Will Libra The Facebook Cryptocurrency be a good Investment?

Will Libra The Facebook Cryptocurrency be a good Investment?

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Facebook’s cryptocurrency Libra is coming out in 2020. So you will have plenty of time to make an educated decision.

Firstly we need to understand what Libra, really represents and what is the vision behind this project.

Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and create a new currency called Libra. The group of 28 founding members includes the likes of Visa, Mastercard, Coinbase, PayPal, Uber, Lyft and others, which are each investing around $10 million to join the consortium. Libra Association, a Switzerland-based non-profit is tasked with leading the cryptocurrency’s development.

Facebook has built a dedicated computer programming language called “Move” to run its new Libra blockchain. It is supposed to offer more flexibility in the long run.

Facebook is launching two cryptocurrencies actually. Facebook said that in addition to Libra, the project will also issue a “Libra investment token for a much more exclusive audience: the founding corporate members. For every $10 million invested, a member gets one vote, subject to a cap of 1 percent of total votes, in order to prevent the concentration of power in any single entity. However, the financial reward remains proportional to the amount invested no matter how much.

Facebook is also launching an independent subsidiary called Calibra that will build services that let you send, spend and save Libra — starting with a digital wallet that will be available in WhatsApp and Messenger and as a standalone app next year.

Libra has been revealed and touted as a move by the company in an effort to move the masses from the traditional bank system and in turn shake it up from its roots considering Facebook’s very own massive following of 2.4 billion users.

Facebook is touting the currency as a means to connect the billions of people around the globe who do not have access to customary banking services.

Facebook’s Libra cryptocurrency is generating an immense amount of hype. Some hail it as the beginning of the end of sovereign fiat currencies. Others believe it will draw people into the cryptocurrency world, leading them inexorably to place their faith in the One True Cryptocurrency, Bitcoin. And others worry about the effect on central bank monetary policy and the possibility that a run on Libra could trigger another financial crisis.

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