What is Facebook Libra cryptocurrency?

What is Facebook Libra cryptocurrency?

Facebook has become the most used application in today's time. Giving any kind of advertisement, shopping or reading any kind of news through Facebook has become a simple means for all these things. The Facebook company has now brought a new and completely different method for the people running Facebook, which will make it easier to do online payment transactions. You must have heard that in order to run any advertisement on Facebook, we have to pay some cost to the Facebook company, for which we have to link our bank account or our credit card with it, so that we can make the payment easily. .

Facebook has now brought another easy way for payment which is named Libra currency. Let's know about it in detail

What is Libra currency?

If understood in simple language, Libra currency is a cryptocurrency, which helps us to pay the amount in the currency of any country. This Libra currency has been announced by Facebook to make online transactions or any type of online payment easier. In the process of Libra currency, you will not need to link your credit card or any type of bank account for payment. This is such a simple process brought by the Facebook company for the consumers, through which you can easily pay the currency of any country at a low cost.

Libra currency payment rules

  The security and recordkeeping rules of the Libra currency are largely the same as those of bitcoin. Fake things go viral very quickly on Facebook, due to which people all over the world are worried. But the same thing has been said about Libra currency in Facebook that through Libra currency you can make any type of online payment with full security. In which full care will be taken of your password and your privacy.

The security of Libra currency is somewhat similar to that of bitcoin. There are some key similarities between bitcoin and libra currency, the most important of which is that just as bitcoin is supported by major traditional companies, libra currency will also be supported by major companies. Some of the main companies are companies like PayPal, Visa and Mastercard that are also involved with bitcoin and will be involved with the Libra currency. The main purpose of the Libra currency is to create some national currency like the US dollar and the Euro in Europe. So that non-profits and financial services and online business can be encouraged more and more all over the world. Along with all these types of organizations, the support of more than 25 main organizations has been received.

How will the Libra currency work? (How to Invest in Libra Cryptocurrency)

Libra currency issued by Facebook will become a simple and easy means of payment. Which any Facebook user can easily use to make global payments through Messenger or WhatsApp. Yes, through this, the most direct and simple money payment, any user will be able to make financial payments for anything from one country to another through WhatsApp or Messenger. The main advantage of this would be that earlier a huge amount had to be paid for paying one country's currency in another country's currency, but now by paying zero amount in Libra currency, any person can pay any amount in any country's currency. Any type of payment can be made at any time.

A digital app will be launched by Facebook for the use of Libra currency, so that you can easily track and keep track of your payment transactions and keep track of them.

Libra Association Members

Facebook announced the Libra currency in front of the media in October, on that day, in this meeting, along with the members of the Facebook company, executives of 20 big companies around the world were also invited. Some of these members were inducted into the board members of Facebook Group, including CEO Wences Casares, Andreessen Horowitz, Chief Blockchain Officer Katie Haun, and Facebook Chief Executive David Marks.

All of them are being seen as the main faces connecting with this project. In addition to all these, people from some large companies have been associated with the company as founding members of the association, including Visa, Mastercard, PayPal, Stripe and Mercado Pago. There are some rules of Facebook Association according to which if any member wants to leave the membership of the company for any reason, he can leave, but they can do so only according to some limited circumstances.

Earlier there were about 27 members with this company, who were officers of many big main companies, who decided to associate with Facebook Libra currency. But later there were some members who pulled out of the project and in Monday's meeting only 21 members signed their signatures as official membership under the project. Executives of major companies such as Visa, MasterCard and PayPal decided to abandon this projection. At present, big companies like Uber, Lyft, spotify and European telecommunications company Vodafone are seen as the main members of this association. Apart from all this, there are officials of 180 institutions who, showing their main interest towards this project, have completed all the process related to the initial requirements of the project and have considered themselves fortunate to be associated with this project.

Libra currency launch and who will be able to use it (Release Date)

The Libra currency will be fully in the hands of all members globally in early 2020 as it will be fully launched in 2020. Its advantage will be taken globally on a very large scale. 400 million people, mainly those who use WhatsApp from their smartphones, will be able to easily use the Libra currency, while 300 million users are those who use Facebook, which means 2.38 billion users and 1.3 billion users. Users have joined all these social media networks all over the world. Which simply means that all these people will be able to use Libra currency easily.