Facebook Hops in the Cryptocurrency Game

I'm not sure this is the best news.

By:
Stefon Walters

|

June 23, 2019

Zuck 'nem up at Facebook have finally released the first official details of their new cryptocurrency, called Libra. It will operate much like Bitcoin in that it will allow you to buy things and send/receive money anywhere in the world for virtually no costs. The critical difference is that Libra is backed by corporate giants and international currencies that will keep its price stable.

PayPal, Uber, Visa, MasterCard are a few of the heavy-hitters that will invest $10 million each into the cryptocurrency. It was initially rumored that Facebook was trying to raise $1 billion to get the coin started.

Facebook plans to officially release Libra in Summer 2020 and start by offering it to its Messenger and WhatsApp users — a number totaling more than 2.7 billion.

There are 4 key problems Facebook faces with Libra:

  1. It needs to find banks that will hold on to the money that would back up the cryptocurrency.

  2. It has to get regulators to approve of it.

  3. The coin itself doesn't have a final design.

  4. They have to convince people to give a damn about cryptocurrency on a large scale.

 

#4 is the most important one. All that high tech and designing is pointless is nobody uses the coin.

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