The illusion of the virtual currency industry is everywhere, and not even Mark Zuckerberg could resist the temptation of giving it a try. And hence, it resulted in the birth of Libra, Facebook’s very own cryptocurrency. Some of the top organizations such as Visa, Mastercard, eBay, etc. have come together to invest in this promising project, and by the looks of it, Libra will empower millions of users by creating a global financial infrastructure; at least that’s what Mark Zuckerberg promises.
Why Libra has the potential to top the crypto industry
Digital wallets have now become the need of the hour for online users. In the 21 st century, people hardly carry cash. They prefer to shop and pay online. This is where Facebook’s Libra will intercept and make the transaction process easier. Here’s what it will do:
* Facebook’s digital wallet
Calibra will soon become the standalone app representing Facebook’s digital wallet. It will allow people to use the Libra network that will be integrated with WhatsApp and Messenger. Any person regardless of the fact that he/she is in Facebook will be able to use the app to send and receive money and make payments with their smartphone if they have an active internet connection. Libra will also introduce several other features like paying utility bills from the app, scanning a QR code to activate your public transit pass, and so on.
One of the reasons why experts believe that Libra will go all the way to become the top cryptocurrency is its ability to make the users trust this currency. Unlike Ethereum and Bitcoin, there is a reserve of real assets that back Libra, and this is a huge bonus for the users. Investors previously had to rely on trading indicators to get more information about the fluctuations of the cryptocurrencies, but Libra works differently. Since it is backed by assets and popular currencies, it will avoid price fluctuations. While most cryptocurrencies are volatile, Libra will be just the opposite.
* Data privacy
Facebook’s data privacy has been under the scanner, and that is the reason why Libra and Calibra are putting in more efforts to safeguard the entire process. According to Mark Zuckerberg, a team of experts will be in charge of handling data security. They will try to avoid possible cases of money laundering. Facebook also promises to offer refunds to people if their accounts are hacked. Users will also have the option to third- party wallets and link them to the Libra network.
Having said that, experts believe that Libra will become one of the contenders for the best cryptocurrency if it can provide security and privacy. But will it top the crypto industry? That is a question best left for time to answer. Considering the features and the potential that Libra has, investors should be excited because unlike other cryptocurrencies that are usually volatile, this one will provide a decent return since it is backed by currencies like the US Dollar and Euro to avoid price fluctuations.