What is Facebook Cryptocurrency all about?
Who knows!!! You may soon buy these Coins right from Whatsapp & FB Messenger.
Imagining life without the social media is totally a nightmare & nobody in today’s world want to live without internet. For the digitalized life, here comes the new way of living in the form of ‘FACEBOOK CRYPTOCURRENCY’.
What is Cryptocurrency? – Just for beginners …
It is a digital asset designed to work as medium of exchange with strong cryptography. It also ensures secure financial transactions, controls the creation of additional units, and verifies the transfer of assets.
So, Which Currency FB is going to use?
There is a new cryptocurrency called Libra, courtesy which will be rolled out by 2020. While this signals Facebook’s plans to expand into the digital currency market, it has also raised privacy concerns.
Facebook would get access to the massive payments market (which is the largest segment among all financials services), and can couple it with its users’ credit profiles derived from their social data.
Facebook Currency Wallet & Ease of Use
For Libra, Facebook announced a dedicated wallet app called CALLIBRA which will be built into WhatsApp and Messenger as well, to let users store and use Libra coins.
Libra is planned to be “global currency” for use anywhere in the world without transaction fees. It will target those who are unbanked, who are believed to number around 1.7 billion across the world. What remains a question, however, is how and why someone without access to formal banking would jump to Cryptocurrency.
It’s access in economy of India is still not confirmed.
History of Cryptocurrency
It is a virtual currency, which users buy and store in any of several available digital wallets, and use it for transactions on a decentralised network that is not controlled by one bank or a government.
Bitcoin is among the best known cryptocurrencies. Cryptocurrency is powered by a technology called blockchain.
It functions like an open ledger that gets updated in real time. Each transaction on a blockchain network is preserved, and reversing it is impossible.
Because data are encrypted, cryptocurrency is supposed to be secure and anonymous. From a digital wallet, however, it is possible for stored coins or currency to be stolen.