As you all know, Facebook is going to launch a cryptocurrency called Libra. Facebook announced its cryptocurrency in June 2019.
What are the possible benefits of Libra coin in the future?
According to Facebook, there are 2.7 million people monthly active on Facebook. 1.7 billion people do not have their own bank account. First of all, it is going to be beneficial for those who do not have their own bank account and can use this currency in their Facebook account. In the future, we will be able transit Libra coin in our WhatsApp and Messenger app. In addition, Facebook has a separate platform for its transactions named Calibra and later changed to Novi.
Libra's mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
In addition, Libra coin will be very important for freelancers, who charge for their services online. And it will charge a much lower fee than other online transactions like PayPal, Mastercard, Visa etc..
It has been said that like the Bitcoin and Ethereum, the price of Libra Coin does not fall so quickly and not too much.
Facebook says we will use our currency for various purchases in the future and can also be used for online payment.
Initially, 28 global companies started working together on this project, like Visa, Mastercard, etc.. but later some companies withdrew from the project of Libra coin.
Facebook pays special attention to users' privacy. It will hide all user information and transactions. And user data will not be use for ad targeting. That's not possible, but Facebook says that if your data is lost and someone takes your money, Facebook will compensate you.
How can we buy Libra coin?
We'll pseudonymously buy 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 Novi wallet that will be built into WhatsApp, Messenger and its own app.