What Do We Know About Facebook’s Libra Cryptocurrency – Is It Better Than Bitcoin?

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Turns out, Facebook’s cryptocurrency, and the company’s long-rumored, vast ambitions in the crypto space, are real. Nexter.org reports about all the details we learned so far.

What’s Libra?

On Tuesday, Facebook officially announced its decentralized cryptocurrency that will allow users of Facebook and WhatsApp to easily send each other money and make online purchases. And it’s called Libra.

With Libra, Facebook is reviving its old dream of building a payment network; the company tried in 2015 with Messenger Payments, but the feature, which let users send and receive money, never quite caught on.

facebook-libra-cryptocurrency-photo

Source: Facebook

Libra isn’t just Facebook’s project. It’s backed by the Geneva, Switzerland-based Libra Association, a non-profit organization with a long list of founding members who will jointly make decisions over Libra.

Besides Facebook, the list includes Mastercard, Visa, PayPal, Stripe, eBay, Uber, Lyft, Spotify, Coinbase, Xapo, Andreessen Horowitz, Union Square Ventures, Mercy Corps, and Women’s World Banking, among others.

Just Wow!

facebook-libra-cryptocurrency-photo

Source: LIBRA ASSOCIATION

 Libra is still in its early stage, and many details are unknown; some will likely remain unknown until the first half of 2020, when the project is due to officially launch.

How does it work

facebook-libra-cryptocurrency-photo

Source: LIBRA ASSOCIATION

The idea is that you’ll cash in some money and keep a balance of Libra that you can spend at accepting merchants and online services.

Libra will let you things or send money to people with nearly zero fees. You’ll pseudonymously or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger, and its own app.

Facebook promises privacy

facebook-libra-cryptocurrency-photo

Source:  BOB AL-GREENE/MASHABLE

Mark Zuckerberg explained some of the philosophy behind Libra and Calibra in a post today. “It’s decentralized — meaning it’s run by many different organizations instead of just one, making the system fairer overall. It’s available to anyone with an internet connection and has low fees and costs. And it’s secured by cryptography which helps keep your money safe.”

By default, Facebook won’t import your contacts or any of your profile information but may ask if you wish to do so. It also won’t share any of your transaction data back to Facebook, so it won’t used to target you with ads, rank your News Feed, or otherwise earn Facebook money directly.  And you don’t even need a Facebook or WhatsApp account to sign up for Calibra or to use Libra.

In case you are hacked, scammed, or lose access to your account, Calibra will refund you for lost coins when possible through 24/7 chat support. Given Calibra will likely become the default wallet for many Libra users, this extra protection is essential.


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What We Know About Facebook's Libra Cryptocurrency  - Is It Better Than Bitcoin?
Title
What We Know About Facebook's Libra Cryptocurrency - Is It Better Than Bitcoin?
Description
Turns out, Facebook’s cryptocurrency, and the company's long-rumored, vast ambitions in the crypto space, are real. Nexter.org reports about all the details we learned so far.
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