Facebook’s Libra Cryptocurrency Explained

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so I’m going to break it down for you nice and simple Libra is like cash that lives inside your phone you’ll be able to buy Libra through Libra wallet apps on your phone or from some local grocery and convenience stores you cash in local currency like dollars and get nearly the same number of Libra coins which are represented by this wavy three line emoji instead of the dollar symbol but first you have to verify your identity with a photo ID you’ll then be able to spend your repro while online shopping or potentially pay for things like users or your subscription fo Spotify since those companies have partnered.

Libra:- Easy To Money Transfer

Facebook to make Librapopular since it’s almost free to digitally move we broke from one account to another you won’t have to pay high credit card processing fees that can add almost four percent to your total and some Libre Wallet apps and shops will give bonus discounts or free coins for signing up and paying with Libra you will be able to send and request money from friends like you would with venom or PayPal and it’s easy to send Libra.

Just like a message in fact Facebook is building its own Libre Wallet app called caliber that will live inside of WhatsApp Facebook Messenger and its own standalone app you won’t have to attach your real name and identity to any of your payments but they will be public Facebook knows it’s a little bit creepy and you probably don’t want it spying on what you buy so Facebook set up a new company called Libra that will keep all of your financial data separate from your Facebook,

Libra:- Easy To Use Daily Life.

When they joined if Weber gets popular and tons of people cash in then the reserve grows huge and the interest could add up to serious revenue for Facebook but there’s also a subtle second way that Facebook could get rich from Libra if the currency makes it easier for small businesses to accept payments online they’ll sell more stuff they’ll then have money to spend on ads which will make it extra quick to buy things with Libra 100 million small businesses already have Facebook but only 7 million  advertisers currently exist on Facebook.

if Facebook can turn more of those local merchants into ad buyers Facebook’s revenues could skyrocket  the big risk of Libra is that anyone will be able to develop apps for it that could lead to another Cambridge analytic a scandal instead of some shady app maker snatching your personal info they could steal your digital currency and Facebook in the Weber Association say they won’t vet Weber developers which leaves the door wide open to abuse and if people get scammed they’re still gonna blame.

Libra:-Is Non-Profit Organization

Union Square Ventures and nonprofits like Libra are all members they each paid at least ten million dollars to get one vote on the Libra Council that controls what happens to the currency they’ll be responsible for checking to make sure we Brent transactions are real and creating the Libra reserve see each time you cash in a dollar that money goes into a big bank account called the Libra reserve that creates and sends you roughly one Libra token the Liebherr reserve is made up of a collection of the most stable.

International currencies like the US dollar British Pound the euro and the Japanese yen the idea is that even if one of those currency goes up or down in price the value of the Libra will stay stable that way shops will accept the Libras payment without worrying that the value of the coin will drop tomorrow big swings in price are why older cryptocurrencies like Bitcoin and thorium haven’t grown popular as payment methods uber can also handle 1,000 transactions per second while Bitcoin can only handle 7 transactions per second.

Libra:- Modern Economy

Facebook succeeds the real win could be for the 1.7 billion people left in poverty with our bank account around the world they’re exploited money sending services like Western Union or money ground the charge steep 7% fees that take fifty billion dollars And stored online but all they need is a photo ID and the Liebherr could give bank account.

That’s tougher to steal and can make it easier to pay for what they need there are plenty of reasons to worry that Libra could give Facebook and other tech giant’s more power or lead to people getting scammed but it could also give disadvantaged people everywhere a way to join the modern economy.

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