There had been months and months of hype that surrounded Facebooks up and coming cryptocurrency, but nothing was confirmed. However, Facebook finally decided to give in and made the official announcement that the social networking giants were indeed in the crypto currency market with their new currency called Libra. Although there is no official release date for Libra, it is expected to drop sometime around next year.
First of do not expect Libra to be anything like Bitcoin, in fact, it may as well be the complete opposite. The only commons that Libra and Bitcoin may end up having in common is the fact that both of them are cryptocurrencies. The similarities end just there. Bitcoin generates its value through scarcity and risk and most of the profits that it generates are due to the inherent difficulties that surround them. That being said, Bitcoin still remains a niche currency that people generally do not use for conducting payments or every day transactions. XTR crypto trading platform blog.co. UK discusses Libra in great length.
Libra – The First Global Digital Currency
Unlike Bitcoin, all of Libra payments will go in a completely new blockchain. Although, this blockchain isn’t fully built, its development is well and truly underway. Also, do not expect any kind of mining for Libra. All the users will need to do in order to attain it is just purchase it. Facebook also plans to make Libra the easiest digital currency to handle. It will share numerous similarities with the United States dollar; however, it will offer more stability and will be remarkably simpler to exchange. Quite a lot of companies have come on board with this unexpected venture. Heavy weights like, Andreesen Horowitz, Union Square Ventures, Paypal, eBay, Spotify, Lyft, Uber, Visa, Mastercard, and many more have agreed to accept Libra payments in the future.
The surprising thing about all these heavyweights joining is that Facebook asked some of them a price of at least 10 million dollars in order to join and none of them showed any kind of reluctance. The public summary that Facebook put out for Libra claimed that the company aims to seek a minimum of one hundred financial contributors who will also becoming board members in charge of voting in the governing body known as the Libra association.
Any kind of Libra related announcement has come off as a shock to crypto currency enthusiasts and the subreddits have started to light up since then.
Do People Still Care About Libra
Although there was much hype surrounding the highly awaited crypto currency, it certainly has died down a little bit. There are several reasons behind thins. One of these reasons is that there is still no official release date regarding Libra. Most enthusiasts wanted to get their hands on it as early as possible and the longer it takes for Libra to release the quicker people are starting to lose interest. Plus the general downfall of most cryptocurrencies hasn’t been thrilling either which is why people are becoming wary of virtually any type of cryptocurrency. XTR gate crypto platform review also has a discussion on whether people still care about Libra or not.