Facebook’s Libra Coin : Where can you buy it?
If we had a dollar for every time someone emailed us “where can I buy Libra coin”, we’d have enough dollars to buy a bitcoin. If you’ve been living under a rock and have no clue what this “Libra Coin” is, let us enlighten you.
About Libra
Nope it’s not called “Zuckbucks” or “Facecoin“, Facebook recently released the white paper of their long anticipated cryptocurrency, Libra. Explained in the simplest way, Libra is like cash that lives inside your phone, you’ll be able to buy Libra on libra wallet apps and cash in your local currency to get libra coins. You’ll then be able to spend your Libra on online shopping, uber trips and even pay for your Spotify subscription with it since all these companies have partnered with Facebook to make Libra popular. Facebok will make sending and receiving Libra as easy as messaging online
Libra is set to launch in the first half of 2020 and will be run by a non-profit in Switzerland. Facebook has partnered with 27 other organizations, companies and non-profits to start Libra as an open source currency ( although in our opinion, it’s a bit more like Paypal). The companies range from MasterCard and Visa, which could help merchants accept the currency, to Uber and Lift, and even non profits that focus on Financial inclusion for the unbanked. By the time the currency launches in 2020, Facebook plans to have over a hundred different developers on board.
How does it work?
Why is Facebook launching it?
This coin will be what is termed a ” Stable coin”, meaning that it will be backed by a basket of existing currencies such as the dollar, euro and yen. Sorry, Libra isn’t the kind of crypto that you purchase to trade on the market in hopes of making money.
So to those asking where you can buy Libra, think of it like exchanging a Dollar for a Euro. In addition, Libra will allow users to buy and sell goods on the platform by use of a digital wallet that the system facilitates through “Calibra Application”. Calibra is a wallet designed to enable anyone to securely store money for free and send and receive Libra instantly around the world with no Fees.
Facebook says that Libra will make it possible to provide basic financial service to millions of people around the world who don’t have access to a bank account. The crypto network governed by Facebook and more than 2 dozen founding partners brings up the obvious questions, “isn’t Blockchain meant to be decentralized?” Facebook, in response, says that the Libra Association intends to add more partners over time, to further decentralize the currency and build trust.
Based on Facebooks past history however, take caution as Facebook makes money by helping advertisers target you, so maybe Libra is basically a money play that helps it collect more data about purchasing. Anonymized data, maybe, but still. Any time a big tech company has a shiny new product to offer you, ask yourself how they’ll make their money back.
When can I buy Libra?
The ever-burning question everyone seems to have. Facebook plans to launch Libra in early 2020 but it will probably only be available in a few places to start.
So unfortunately, you will not be able to purchase the Libra coin just yet and possibly never on digital currency platforms like BTR Exchange but in the meantime, try out our platform which carries the Top 30 Digital currency that currently exist.
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