There has been a lot of talk about paperless money. Many people and institutions are still trying to figure their way around the best method of carrying legal tender without the paper or the coins. There have been many innovations around this area of financial technology, and those that know a little something about technology will recognize the name Bitcoin. This is a famous example of a digital currency that was launched a couple of years back. But first and foremost, what is facebook libra?
However, today, the social media giant, Facebook is at it again with an innovation that is set to take the world of eCommerce and fin-tech by storm. Libra, as they are calling it, is Facebook's experiment with digital currency. Whether it will be successful or not is an answer left to the future. But, there are a couple of things that you may be curious to know about this currency. That being said here are some things you might like to know on how facebook libra works.
It is a Digital Currency
First off, Libra is a digital currency. This basically means it's an abstract currency that you cannot touch physically or put in any wallet other than a digital one. It runs online. But, you will be able to purchase it using other means.
You Can Buy Libra
Speaking of purchasing, you will be able to purchase Libra for your usage. Just like you can purchase Bitcoin, Ethereum and other digital currency, you will easily be able to purchase this currency too based on the exchange rates using your local currency.
Developers for Libra
Thirdly, you need to know those that are developing for Libra. This is a large group of individuals and institutions also. However, the top three are banks and credit facilities, payment processors and finally credit facilities. All these platforms have one thing in common, they have embraced technology. If you are a developer in any of these industries, you will want to know what platforms are the best for creating and testing your custom code for Libra. Do your research so that you end up picking the right platform.
Different From Bitcoin
Unlike Bitcoin, which happens to be an anonymous currency, you will actually know who is sending you the Libra currency. Also, the Libra currency will not be as volatile as Bitcoin. It is more stable so that the purchases made using the currency do not fluctuate causing to losses by merchants. Get mor details about cryptocurrency here: https://www.encyclopedia.com/reference/encyclopedias-almanacs-transcripts-and-maps/cryptocurrency.
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