Facebook reveals plan to launch its own cryptocurrency Libra
June 20, 2019 | Investopaper
Facebook has finally revealed its plan to launch its own cryptocurrency Libra on Tuesday. The news was already making round earlier this week. This has once again ignited the craze for cryptocurrencies.
Bitcoin jumped above $9000 this week after the involvement of big companies like AT&T and Facebook has given more assurance to the emerging cryptomarket and the investors.
Facebook decision to launch Libra has also gained support from companies like Visa and PayPal. Similarly, big companies like eBay, Uber, and Spotify are ready to partner with Facebook by accepting Libra as a payment on their platforms.
Digital coin expert Kelly clarified the main difference between Libra and Bitcoin by stating: “What Libra is doing is creating a digital version of the U.S. dollar, yen, euro. It’s like a stable coin, but you still have all the characteristics of a fiat currency. Bitcoin is … digital gold. And, in my opinion, it’s probably a lot better than gold, but there is no trusted third party involved, and that’s a huge difference.”
This move is believed to validate the rise of cryptocurrencies.
