What is Facebook’s Libra Coin?

What is Facebook’s Libra Coin?

 Hello friends, in this post you will get information about Facebook Libra Coin such as what is Facebook Libra Coin, and other information related to it.

 If we look at it, many Cryptocurrencies have come in the market for a long time, mainly Bitcoin was started in the year 2009, Bitcoin got a lot of fame among the people and there was a competition among the people to buy it.

 After this, the arrival of new Cryptocurrencies continued, almost every year a new Digital Currency started coming and till now there are about 1600 types of Cryptocurrencies in the market, but if we talk about their validity, then all of them are recognized by any respected institution.  They don’t exist or rather they don’t have any legal owner.

 But if we talk about Lib Ra Coin, then Libra Coin is being launched by Facebook, which was announced by Facebook in June 2019, and for this a Whitepaper has been brought out by Facebook.  If everything goes well, Libra Coin will hit the market by mid-2020, so let us understand what Facebook Libra Coin is and some other important information related to it.

What is Facebook Libra Coin?

 Before understanding about Facebook Libra Coin, you need to have some knowledge about Cryptocurrencies as Cryptocurrency is a digital currency, which is designed for internet based transactions. Cryptography technology is used to make its online transactions secure, and after this all the information about the transaction is saved in the digital ledger i.e. Blockchain.

Now talking about Libra coin, it will also be a digital currency and Cryptography or Libra Blockchain Technology will be used in it, which will be an open source software so that it can be used worldwide.

 There will be a digital wallet for transactions of Libra Coin, which has been named Calibra Wallet, and to manage Libra, Libra Association has been formed, in which renowned companies of the world will come together to promote Libra.  The Libra Association’s work will be to work with partner companies to strengthen the Libra coin, such as speeding up transactions and increasing its security.

How to use Libra Coin :

 To get Libra, you will have to first deposit money in Calibra Wallet. After this, coins will be added to Calibra Wallet as per your deposited amount. Now you will be able to use them as per your need like making any online purchases and can also use them in any other account.  Transfer can also be made to someone else’s Calibra Wallet.

 Users who use WhatsApp and Facebook Messenger will be able to use Calibra Digital Wallet directly. That is, assume that it will be used in a similar way to a Paytm and Phonepe App. The main thing that makes it different is that it is used in  Upcoming Libra Blockchain Technology.

Features of Facebook Libra :

 Its Transaction Charges will be quite low i.e. high Transaction Charges imposed by banks can be avoided.

 Libra coins will be stable coins compared to Bitcoin, that is, their prices will not change much, which will maintain user confidence.

 A reserve has been created for the support of Libra Coin so that if any loss occurs, it can be compensated, which will increase people’s confidence in it.

 Its transaction speed will be much faster than Bitcoin, about 1000 Transactions Per Second.

 Libra can become a source of transaction for people not connected to banks.

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