This is global digital currency that has been put forward by a giant social media platform Facebook, however there are other companies that have invested in this project too which include; Uber, Visa and Andreessen Horowitz for the swift operation of the project.
There will be a company called Calibra which will be launched by Facebook that will help in checking on the operations of the currency and the privacy of the user accounts between the Libra account and your normal Facebook account.
This is not the very first Cryptocurrency; there have existed others like Bitcoin and Ethereum.
The Libra coin will be able to operate even if you don’t have a bank account or a credit card, this is because the currency will be accessible through mobile apps, to make payments and also make funds transfers from one account to another.
All you should know about Libra Cryptocurrency
Before you take any step to get involved into this digital currency, there are certain important things you should know first
- Libra will be accessible through a standalone app
Facebook has confirmed that there will be an application that the users will have to get it in their phones so that they can create a Libra account on the app and use it to make transfers of cash and also make payments.
- You will need a government issued ID
For you to be able to create an account on calibra or on the Libra application, you will have to be in possession of an original government-issued identification card for certification. However, you will be required to give other details for verification.
- It will not share your information with your Facebook account
You should not be worried about this method, this I because there will be a company called calibra that will be in charge of the privacy of the user’s information. The information and the transaction you do will not be reflected or connected in any way with your Facebook account.
However if it is your will that you share that information there will be no problem with that because it has come from your end.
- Facebook is not the only founder of Libra
Libra has been a collective effort from various companies, there are a total of 28 companies involved in coming up with this. This means that Facebook will not be the only controller of the operations on calibra; other companies will be involved too.
- What about the safety
This is the question many people will ask, is the whole thing safe for use? Facebook have outlined the safety measures that will be taken to make sure there is safety. The same verification process just like that of the banks will be used this will help reduce fraud; furthermore, there will be systems that will be monitoring the process. There also will be a 24 hours support that will be faster in response to issues dealing with the account issues just in case a person loses money from their accounts through fraud
What can you do with Libra Cryptocurrency?
There are very many things you will be able to accomplish using Libra currency, in fact, this will do more for you than what other digital currencies have done. This digital currency will help you do the following things.
- Peer to peer money transfer
There will be an application which will be running the Libra digital wallet, the user who will have the app and have registered will be allowed to send money from one person to another. This will be between people who have the app only. This will be a very easy way of transferring money to various accounts at one time by just using an application on your mobile device.
- Transactions with vendors
The currency will be integrated for you to be able to use it for payments in the day to day transactions when you make purchases from vendors. This will be very convenient that carrying hard cash when you go to small merchants to make purchases. Instead there might be use of thing like QR codes to be able to pay. This means that if a vendor will have their products fitted with QR codes, you will then be required to scan the code just with your phone to make payments.
- Payment for services.
This is very possible with this currency; there might be an inclusion of the option of paying for the services using the app. This is because of the partnering companies like Uber which may just include that option because such company may want the clients to pay their services through the application.
How to Get Libra Coin
So how will you be able to get this coin? Well, there will be a personal wallet called calibra wallet; so first, the users will be able to make a conversion of their local currency to Libra, after this conversion the Libra will then be kept in the calibra wallet where you can check your balance when you feel like. The balance in the wallet will be reflected on the caliber app which can the n be used for transaction.
The standard currency of Libra will be with the value of either a dollar, a euro or a pound which will, be then easy to convert because many people are used tool these kinds of conversions.
To sum this up, this project is expected to be launched in 2020 which will target mostly the people who don’t have accounts at all. It will be easily conducted using the applications on mobile phones even if one doesn’t have a bank account. You will only need to have a government-issued identification card and some other verification and you will be able to open an account.