Gone are the days when people used paper currency to purchase things and pay for the services. Technology has grown by leaps and bounds and it has to lead to a much easier way of the transaction and that is Cryptocurrency or digital money.
Bitcoin has already taken the financial market by storm and now the world’s biggest social media platform-Facebook has also launched its digital currency-Libra!
Here are all the things that you should know about the Libra method!
What is Libra Method?
Libra is defined by Facebook as a Global currency and a financial infrastructure. It can also be described as a digital asset built by Facebook and powered by a new Facebook with the path-breaking technology of blockchain, the encrypted technology used by bitcoins and other cryptocurrencies.
Why the name Libra?
The name Libra comes from a roman weight measurement.
Why is the world’s greatest social media platform launching digital currency?
According to Facebook, it wants to reach about 1.7 million people in the world who do not have a bank account. Facebook wants to help such people through digital currency. Though there are also assumptions that the company may have to look into some privacy concerns.
Who in charge of the Libra method?
The Libra method crypto-trading is being looked at by a group of companies called “Libra association”. The Libra works in correlation with the current currencies like dollar and euro under the method of what is called “Stable currency” so that it does not become as volatile and unstable as Bitcoin.
Now, what is the Libra association?
Libra association is described by Facebook as a non-profit organization whose major function is to manage and allocate the funds, Libra method is tied to and to validate the transaction on Libra method Blockchain.
The important about the Libra method is that due to the large number of giant companies holding its share and backing up the Libra crypto-trading, it is not easy to change anything about the Libra method. At least 60 percent of the shareholders of the Libra method must come to a common decision to change anything of the Libra method.
How to get a Libra?
Seems like you too got interested in Libra? Want to invest in it already? So you must be thinking where to get a start and where to get a Libra coin from? So, you will be glad to know that it is not much of a task. Libra is backed up by really famous companies like MasterCard and they are more than happy to just allow their interested customers to buy Libra coins from them. It is as simple as that.
Not just that, Facebook has also decided a giveaway small amount of Libra coins to people to see their reaction and how they accept it. A great way to create a huge hype around Libra.
So, how to use it?
So, when the Libra gets launched, all you have to do is to visit Google play in your smart and download the “Calibra” wallet. You can easily start a transaction through this wallet. It is also supported by social media platforms like WhatsApp and mess anger so you see, it is as easy as that.
Is it safe?
Now, this is the biggest concern of people, as Facebook has already faced a lot of allegations of data-stealing. However, Facebook claims that it will leave no stones unturned to safeguard the privacy of its clients.
I hope this article will be helpful for you to understand about the LibraMethod. Now you can invest smartly to earn more and more online.