Facebook’s Libra: Pros and cons of Trending Digital Cryptocurrency

Role of Social Platforms in present and in future:

Facebook is a prominent social platform which has a very great influence in changing the views and perspective of minds of people throughout the world.

Recently, Facebook’s CEO Mark Zuckerberg announced its digital currency on June 18 that would be based on the Blockchain technology. The name of the cryptocurrency is Libra which is hot topic on the media of all over the world.

Other famous social platforms like Instagram, WhatsApp and Messenger are also included in this project. These social places cover 2.7 billion users all over the world which means that this platform is a project 2.7 billion people.

Crypto exchanges and Partners of Libra cryptocurrency:

This digital currency needs many exchanges and partners. The partners include social platforms plus Visa card, Master card and Uber. But Libra has not announced its exchanges platforms. The rumors telling us that BINANCE is in talk for listing Libra on its Website. If this is true, this will be great news for Libra.

The programming language of Libra inspired many developers of Blockchain technology, which placed Libra in opposition to ETHERIUM, which is a second largest cryptocurrency at present.

Threat to Central Banks:

According to some people it threatens the central banks system of state governments but no one know exactly about the future of Libra. These are supposition which have not logical base.

This is wholly depends on the governments. If they start to accept this currency alternative to sovereign currency, it will depend on their choice of ease but crypto will not take over currencies of governments.

While defending this point, Facebook says

“In time, we hope to offer additional services for people and businesses, like paying bills with the push of a button, buying a cup of coffee with the scan of a code or riding your local public transit without needing to carry cash or a metro pass.”

Surprising Benefit of Libra:

There is a need of cryptocurrency in the sense that most of the youth of the world don’t have access to central banks but in Cryptocurrency they will keep their currency in digital wallets.

“For many people around the world, even basic financial services are still out of reach: almost half of the adults in the world don’t have an active bank account and those numbers are worse in developing countries and even worse for women. “

Conclusion:

The conclusion of the whole discussion is that there are benefits of this upcoming digital currency as well as disadvantages of cryptocurrency. But no one confirms about this upcoming cryptocurrency and what will be the effect of this cryptocurrency in the lives of people in the future.

Josh Welson

A writer & digital marketing expert working in this industry from past 12 years.

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