blockchain technology, cryptocurrency, facebook, social media

Is Facebook’s Libra Really A cryptocurrency?

bitcoin vs libra

I believe this image from @cryptopotato did great justice to help to understand the difference between Facebook’s upcoming cryptocurrency “Libra” or “Libracoin” and the Bitcoin and the co’s or simply altcoins.⠀

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Reading the official whitepaper and other resources at the official website, it seems like Libra will be like a traditional virtual currency rather than the cryptocurrency although it also uses the #blockchain technology.⠀

On the other hand, rummer says that it won’t be tradeable with the #BTC or any other #crypto pair. If it’s true then we can’t consider #Libra as a cryptocurrency just because it uses the blockchain #technology.

But we cannot deny the fact that Facebook has very large active userbase worldwide, which surely is a big plus point for the Project Libra, and also it could help to attract more users/people to the blockchain ecosystem. It also has the possibility to disrupt the entire cryptocurrency ecosystem with it’s stablecoin because the current popular stable coins like tether have gained lots of bad reputations.

Author: asis

I'm a Blogger.

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