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Libra currency between advantages and disadvantages

Libra coin

It is the leading digital currency on Facebook and is backed by the owners of Facebook and is expected to revolutionize payment methods, as it supports smart contracts, and accordingly, the company seeks to make its ads more valuable by enabling smoother online transactions and payments, especially among those For those who do not have credit cards or bank accounts, this currency will use the same principles of security and record-keeping as Bitcoin, so it is necessary to know the Libra currency between the advantages and disadvantages in detail, as unlike Bitcoin it is supported by many traditional financial companies including PayPal and Visa and MasterCard, and their value is based on multiple currencies such as the US dollar and the euro.
Libra currency between advantages and disadvantages
Libra currency between advantages and disadvantages

How Libra coin works

After interviewing dozens of financial institutions and information technology companies, Facebook decided to relinquish absolute control by creating an independent governance institution to oversee the Libra currency between the advantages and disadvantages it offers, and information indicates that companies can pay $ 10 million to run a distributed node on the blockchain on Facebook, which will be a fixed token, which means that the Facebook cryptocurrency will have a fixed price during payments and transactions, and may be tied to a number of different global currencies.

The tokens will likely be transferable without fees between Messenger, Instagram, WhatsApp and other Facebook-owned apps and services, so for users who need to send money to friends within the Facebook ecosystem, the coin could act as a way for Facebook to discount services like Venmo and Apple Pay Cash.

The pros and cons of Libra is also key to Facebook's major e-commerce designs. Facebook is building a network of businesses and merchants to accept the coin as payment, and Facebook plans to make its cryptocurrency available for exchange from traditional currency through physical ATMs.

Libra currency between advantages and disadvantages

After Facebook announced its plans to launch a new global cryptocurrency called Libra, as part of an attempt to expand into digital payments, this immediately raised privacy concerns for the Libra currency between advantages and disadvantages, as Facebook is associated with 28 partners, including Mastercard, PayPal and Uber. To form the Libra Association, a Geneva-based entity that governs the new digital currency, and to facilitate transactions, Facebook has also created Calibra, a subsidiary that will provide digital wallets for keeping, sending and spending Libra. the year 2020.

The name Libra means balance and comes from the Roman weight measurements meaning the astrological sign of justice and the French word for freedom. On its way, this tool will allow Facebook to collect millions of data.

Despite the fact that the Libra currency has advantages and disadvantages, the Facebook currency was built on reserves, unlike cryptocurrencies, where it is backed by a reserve of real assets, in order to give confidence to customers as well as the value will be preserved to avoid volatility, but recently data privacy has been an issue Principal among Facebook users, so Facebook's coin is under the scanner, and to get rid of this concern Zuckerberg will be incorporating its share of privacy and shared safety at every step and Calibra will have a dedicated team of experts in risk management to avoid scams.
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