly rising concept Libra currency rises from the basic roman language used for the measurement of weight. The abbreviation lb. for pound comes from Libra and the £ symbol is used to represent this currency.
Can we get Libra?
The cryptocurrency Libra would help billion of Facebook users to buy their choice stuff and do online transactions with almost zero charges. Users can also send online payment and money and this will absolutely cost them zero pence.
However, the process of getting Libra currency is not clearly announced yet! People will need a reliable resource of income to avail themselves Libra currency.
How to use Libra:
Using Libra would require an individual to download Calibra that is a digital wallet and a subsidiary of Facebook Corporation. The wallet would be available on Messenger, Whatsapp and as a standalone application as well. People would be able to use this digital wallet and could send and receive money via their smartphones.
The list of the countries that would be using the new cryptocurrency is not out yet. But, as per the announcement of Facebook, it is very clear that everyone who uses a smartphone could download the application.
Can we buy via Facebook Libra currency?
All set to launch as an updated version of Bitcoin and cryptocurrency, Calibra- the digital Libra wallet would allow people to receive and send money to each other. People would be able to do online transactions and this would be a revolutionized face of banking.
Uber, Spotify, Paypal, and Lyft are already investing in this cryptocurrency project. This would help the people to use these services via digital Libra wallet. However, this is not being confirmed by any of the companies.
Would Facebook Libra Cryptocurrency be safe enough?
As per the surveys, people are showing their privacy concerns towards the financial app owned by Facebook. However, the biggest social network corporation stated that it is in the process of implementing security and privacy data technologies.
The privacy concerns require foolproof secure applications so that people’s data and money could stay safe from money laundering and scams.
The team of Facebook announced that it would use the same and secure verification and automated systems that are used by the banks. It was also declared that the smart technology of Libra will monitor every activity to avoid fraud.
Also, the technology would be powered with live chat support for the consumers so they can avail help in any unfortunate circumstances. Facebook is also offering refunds with this technology if someone loses his money.
This ultimate guide would provide you with all the information that you needed to know about Facebook’s Libra currency. We hope to see a digitalized and revolutionized face of Facebook and banking in the future!