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Since the so-called big-bang of cryptocurrency popularity, every single person on Earth has thought or already made an investment that involved Bitcoin or any other virtual currency. The online world started using the said-currency as a way of payment, investment, cash deposit and what not. Because its value was estimated at around $19,000 in 2017, a lot of websites started accepting the currency as a way to pay for any kind of product or favor.
E-commerce sites were delighted to accept cryptocurrencies as a way of payment. Even online casinos adopted the new way of payment. Bitcoin was accepted as a way of deposit and betting. Tons of casino games like live roulette were introduced with the new deposit currency. And to this day, the cryptocurrency deposit is still active and popular, according to the research.
There were many cryptocurrencies throughout the years. Bitcoin, Litecoin, NEO, Dash, and many more were leaders in the market. But, a big announcement by Facebook could take the blockchain business by storm.
Libra – Facebook’s New Cryptocurrency
On June 17, 2019, Mark Zuckerberg announced the launch of the new cryptocurrency called Libra. The non-profit Libra Association is a team of 27 high-profile organizations, including Facebook, from all around the world. In Zuckerberg’s words, Libra’s mission is “to create a simple global financial infrastructure that empowers billions of people around the world.”
The motto behind the new blockchain technology is the important positive impact on people’s lives and the ability to get rid of extra hidden fees or transfers, and feeling safe because the need to carry cash with you is not present.
They aspire to make it easy for everyone to send and receive money via fast transfers, with complete safety and security. To make this happen, Facebook is launching a subsidiary named Calibra. The subsidiary will build services that will let you send, save, or spend Libra. A digital wallet will also be available in WhatsApp and Messenger.
An interesting fact about Libra is that many of the world’s biggest companies like MasterCard, PayPal, Lyft, Visa, and Booking will build their own services using Libra. The whole technology is highly decentralized.
The whole idea behind the decentralization is to include as many companies in the operational process as possible, to make the system fairer. The fees and costs will be low, and the cryptocurrency will be available to anybody that has an Internet connection.
The official launch is scheduled in 2020. There is a certain negative criticism, especially from central banks around the world, but that is something that is expected. All of the cryptocurrencies have not been accepted by the banks just because they are a way to use money by going around the banking policies and being free from certain fees.
The project is looking really good, and the expectations are high. Most of the people are excited about the new technology, and they are looking forward to seeing it happen. Because a lot of global companies are included, the project is funded and the professionalism and attention to detail are amazing. The public expects a new, positive boom in the world with this new cryptocurrency.