What is Libra cryptocurrency?
Libra is a permissioned blockchain based Libra cryptocurrency proposed by reputed American social media company Facebook, inc. The currency is still in papers and has not been launched yet. Initially the was planned to be in 2020, however only experimental code has been released yet.
Before 2020, the project was called Libra. In 2021 the currency became Diem from Libra and Diem is projected to release in 2021.
That's why Libra is sometimes called Diem or Facebook currency.
History of Libra cryptocurrency:
Morgan Beller was the only person who started working on at blockchain and Libra cryptocurrency in 2017. Later in 2018, Facebook vice president David A. Marcus moved from Facebook Messenger to blockchain division and by 2019,50 more engineers were working on this project. Till then Libra cryptocurrency project became famous and Facebook had to accept that they were working on a Libra cryptocurrency known as "Global coin" or "Facebook coin"
Later in 2019, Facebook CEO Mark Zuckerberg announced that they will not launch Libra cryptocurrency untill approval is obtained from United States regulators. Due to this announcement, multiple companies like PayPal, eBay, mastercard, stripe and visa started leaving Libra association. In December, 2020, Libra cryptocurrency was rebranded as Diem and Libra association was renamed by Diem association.
In the supporting document of 100 pages released by Facebook, it writes "Success will mean that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee”. It clearly reflects that Facebook is planning to launch something big in the market.
Members of Libra cryptocurrency:
There are currently 27 founding members working with Libra association. Each member paid $10 millions. Facebook expects to reach 100 members soon and next soon-to-be members are mastercard, PayPal, visa, Booking Holdings, eBay, Spotify AB, Uber technologies, Vodafone group, Anchorage, Bison Trails, Ribbit Capital, Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking etc. The member associations list is strong for Libra association and founding location, Geneva is also popular for supporting financial innovations including blockchain technology.
How to buy Libra cryptocurrency?
The buyers as well as miners are in hurry to get Libra cryptocurrency however they can't do so yet. The reason is that Libra is not officially launched yet. Reports say that the Libra cryptocurrency will be released in January, 2020. As until now, February has started and no official announcement of release has been made yet. If someone offers you to exchange your currency with Libra then beware of the scam. Be noted again: Libra is not officially released yet so no questions if trading yet.
How to mine Libra cryptocurrency?
Cryptocurrency mining is a popular term in Libra cryptocurrency dealers. They wait for some new currency to launch so they could get some free coins. However, there is bad news for free miners that Libra cryptocurrency wouldn't be available for free mining. You have to buy it directly.
What would be the price of one Libra?
As already said that Libra cryptocurrency hasn't been officially released yet so telling about the price of one Libra is beyond imagination. However according to the current statuses of Libra cryptocurrency market and the parent company Facebook, inc itself, its price would be near about one dollar.
Libra vs bitcoin:
Due to the popularity, rarity and current worth of bitcoin, each newly released currency is compared with bitcoin by its buyers. In the scenario of bitcoin and Libra cryptocurrency , no doubt Libra is being released by renowned firms, its price would be stable and will beat a number of other currencies but bitcoin is far far away from its reach.
May be someday it would reach to bitcoin but the days are not too close. However, there's one field where Libra cryptocurrency will beat bitcoin and others is its capability to handle 1,000 transactions per second. That would be much faster than Bitcoin’s 7 transactions per second or Ethereum’s 15.
Decentralised system:
Libra cryptocurrency will be decentralised which means no individual company will have the ownership instead, it will be the property of all. Moreover, open source code feature will benefit the wallet makers. They will easily buy and sell Libra coins in their wallets.
Final words:
Peoples who are planning to buy Libra cryptocurrency , should buy it instantly after its release. Because unlike other currencies, its value is expected to increase very fast.
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