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Libra is a new cryptocurrency created by Facebook. Recently, it was announced on June 18, 2019. Moreover, the news was first leaked in May 2019. As per the sources, Libra’s former names are Facebook Coin and GlobalCoin.
Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML!
— CZ Binance (@cz_binance) June 18, 2019
Libra is soon going to become one of the most cryptocurrency sites. However, it has become a boon for the cryptocurrency industry. Plus, it has the ability to impact the online industry which Bitcoin has strived to do in its 10 years history.
However, there are some users who believe that Libra and bitcoins are similar. We have listed a few facts about Libra which will help you to understand the difference between both of them.
Facebook and #LIBRA. I feel a huge #FOMO and bull run for crypto is on its way.
— Justin Sun (@justinsuntron) June 18, 2019
Difference between Bitcoin and Libra
1. Use-case
Libra is an easy mode of transaction where users can receive and send money online. Moreover, it has become a valuable tool for bitcoin users.
BREAKING: Facebook releases plan for its Libra cryptocurrency to ‘meet the daily financial needs of billions of people’ https://t.co/aJx1deDr8y
— The Block (@TheBlock__) June 18, 2019
2. Adoption
The arrival of Libra has brought various powerful players like Uber, Mastercard, Visa, Hooking Holdings in the chaotic world of cryptocurrency. Besides, such tools have helped Libra to gain mass adoption.
Is Facebook's Libra a real blockchain? No.
Will it compete against #Bitcoin and truly open, public blockchains? Never. #LibreNotLibrahttps://t.co/MQkpPUuedE
— Andreas M. Antonopoulos (@aantonop) June 18, 2019
The low fee transaction of Libra should encourage the users to use the token to receive and send the money. On the other hand, customers have reported that Bitcoin has slower and expensive transactions.
3. Volatility
Lastly, Bitcoin is volatile in nature. Moreover, it possesses several risks in the cryptocurrency world. Unlike Bitcoin, Libra can be considered as the safest mode of transaction.
Facebook is rumored to launch their cryptocurrency, Libra, tomorrow which many believe could render Ripple/XRP useless.
Ripple not going down without a fight though — they just agreed to invest $50M in MoneyGram to accelerate adoption.
The token wars are upon us!
— Pomp 🌪 (@APompliano) June 17, 2019
Let’s hope Libra doesn’t face criticism from the customers. Also, the first version is expected to release in 2020. Check out The Geek Herald for more exciting updates.
