The world is going digital and people are using technology to make their life easy. Gone are the days, when people used to use paper currencies. Digital Money is saying Hello the world and Libra has become the new digital currency of the moment. It is owned by one of the biggest social networking companies- Facebook! Based on the system of the Block chain, Libra is born with the help of more than a hundred financial companies. So, it can be said that Facebook has created its digital currency, to make payments throughout the internet.
This new digital cryptocurrency is called Libra which will be the base, but the digital currency on which the rest of the payments will be based, including those of Facebook will be called Calibra, which will become a digital wallet that will allow storing and making use of the new digital currency Libra.
It means that it will be a payment platform for social media platforms like WhatsApp, Facebook, and Messenger; it will exist as an application independently on iOS and Android. This wallet will be connected to the world, which will allow you to send money quickly and will be based on this new digital currency.
So, what is Libra?
Libra is a non-profit and independent organization with its headquarters located in Switzerland. Libra is similar to other cryptocurrencies like Bitcoin, based on Blockchain. To deal with volatility, Libra is fully backed by the Libra Reserve, which consists of a collection of coins and other assets that are used as collateral for each Libra that is created. Libra is the digital currency and Calibra is the Facebook wallet.
So, let’s list down below the advantages and disadvantages of both Libra and Bitcoin!
Advantages and Disadvantages of Libra
One of the biggest advantages of Libra is that it has huge support from large companies and payment platforms, so it, not a big issue like where to use it! There are many options around.
Another advantage is that anybody who has a Smartphone and has access to data can easily use Libra.
Last, but not the least, Libra has stability which is not possible in case of any other cryptocurrencies, due to the great support of the Reserve created for this purpose and to maintain its stable price.
One disadvantage is the fact that as many companies supporting it, to make changes in Libra two-third of the members must reach an agreement.
Another disadvantage is privacy and anonymity, as for the use of cryptocurrency no user identification is requested, however, the same does not happen with the digital wallet.
Advantages and disadvantages of Bitcoin
The biggest advantage of Bitcoin is that though its price keeps fluctuating, but it has the biggest market, it is still less uncomfortable and unsafe than other cryptocurrencies. It is a disadvantage because due to its high popularity, the number of transactions has skyrocketed and this has created high traffic in the network.
Another advantage is due to the people’s confidence in Bitcoin, it provides security. Another disadvantage is due to limitations since transactions are grouped into blocks that operate every 10 minutes, while other cryptocurrencies are faster.
Another big disadvantage of Bitcoin is that mining requires a lot of electricity, which leads to environmental problems.
So, these are some of the advantages and disadvantages of Libra and Bitcoin. So if you too are interested in earning huge bucks. Just visit the website of the Libra method loginand start earning today. It is a very easy process. Just login and start earning. it’s that simple!