Based on blockchain technology, such as the most well-known cryptocurrency Bitcoin, Facebook's Libra has the power to give financial power and monetary access, albeit virtually, to many third world countries, especially in Africa. For example, you can now play LeoVegas slots with cryptocurrencies.
Far from large institutions and Central Banks, Libra may even be the virtual currency with the best conditions to make free, fair and easily accessible online transactions to almost 2 billion people.
What are the big advantages of Facebook cryptocurrency
Above all, Facebook's main objective is to make it as easy as possible to use of its platforms to its users, including in your payment and withdrawal methods.
With a "stable coin", which could not be traded like other cryptocurrencies, always maintaining its price, without any kind of oscillations, you would no longer have to use other payment methods to enter money on Facebook owned platforms.
So that you can better understand the financial revolution that will be Libra on Facebook, understand the main advantages:
- The money will be entirely yours- unlike banks, which keep your money, in Libra you will be the only person who would keep the key to your money. That is, only you will have access to your money.
- You will save a lot on commissions and time- as it will be Facebook's internal currency, you won't need to be constantly paying commission to your credit card bank. In addition, Libra transfers would be immediate and without any kind of cost.
- Everyone will have access to your money- in less developed countries, users would finally be able to transact their money with complete freedom. There is no place for the control of the Banks or even the Governments of these countries.
How will Libra work on Facebook?
Even though its implementation was announced a few months ago on social networks and platforms belonging to the Facebook, such as WhatsApp, Messenger or Instagram, The truth is that the US Senate does not look favorably on Facebook having the power to also become a financial institution.
However, the latest articles guarantee that, despite not being very satisfied, the European Union could be the first region on the planet to accept that Facebook can internally manage a "stable coin", making the experience of its users much more free and accessible. .
So, once Libra is legally approved, it will be much easier for you to have access to paid features of apps owned by Facebook. As well as better manage investments in advertising or visibility on the platform.
Could Libra be the start of a financial revolution?
Undoubtedly that the tecnologia do blockchain could be the main reason for the great financial revolution that could happen in the next few years. Where physical money could very well be replaced or even extinguished by virtual currencies.
The big problem for Central Banks and Governments is that the legal and widespread use of this technology, that gave rise to cryptocurrencies, could give people such great financial freedom that banks and financial institutions would have to undergo enormous transformations to survive this financial revolution.
Facebook's Libra could be just one of the first steps for such a phenomenon to happen. The only question until when the Governments will be able to hold this project that can give the freedom and financial power that hundreds of millions of people around the world have never had.
