Explanation of what is Facebook Libra (Facebook Cryptocurrency)

Home » Explanation of what is Facebook Libra (Facebook Cryptocurrency)

Facebook finally announced the digital coins or (cryptocurrency) that has been developed in the past year. The cryptocurrency will be named Libra and will be launched in semester I-2020.

Simply put, Libra will become a digital token that is used for money transfers in cyberspace and shopping at Facebook partner merchants. To get and use tokens for shopping, users must buy tokens on the cryptocurrency exchange and store them in a digital wallet.

BC Game
VIP Bonus
Roll Competition, Lucky Prize, Faucet
5.0

This digital wallet was developed by Facebook under the name Calibra. This digital wallet will be linked to WhatsApp and FB Messenger. Calibra will also be a standalone application for Android and iOS phones.

Libra has similarities with Bitcoin because they are both blockchain based. However, Libra also has a myriad of differences with Bitcoin.

If Bitcoin is free to circulate in the market and without managers, Libra is managed and controlled by a non-profit institution called the Libra Association. This institution is based in Geneva, Switzerland, and has 28 members including Facebook, PayPal, Uber, Mastercard to Visa.

To become a member of the Libra Association, prospective members must deposit US $ 10 million. This Libra will function like a central bank. According to the published White Paper, before being published in semester I-2020, membership is targeted to be 100 entities.

The Bitcoin exchange rate is very volatile because the price mechanism is left to the market. Libra coin prices will be more stable because the exchange rate is associated with official currencies such as the United States dollar (US), euro, and yen. For example, US $ 1 equals Rp. 14,300 then 1 Libra coin will be equivalent to Rp. 14,300.

Bitcoin does not have the basic assets that guarantee it, Libra does. Libra’s basic assets include bank deposits and short-term securities and are held by the network of custodians controlled by the Libra Association. The existence of this basic asset is to gain the trust of users because Libra cannot be used for speculation like in Bitcoin.

In terms of privacy and security, Bitcoin can be traded anonymously while Libra cannot. Because the transaction must use Calibra and the user must go through the process of “know your customer”. This process is the process of verifying the user’s identity to prevent crime in the financial sector.

That means whoever registers must register a government-issued official ID and other personal information.

ATM, Hashdice, Blackjack, Roulette and many other games are here based on provable fairness of the blockchain technology. Plus, not only having fun, you can be a banker. Join BC.Game now and Boost Cryptocurrencies here!
Stake
Modern Bitcoin Casino & Sports betting platform. Enhanced privacy. Instant deposits & withdrawals. Provably fair slots & games. 130+ crypto currencies
Roobet, crypto's fastest growing casino. Hop on in, chat to others and play exciting games - Come and join the fun!
Bitsler offers casino games like dice and roulette with bitcoin, ethereum, ripple and 17 other cryptocurrencies. Win part of our $1000000+ yearly gambling
Best crypto dice game on the web: instant BTC deposits & withdrawals, a bunch of bonuses, highest faucets, live support, lossback available for HR.
RocketPot
The fastest-growing crypto casino
WINDICE is the best dice game of cryptocurrency
Rollbit
Innovative crypto gambling & trading platform. Win and trade Bitcoin and Ethereum. Provably fair games. 1000+ slots and live games. Instant withdrawals.
Bitcoin dice game established 2013. Provably fair. Lowest house edge. Instant deposits & withdrawals. Enhanced privacy. Register instantly & gamble Bitcoin
Wolfbet
The most transparent and entertaining gambling experience
Join Bitcasino Today ☆ Play with 24/7 LIVE Dealers, Slots, Dice and Table Games ☆ Register Anonymously.
the best place to play Provably Fair Blackjack, Baccarat, Video Poker, Dice, Roulette, and Slots
One Of The Best Licensed Bitcoin Casino. Wide Game Selection: Slots, Dice, Roulette, BlackJack And More. Join Today And Receive Various Bonuses.
Bitvest is a Bitcoin Gambling site offering Dice, Plinko, Slots, Roulette, Keno, and Bitspin. Come and Win Big, or Invest with the house!
CryptoGames is a Bitcoin gambling site offering Dice, Blackjack, Roulette, Lottery, Poker, Plinko and Slot game to play also with Ethereum, Dogecoin & Litecoin.