Facebook, the largest social network in the world, stunned the world earlier this year with the announcement of its own cryptocurrency, Libra. The launch has raised questions about the difference between Libra and existing cryptocurrencies, as well as the implications of private companies competing with sovereign countries in issuing currencies.
Facebook’s attempts to capture financial services through a cryptocurrency is a step too far, as US lawmakers find their teeth
During hearings into Facebook’s new Libra cryptocurrency, she grilled David Marcus, the head of its Calibra wallet, which is how its users will interact with Libra. “So, we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations. Do you believe currency is a public good?”
It’s more likely that blockchain, and even Libra, is a means to a end; Calibra is about Facebook wanting to be not only the world’s biggest social media platform but also the globe’s go-to marketplace, putting Amazon, eBay, Apple and Google in the shade.
Let’s go back to the basics and look at what Libra is, how it compares to other cryptocurrencies and whether you should be concerned about using it when it eventually arrives.
Facebook’s Libra cryptocurrency has taken a lot of criticism from Western government officials and media commentators – but it’s not meant for them. A major target market for the Libra is users in developing countries.
Facebook has unveiled libra, a cryptocurrency that will enable users to make international payments over Messenger and other group platforms like WhatsApp – perhaps from as soon as 2020.
Facebook has announced a plan to launch a new cryptocurrency named the Libra, adding another layer to its efforts to dominate global communications and business. Backed by huge finance and technology companies including Visa, Spotify, eBay, PayPal and Uber
Social media giant Facebook has finally unveiled its plans to launch a new cryptocurrency called Libra, along with a few big industry partners.
Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to US$1.7 billion. The criminals use both old-fashioned and new-technology tactics to swindle their marks in schemes based on digital currencies exchanged through online databases called blockchains.