Meet Libra, Facebook’s newest cryptocurrency. With constant updates from Facebook, one of the most important ones will make its arrival in early 2020. Get the down low on Libra below!
On Tuesday, Facebook announced their brand new cryptocurrency called Libra. Though it hasn’t officially been released to the public yet and won’t be until early 2020, people still have questions about what it is and how to use it. Somewhat similar to Bitcoin and apps like PayPal and Venmo, Libra is a digital currency that users can access through apps and use to pay for things or to send money to each other.
A bank account is not necessary to obtain the currency, which will be a game changer for people sending money back home to their families in other countries. In order to be able to use it, users will need a “wallet,” also known as Calibras. Wallets can be found in a separate app (Calibra) that will likely be integrated into other apps, like PayPal and Venmo.
The biggest difference between Bitcoin and Libra is that Libra will be backed by a financial reserve for added security. It will be a government-issued currency, which should hopefully bring users make users a little less wary of trusting their money and information with Facebook once again. That being said, it’s not recommended to get too adventurous with your expenditures and sharing your information, as Facebook is notorious for not being able to keep up with it all in a professional manner.
Though you necessarily need to use Libra, it’s an interesting option to have in case you do. As aforementioned, it won’t be available until 2020, so in the meantime, we’ll keep providing updates to the service to best prepare you for its arrival.