5 Things You Need to Learn About Facebook Libra

Cointral Marketing Manager
5 Things You Need to Learn About Facebook Libra

Libra is a digital currency that Facebook is going to launch in the second half of 2020. This digital currency can be easily used by Facebook users in Instagram, Whatsapp and Messenger applications, other services offered by Facebook.

If Libra becomes a digital currency that is frequently preferred by users after its launch, it can greatly lead to changing people’s use of money, accumulation and transfer habits. It may also cause fluctuations in the technology and banking sectors as Libra enters the market.

Here is the 5 thing you need to learn about Libra;

Libra’s Goal

As mentioned above, Libra reduces the process to a minimum simplicity to make payments over the internet. Facebook is probably planning on doing product sales on Whatsapp and Instagram applications at the beginning. However, other e-commerce sites will be able to use this crypto.

Libra can offer a very good experience of transferring and storing money, especially in order to correct the inadequacy of bank systems in developing or underdeveloped countries. For example, if you are going to transfer money from one region to another country, Facebook claims that the Libra will be less costly than alternative money transfer options.

Another advantage is that with the launch of Libra, the digital wallet application “Calibra” allows users to transfer digital money from their mobile devices to an account of their choice. They will have the opportunity to use this application in applications including Whatsapp and Messenger.

Libra and Bitcoin Relation

The Blockchain system stores all transactions made with Libra. If we recall Blockchain technology, it uses a two-factor verification system that is secure against other computers. With this feature, Bitcoin and Libra intersect in the same technology.

Privacy of Libra

In addition to Libra, Facebook is setting up a separate company for the Calibra application. It will be available as a digital wallet. In this case, Facebook commits to not publishing data with other applications like Instagram without consent and permission. Calibra gives the feeling  that it will only record your transactions.

How much will Libra be?

Facebook promises that Libra will interact with physical currencies and users will constantly exchange digital currencies. They plan to fix the value of Libra in a pool of currencies such as US Dollars, Euros and Pounds.

With the Calibra application, users will also see how many people prefer this digital currency, and the exchange rate relationship (1 Turkish Lira = X Libra) with the local currency of your choosing.

Where to Buy Libra

Even if you get an answer to this question, you should expect the release by the middle of 2020 anyway. After the release, you will be able to download the Calibra application to your device and obtain Libra through the bank account you have connected to Calibra.

Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.