Libra Coin: Important Things to Know About Facebook's New Currency
Mark Zuckerberg's company seems to be the only tech giant that doesn't go to sleep. They consistently innovate, and this is likely the secret to Mark's soaring wealth. Facebook is at it again as far as innovation is concerned, and this time, they intend to launch a currency. That's right. Mark is set to launch a currency in 2020 and the best part about it is that it's already more popular than any of the other cryptocurrencies you have been hearing about. The following are some of the things you may want to know about facebook libra cryptocurrency.
It has a Special Wallet
The currency name as you probably already know is Libra. However, you cannot have a currency and not have a wallet for it, right? This is why the team at Facebook also decided to create a wallet for the currency and they are calling it Caliba. Nobody is sure where the name came from, but at least it's not called Zuckerbucks.
Developers Need to Create Room for It
The next thing you need to know about this currency is that it will be used just about anywhere. This means developers in various industries need to make room for Libra. E-commerce, Uber rides, and many other places where you have made digital transactions will also be places for you to use Libra. As such, various industries need to develop and integrate their current payment processing systems to accommodate the new currency.
You Can Purchase Libra
If you know a little about Bitcoin then you know you know how buying currency works. However, buying Libra won't be the same as exchanging your currency at any money exchange service. You will be able to purchase it in exchange for the cash you have from an individual that already has the Libra, or you will have to go to a financial institution that will give you the Libra in exchange for the money you have now. Selling it will also work the same way.
Libra is Controlled
Also, it is worth noting that Libra will have an association that will control how much Libra is out there being used, and also they can control the value of the currency as well. This is a good thing because it differs from Bitcoin, which happens to be a beast that is untamed. What is facebook libra? Check it out!
Libra Can be Destroyed and Created
The Libra Association will also be in charge of more than just validating the payments made in the system. They also have the power to create and destroy the currency. Also, they will easily be able to return money in exchange for Libra since they have a reserve for the currency.You can click on this link for more details: https://www.huffpost.com/entry/facebook-unveils-plans-for-its-own-cryptocurrency_n_5d08fe39e4b06ad4d2566b99.
