Here is everything you need to know about the new Facebook cryptocurrency called Libra. We will provide you with every single detail on about Libra.
The CEO of Facebook Mark Zuckerberg on the 18th June 2019 made public the plan to create a new currency called Libra. This will be in affiliation with up to 27 organizations across the world. Haven made known that the Libra will be a non-profit organization, its mission is to simply create a global financial platform that will empower Billions across the world.
The main brain behind the introduction of Libra is to make the society completely cashless. The need for mobile money in today’s society cannot be overemphasized. As a matter of fact, mobile money has impacted positively in peoples life.
Mobile money over time has given people the freedom to carry out lots of transactions right in the comfort of their homes of just anywhere. Mobile money keeps proving important as because on daily many keep owning a mobile phone but greater amount don’t have a local bank account. However, millions around the world don’t have any access to traditional financial services.
There are numerous mobile money platforms but Libra promises some positive changes to the existing ones. With very little or no charges at all, several transactions are possible with Libra. Some of the transaction one can perform with this incredible currency include bill payment, money transfer and payment for online purchase at the moment.
What is Libra?
Libra is simply the new cryptocurrency made available by Facebook in affiliation with several organizations. Unlike most cryptocurrencies, Libra promises to offer a level playing ground to every user around the world. This will allow users to send, buy and pay for services with the use of the online coin.
When will Libra Start Working?
There is no particular date set as at the time of writing this post. However, 2020 is certainly when the platform will start operations. The markers have made it clear that the time frame is to allow them to fine-tune every other detail about the system. So, we might see the platform commence usage in early, mid or even late 2020. Whatever it is, the benchmark is, by 2020 Libra will be officially launched according to Facebook.
How to Transact with Libra
Simple, companies like PayPal, PayU and MasterCard will build their service with Libra form inclusive. That is typically for online payment on popular services like Uber, Lyft, eBay, FarFetch, Spotify etc. However, for other transactions, the inventors have promised to build another independent platform called Calibra. This is where you would spend, save and send your Libra as well. Calibra will equally allow you to send Libra to everyone with a mobile phone at no or low cost. These are the basics but the platform promises to offer more services to users with time.
This platform is accessible to anyone with internet connection. Not just a smartphone app, just like Facebook, app which is compatible with other mobile devices. So, one just need to get the app installed then you are ready to transact with Libra.
How Secured is Libra Transaction
With the Calibra platform built separately, every information one shares on Calibra will be kept separately from the information shared on Facebook. This is to ensure your transaction information are not shared to third party. Keeping your dealings and transactions secured is one of the most important aspects to be dealt with by the inventors. It would have simply been merged together with Facebook but Mark and co decided to make a stand-alone platform for it. There are also some questions as to how secured the Calibra platform will be. Well, if one is to go with the promise of the makers, then we are about to witness one of the most secured cash transaction platforms in Calibra.
Picks For You: 8 Simple Steps To Become Amazon Affiliate
How Secured is the Calibra Platform?
When it involves money transactions, the very first question that comes to your mind is “how secured”. Well, the security aspect as well has never been compromised. It is powered by blockchain. The platform is fully protected and secured by cryptography which ensures your money is safe. However, protection and privacy are built into every step. With the assurance that Calibra will have a dedicated team of risk management expert that will mainly be focused on preventing people from using the Calibra platform for fraudulent. Fraud protection will be offered which will see Libra refund to you if you get to lose any coin.
Very little or no charges on transactions. The most challenging thing about the few online payment platforms we use is their additional charges during transactions. Most online transaction cost up to 7% per transaction. This new innovative platform promises to bring an end to all of that. Libra promises to include very little or no charges in a transaction. The platform is decentralized, it has many organizations running it instead of just one. This, in turn, makes the whole system even fairer in all ramification.
No secrets, we have seen so many crypto platforms come in years now. Some have made it to the very top but some has failed. So, there is this question amongst future users as per how credible this could be. In as much as no one really has the right answer to this at the moment but if we are to consider who’s made it worked before, then Libra stands a chance of succeeding considering the exploit made by Facebook.
On the whole, this promises to bring a whole new experience in the world of finances. Several persons and regions of the world have been deprived of the franchise of making certain cash transaction across the world. For instance, PayPal isn’t working in every country in the world, Skrill and Netteller also share the same story. Libra promises to put an end to all of that by allowing fast and secured payment for users around the world.
Let’s hope this brand new framework come to being as propose by Facebook in 2020.