4 reasons get to involved with Libra, the cryptocurrency of Facebook. It is not for less since, apparently, Libra will be loved and hated equally.
All remain pending Libra. And despite the initial emotion, it remains to be seen how well it will turn out in the end.
Here are three reasons why this currency could become a great contender:
1) Appealing to the consumer
As we already mentioned, it is clear that Libra could really fail before its take-off.
In terms of targeting the main consumers, it is clear that The Libra Method App could very well succeed where Bitcoin and other important cryptocurrencies fell short. You may prove to be more successful than the missing Facebook credits.
2) Easy to use
Most people on this planet have become accustomed to a certain degree of convenience when dealing with their finances is about.
Libra, as digital money it is, seems to logically follow the trend, since it would be used precisely in this era of digitalization and online connectivity. You could even argue that this new adventure comes at a perfect time to test the waters in this regard.
There is also the ease of use factor for Libra. When it comes to Bitcoin and other cryptocurrencies, there was an entry barrier for many novice users who were scared by how this ecosystem works.
The Facebook project seems to guarantee that comfort and ease of use are the top priorities..
3) High compatibility
One of the most important news about this project has been the number of important players getting involved. Although there is no official calendar for integration at this time, the currency will be compatible with many different platforms and services in the future.
4) Aiming high
With Libra, Facebook aims to reach an unbanked population of approximately 1.7 billion people worldwide.
Considered by a Venezuelan lawyer as the genesis of a global cryptocurrency, Libra has been the topic of conversation throughout June and so far in July. It is not for less, taking into account a large number of supporters and detractors that are getting along the way.
Difference between Libra and Calibra
Libra will be the official name of the digital currency, while Calibra will be the Facebook wallet. That is, Libra is the cryptocurrency that will be used by different companies in the world, and Calibra is the name that will receive the payment platform of the social network. The payment system where we can store, send, and through which we can pay with that digital currency. Calibra has also been formalized as a subsidiary company of Facebook that will act independently.
Calibra is currently under development, but its official launch is expected to be in 2020. At the moment, the company has already activated a link to register. It can also be used directly in WhatsApp and Messenger applications, allowing you to send money through these applications.
Benefits of bitcoin:
To start with a positive note, let’s first take a look at all the advantages of bitcoin and all the reasons why it is a better alternative than legal tender in many ways:
- Low transaction fees
Compared to traditional payment methods, such as the use of a credit card or even a service like PayPal, bitcoin is much cheaper to use. This makes it much more convenient to use for a variety of transactions.
- P2P cryptocurrency for international remittance
As it is a P2P cryptocurrency that eliminates the need for intermediaries and with fairly low transaction fees, it is really helpful for economic migrant to send cash to their families at house. They can do so without losing a huge part of the transaction value in transfer charges or managerial costs. This makes it a brilliant option for a large number of unbanked people, particularly situated in developing countries.
- High popularity
Bitcoin is an extremely popular cryptocurrency that appears in all crypto exchange houses and can easily be converted to legal tender, such as the Dollar. It is the cryptocurrency that people know and trust best, so it is easier to liquidate it in a short time.