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What is Facebook's New Libra Coin Cryptocurrency ? Will it Shake the Bitcoin Market Allover?

In the last few years, words like Crypto Currency or Digital Currency have been the subject of much discussion. Some countries have accepted it by looking through the specs of technology. Facebook who already covers millions of user under its social media platform is now entering the market of cryptocurrency with its newly launch and highly hyped "Libra Coin".

Will Facebook's New Cryptocurrency called Libra Coin set different bars in the digital currency market?

Many countries, multiple multi-million dollar companies are trying to take part in the market of digital currency. These giants are investing heavily in the concept of concurrency as they see the heavy potential for these technologies in the future to make the first impact into this domain.
Facebook who already made a revolutionary impact on how people socially interact is now trying to his luck once again in the field of cryptocurrency by introducing its own Libra Coin - Cryptocurrency. Let have a look at this Libra Coin and get to know about it in detail.

What is Libra Cryptocurrency?

If you are not much aware of what cryptocurrency is, its basically nothing more than your normal currency but the valuation and the physical identity of such currency is identified over the internet. The proper definition of what cryptocurrency by oxford dictionary is 

"A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation."

Libra Cryptocurrency from Facebook is a digital cryptocurrency launched that can be used as a transaction in the future. Currently, its format has been presented to everyone, after which Facebook Cryptocurrency Launch Date is being speculated that it will be fully used in the end of 2019 or early 2020.

At present, Facebook Coin means Libra, has to work on the rules of many countries and all other laws also, only after which it can be used.

If we talk in easy language, the way we use applications like Paytm or Google Pay for transactions, we can use Libra Coin in the same way, but before its transaction, we need to use our currency i.e. It has to be changed and then we will have that number of Libra Coin available, which can be stored only in a digital wallet called Calibra and from there all the transactions will be possible.

Let us know that Facebook will not have sole control over Libra, but companies like MasterCard, PayPal, Visa, Spotify, and Stripe have already given 10 million dollars to Facebook for this cryptocurrency based project so that Facebook will give them in their network To include. Cryptocurrency will be valid on all platforms of these companies and users will be able to easily do mobile recharge, taxi payment, and bill payment.

Company official David Markes says that Calibra is expected to bring the open financial ecosystem to billions of people around the world. Through this medium, Facebook will allow its customers to transfer money online without a bank account facility.

Facebook says that at present, millions of people in the world live outside their country and earn money and send money to their homes. To send money from one country to another, people now have to pay a fee of 25 billion dollars separately, but after the arrival of libra cryptocurrency, people will be able to easily send money to other countries without any charges.

What is the difference between Libra And Bitcoin

he Libra and bitcoin are two completely different animals
As soon as Facebook announced its Coin Libra, everyone saw its positive impact in the Bitcoin market and people started discussing about it. In such a situation, the question is bound to be the difference between Bitcoin and Libra or how it is dependent on each other.

Actually, Bitcoin is a very fickle digital currency or cryptocurrency over which no company or special authority has any rights. It works independently on the sources of Demand & Supply independently. Due to which many people have considered it good and many people feel bad. Its price is never constant and keeps decreasing and increasing on a large scale according to the demand in the market.

However, Facebook has the right to Libra Coin, due to which its prices cannot fluctuate like Bitcoin and a big company Facebook is responsible for any kind of misconduct in the market.

The most important difference is the technology lying behind these both currencies. Both of them work on BlockChain technology. Bitcoin is a blockchain depended with multiple computers or networks maintaining it to make literally impossible to create any fraud where data is added anonymously whereas in Libra the Blockchain is permissioned where data can be added after getting permission from trusted third parties unlike the bitcoins network where can be added easily if you have proper hardware and decent internet.

Security in Libra ?

Facebook has said that Calibra is currently on the testing stage and the company is working with experts to deliver the product safely. Already, given the way data privacy and fake news have been seen with Facebook, Facebook says that Libra will take full care of the safety of users using cryptocurrencies.

Calibra will be able to access limited information about users under the Customer Account Security Policy. Not only this, the company has also said that Facebook will not use Calibra users' data for target ads as well. However, the company has said that in the limited case, the company can use the data for the purpose of keeping the user safe.

Along with Libra, the company will also launch dedicated support for it so that if the phone is lost or the user forgets the password, it can also be used. In addition, the company has said that if there is any fraud through the use of Calibra, then it will be compensated by the company.

How will it benefit?

Will Facebook provide extra benefits to the user's if they use its cryptocurrency as an daily usage?

With Libra, users will be able to send and receive money easily on Facebook Messenger. Not only this, but users will also be able to transact money through WhatsApp. In this, users will get a digital wallet app where they will be able to keep track of all their transactions. According to the information given by Facebook, users will not have to pay any extra charge for sending money.

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