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The Fundamentals to Know of about Facebook Libra Cryptocurrency

Talking of Facebook Libra cryptocurrency, this is a form of the digital payment systems that has been on the receiving end for quite some time from legislators and regulators alike. As a matter of fact, Facebook’s so planned roll out of the digital coin, Facebook Libra, has received some rather lukewarm or plain cold response from the various players and parties of interest in this, legislators, regulators and nonprofits all who have had an expression of some form of reservations for this project by the great social network. By and large, it is only feared that these relations may only strain going forward if the concerned parties are not allowed to have as much of the right information on this project. Here under we take a look at some of the most basic of the facts that should be known on what Facebook Libra and Facebook Libra cryptocurrency is to debunk and sort out the misconceptions there may have been so far about this project.

One misconception many have had when it comes to this project is that this is a project owned by Facebook and as such many ask why Facebook wants to have a cryptocurrency. The truth to know is that this is not actually Facebook’s cryptocurrency. This project is actually by the Libra association which was co-founded by Facebook. The Libra association is coming in as a monetary authority for the cryptocurrency, Facebook Libra. It specifically targets the billions of adults out there who are unbanked who could actually use the currency.

Having said this, Facebook has had its own interests in digital cash and these have been there before even the coming of Libra. We have even had the social network run a virtual currency in the past, which was referred to as Credits, which only served for the payment for games that were played within Facebook. Earlier in the year, Facebook founder said that sending money online should be as easy as sending photos. Actually, Facebook Libra is purposed to make sending money online as easy and cheap for people and this is a move that is seen to be a great one to attract many to the network.

Going forward, one thing that is to be noted is that Facebook Libra being a cryptocurrency like the others we may be so aware of such as ether and bitcoin, they will have some areas of similarities even though Facebook Libra differs from them in some ways. The first thing that we need to mention is that this being digital coin like the others, it only exists in the digital form.

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