Facebook to Battle Banks Instead of Bitcoin
By Luke Flowers – Cryptocurrency Speculator
Facebook's cryptocurrency by the name of Libra doesn't just want to revolutionise the way we make payments online but is also making waves as to how it makes use of data.
This could be down to Facebook’s recent privacy fiasco but the focus behind the establishment of the borderless crypto Libra isn't so that it could take on those buying and selling Bitcoin, but in fact the banks.
Libra has been developed as an open-source network that have been growing in interest day by day. Though it has been rumoured to have been created to take on the banks, the service is in development to accommodate for payment services of Facebook's 2.3 billion users. Any of these users will be able to buy cryptocurrency on this network and transact to another user.
But while this may be a financial game-changer, it won't come without its share of scrutiny given Facebook's history of privacy scandals. Interestingly, Facebooks ad campaign models and funding could benefit from Libra as it can be used to track users purchases and trends.
Users will be able to buy crypto and make transactions with Libra when it becomes available as a standalone app whilst also through Facebook Messenger and WhatsApp services in early 2020. Not only will it enable consumers to transfer money to one another, but also used to pay for goods and services using the Facebook-backed digital currency instead of the local currency.
The executives at Facebook are confident that Libra can help millions who lack a bank account. 1.7 billion adults are still unbanked and a solution such as this can help them access the world of banking quickly whilst able to send money seamlessly.
Even though Facebook created the currency, maintenance of the Libra platform will be carried out by the Libra Association, a team of independent, nonprofit companies and commerce firms. Each member will have one vote on the development of the blockchain as will Facebook.
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