Facebook finally made its foray into the cryptocurrency market with the reveal of its own crypto token Libra. Users can buy Libra from the local exchange and can be stored and spent using the Calibra wallet.
The social media giant has employed its network of social media application to increase accessibility. The users who own Libra can access an interoperable wallet called Calibra using Facebook, Facebook Messanger, and WhatsApp.
Facebook released the whitepaper of Libra, explaining the technology behind it.
So we have compiled all the must-know points while explaining the difference between Libra and Bitcoin.
The scale difference between Bitcoin and Libra
As per the whitepaper released by Facebook, Libra is the decentralized programmable database that can support lowly volatile crypto with the ability to provide a medium of exchange for people.
Bitcoin, on the other hand, has turned into an investment similar to gold, or we can say it has become the digital gold.
The most significant difference between these two tokens is the support of other finance giants.
Since Libra is from a known tech giant is has amassed support from Visa, MasterCard, Uber, and Booking Holdings. It could help Libra in mass adoption.
Stability: Libra vs. Bitcoin
Since its inception, Bitcoin has been a highly volatile cryptocurrency, which has deterred a large number of people. However, many have tried to make quick money using the highly volatile nature of BTC.
Unlike BTC Libra will be stable as it will be supported by the top currencies like USD and Euro and has a backing of several debt securities.
Tough Road Ahead for Libra
Maxine Water, chairwomen of House of Financial Services Committee, has urged Facebook to put a hold on Libra until Congress vets the project. She told the media that Facebook has a troubled past of the privacy breach and the wrong ways of dealing with data.
Only time will tell that if Libra is the cryptocurrency that everyone is seeking.