(Newswire.net — October 7, 2019) — Facebook will launch it’s cryptocurrency pretty soon. As Mark stated in the latest interview, Facebook Libra will be available for masses in the first half of 2020. The Libra team has to work hard with regulators and make them believe in real success.
What you need to know about Facebook Libra
First of all, Libra will be a cryptocurrency. Technically, Facebook Libra won’t be similar to Bitcoin or Ethereum. In terms of blockchain, Facebook Libra won’t use blocks for storing financial transactions. Libra will use different systems, but still, it’s the blockchain system of a new age.
Facebook Libra is not only a cryptocurrency. It also includes the payment processing system. It’s called Libra wallet, where you’ll be able to put your Libra and then send transactions through the portfolio. People will be able to buy everything with Libra. You can buy milk in the grocery store or shirts in Nike with Libra. Libra wallet is already collaborating with Whatsapp and Messenger. So, it will be convenient for you to pay straight from Messenger and Whatsapp.
Bitcoin is already established, can Libra compete with it?
Facebook is one of the biggest companies that backup Libra’s interest. Bitcoin fully relies on investment from random people. So, that’s why the price of BTC is fluctuating from time to time.
There is a fundamental problem for Libra. It’s been one decade that Bitcoin is dominating the crypto market, and the price is still high despite low expectations.
At the same time, big companies started accepting Bitcoin and other cryptocurrencies. Online casino Australia real money now allows Bitcoin and crypto transactions that make them stand out from the crowded markets. Keep in mind that Bakkt is launched, and it may secure the safe future of Bitcoin. It will be hard for Bitcoin to compete with BTC and Ethereum.
Facebook has not full control over Libra.
Mark’s founded company won’t have full control of Libra. Three months ago, Libra established an association with other giant companies. The so-called “Libra Association” includes Visa, Mastercard, Stripe, Paypal, Uber, Facebook, etc.
The first problems are already visible for Libra crypto. PayPal is not happy with the situation, and they left the agreement. In the latest statement, PayPal will focus more on its platform and improving ways payment gateway system. Mark Zuckerberg answered questions about the PayPal situation and hoped that PP would be back in action soon after public launch in 2020.
Payment gateways (Stripe, Visa, MC) could be skeptical of Facebook crypto. There are hundreds of regulators behind the curtains that control those gateways. Regulators can’t trust cryptosystems that don’t involve banks and legislative policy. So, those payment gateway companies may not sign the agreement.