From airing to the international news channels to becoming the hot topic of investors; the long-awaited currency- Libra Beat launched on 18th June by Facebook blew a massive storm in the whole crypto world.
With the increasing internet revolution and financial improvements taking place daily; there is always room left for a more stable, reliable, and effective money-generating source despite the presence of valuable assets like Bitcoin supported by Bitcoin Edge. This powerful blockchain spiked a huge wave of interest with its latest technology among investors who were seeking for different reliable sources to put their money into.
Most of the investors are curious to know if Facebook Libra has the capability to beat Bitcoin or it’s just another crypto that will work along Bitcoin. To satisfy all your curiosities and queries regarding Facebook Libra, we have summed up a short write-up to consider Facebook Libra as another helpful source of passive income for you.
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The Creation of Facebook Libra.
The aim behind the creation of this newly launched blockchain cryptocurrency is solely to work as a safe, centralized, and credible medium of transactions while having the strong infrastructure at back.
Undeniable to the fact that Bitcoin has made countless investors millionaires overnight, it still lacks some of the important aspects that increase the risk of money loss. However, Facebook Libra as a global crypto wants to be a secure and more effective crypto network for huge investments.
Is Facebook Libra Better than Bitcoin?
We can only compare the pros and cons of both the respective cryptocurrencies with each other and reach to a conclusion but cannot declare whether Facebook Libra can beat Bitcoin. The reason for this is the white paper for Facebook Libra released by Facebook itself states that the clear goal of this blockchain is not to beat any crypto but to help people save their money rather spending on heavy taxes, transaction costs, buyer expenses, etc.
The above-mentioned announcement clearly justifies that both the cryptos have different goals and working mechanisms that can never beat each other unless they walk on the same road. However, here are some more features of Facebook Libra that will strengthen the fact that Facebook Libra cannot beat bitcoin.
Personal Wallet.
With intending to secure the transfer and receive of payments, Facebook Libra has its wallet known, unlike bitcoin where you have multiple opinions in wallets to choose and pay from. This digital wallet- Libra is currently being tried and tested on different social media apps like WhatsApp, Messenger, Skype to ensure there are no hackers or prone to invasion from third parties.
Owned Cryptocurrency.
Facebook Libra as expressed by name is owned and controlled completely by Facebook and supported with the investments of many other credible companies like Uber, Visa, and Andreesen Horowitz. Whereas bitcoin is not held by any authority but accessible to anyone who has the sufficient capital and risk-taking ability to invest.
Small Businesses Improvement.
Another aim of Facebook Libra is to offer a trustworthy platform to small communities where they can do their e-commerce currency exchanges over the globe. With the increasing progress of small businesses, Facebook Libra – a global digital currency will reward them with the opportunity to invest for higher profitable returns.
Cutting Additional Expenses.
The expensive currency exchange costs have proved very challenging for a novice investor in recent years. Therefore, Facebook Libra eliminates all unnecessary transaction fees, credit card expenses, heavy taxes, and everything that takes money out of your pocket. Unlike bitcoin trading where this job is catered by platforms like Bitcoin Mastery to choose the right places where you should spend money.
Conclusion:
Facebook Libra has bigger plans for the long-run and doesn’t want to serve as an ordinary cryptocurrency for ages. Its owner (Facebook) wants to make Libra the ultimate revolutionary form of PayPal with far more benefits. Overall, it is pretty clear that it’s hard for Facebook Libra to beat bitcoin neither today nor in the future.