✔️ Information reviewed and updated in April 2024 by Pedro Martínez González

Facebook is one of the most important platforms in the digital world. Such has been the level of importance and growth of this platform that today it has decided to promote a new innovation for the future, Libra.

This social network has become one of the most visited places in the world, with a large number of users and also companies that take advantage of all its tools. Here we will tell you everything you need to know about Libra, the new cryptocurrency which came to compete face to face with Bitcoin.

✨ What is Libra?

The best way to define Libra is that It is a cryptocurrency which, like others in the market, is based on a Blockchain system. This means that it has a series of mathematical problems and complex algorithms behind it.

This makes Libra allows you to perform all kinds of operations easily and quickly . You can make transactions, for example, transfers or make payments and purchases very quickly and almost instantly. This is because, being a digital currency, it does not require the entire process behind the money moving.

✨Differences of Libra vs other cryptocurrencies

According to the same information from Facebook, this cryptocurrency differs from the rest in these points:

• To reduce the volatility of cryptocurrencies, Facebook is going to support them through a fund which integrates insurance assets and money such as dollar reserves. . Basically it will have the backing of conventional money.
• The Blockchain behind Libra will have an optimized code, this with the aim of making the processes behind this currency more efficient. Furthermore, this It will allow to reduce commissions and waiting times when validating transactions.
• With the purpose of guaranteeing users, this cryptocurrency will have the support of an association, the Libra Association. This is made up of founding members such as: PayPal, MasterCard, Visa, Spotify, Uber, Vodafone and venture capital companies.
• As if that were not enough, Libra will be specially optimized to work on mobile phones. Esto with the aim of making this cryptocurrency much more accessible for users , without the need for specialized computer equipment or with great hardware and software needs.

✨ When can I buy Pounds?

At the moment, the Libra project has not yet fully come to light, as it is in the development phase. According to Facebook data, until 2020 the project had already made good progress, but not enough to go on the market.

And the fact is that there are still details such as the mobile application which will be in charge of managing Libra easily from any mobile device. This application will work as a kind of Wallet so you can do all kinds of operations , from purchase to sale or payments with it.

✨ What calls us the Libra attention

We could say that there are some points that arouse our curiosity about Libra. Here we will try to tell you those are those 5 points that jump to our eyes and make us look towards Mark Zuckerberg's new project.

• Mobile optimization: Most digital currencies are usually not very accessible, since to reach them it is necessary to operate through a broker. Instead, Mark has made it his goal to make Libra much more universal making access to cryptocurrencies more democratic for any user.
• Data mining: Nothing has been mentioned about Blockchain data mining to generate cryptocurrencies. We must remember that these work under a mechanism in which, when deciphering a code puzzle, a cryptocurrency is released. At the moment we do not know how this is going to work in Libra.
• The pound quote: When Bitcoin came out it started with low prices, what made many users could buy it , but suddenly it rose to the sky producing high volatility. At the moment it is not known what the price will beexit of Libra so it is necessary to keep an eye on it.
• Coin stability: Although there are already cases where there is real support, with money or assets, of digital currencies, these still have some volatility in the market. The stability of the currency, with the financial power of Facebook, could be very good.
• Usage: Perhaps we will see in the future Facebook allowing you to use Libras to buy through its online stores. Or maybe we will see Facebook adding to cryptocurrencies as a form of payment in advertising credits. This point is certainly anyone's guess.

✨ Is the new Facebook project reliable?

The fact of having a large company like Facebook behind these types of projects provides certainty to the user. And it is not the same to trust a cryptocurrency launched by a Russian hacker than one launched by Facebook and backed by Visa, MasterCard, PayPal or Uber.

Also, The inclusion of backing funds for the currency turns out to be a very important feature. Having a fund with safe assets and money makes the currency more stable and less volatile, which can make it much more attractive.

Of course, it is worth remembering that not all that shines is time, since many times these digital currencies turn out to be more unstable than expected. Libra couldn't get rid of this volatility either. , since, in one way or another, it has the same nature as other cryptocurrencies.

What we recommend that you take this project with caution because nothing is written yet, there is no official launch or active users. So, as with any asset and investment, you must go carefully, evaluate the options well and make decisions that are analytical, based on real data.

About the Author: Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.
About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.
Do you want more information? You can read more about me here in my biography.

You can read more about me here.