What is Libra? All about Facebook's new cryptocurrency

What is Libra? All about Facebook's new cryptocurrency

On this Tuesday Facebook announce an Cryptocurrency which is called Libra. This Cryptocurrency will publish for users in 2020 for using it. This currency is very very for completing financial transactions and online transaction.

Top new things you need to know:-

What is Libra? All about Facebook's new cryptocurrency

What is Libra?

Facebook officially says that "it's an global Cryptocurrency and also financial infrastructure".

They also say , this Libra Cryptocurrency is very secure and it is an asset which are created by Facebook for all. This Cryptocurrency is using an new method of Blockchain. Also this process is entrypted so it's very secure.

Why they called Libra?

Libra name is come from the Roman measurement of weight. They have  an name Ib for pound is derived from Libra whichever name is derived from the abbreviation.

The symbol of the Libra is

What is the reason behind launching the Cryptocurrency?

Facebook want to help and want to reach 1.7 billions people whom are not have any access of the bank directly.

Who is incharge of the Libra?

This currency is well served by the "Libra association".

The Libra Association is described by the Facebook this Association Libra is for helping other people and also this is non-profitable trust. They have only 2 main work. One is manging and other is provide good service to the customer.

This Libra Association is also the part of the government body which is called Libra Association Council.

Contributions:-

The Libra association is generated from the different contribution who contributed a minimum amount of 10m$ to be listed as founding member of the Libra Association.

They are some names of the contrybuters PayPal,ebay Spotify, Uber , Lyft , Horowitz,thrive capital,visa and MasterCard.

How I use it?

Whenever this Cryptocurrency is launched after that you can download calibra app which digital wallets like Paytm and Google pay. And this system will be in Facebook Messenger , WhatsApp and also they will launch app.

They don't know which country will be launch this Cryptocurrency in their country but they are sure that this is very simple and anybody can use it in day to day life Money transaction.

What can you buy with it?

Facebook will launch claibra app which is libras payment app. This app will be using by any one for day to day money transaction.

You can use it for different different services like uber, cinemas , online purchasing etc.

How will make money Facebook from the Libra?

This libra is sustained through its small charges per transaction on this service.