Facebook announces new cryptocurrency named 'Project Libra': Five things you need to know

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[h2]Project Libra is a new type of digital money designed for the billions of people using Facebook's suite of apps and social network. Here's is everything you need to know about it.[/h2][p][br]

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[p]Even as cryptocurrencies face an uncertain future the world over, Facebook is busy working to turn into reality its long rumoured cryptocurrency "Libra". The Mountview-based tech giant has finally revealed its plans on Tuesday of a digital currency called Project Libra which it claims is different from all other cryptocurrencies before it.

[p]As per the social media giant, Project Libra is a new type of digital money "designed for the billions of people using its apps and social network." Facebook further revealed that it plans to embed support for the cryptocurrency within its vast network of platforms so users will soon be able to shop with and send the currency on Facebook Messenger and Instagram -- along with using it on a wide variety of other merchants like Uber, Spotify, and MasterCard.

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[p]Here are five things you need to know about it![br]

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[p][strong]When will it be available?[/strong]

[p]Facebook has announced that Libra will be made available to billions of people across the globe starting next year. The rollout of the cryptocurrency will be in a phased manner and the opportunity to trade Libra is expected to be extended to most users of Facebook services like Messenger, WhatsApp, and Instagram by mid-2020.

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[p][strong]Advantage Libra[/strong]

[p]While it's still not clear how Libra will be different from other crypto assets in terms of the infrastructure, it is, however, clear that the backing of Facebook and other big-name players being associated with it will instantly give the cryptocurrency a major advantage over existing players such as Ripple and Bitcoin.

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[p][strong]Built for convenience[/strong]

[p]The biggest factor working in favour of Libra could be the convenience of use. With the backing of Facebook and access to hundreds of millions of users through Messenger and Instagram, this new cryptocurrency will have access to a user base like no other digital currency has had before.

[p]This access will help it easily set-up a community of users, which in turn could soon make it one of the most convenient cryptocurrencies to trade and buy products.

[p][strong]Will be almost free to trade[/strong]

[p]Talking about the potential that Libra poses, another thing that needs to be noted here is that the cryptocurrency is also primed for success because Facebook plans to keep it almost free to trade. This, when compared to heavy trading fees that other popular cryptocurrencies charge, could make Libra a very interesting option.

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[p][strong]Will use Facebook's Calibra Wallet[/strong]

[p]With the launch of the new cryptocurrency, Facebook has also announced it will release a new digital wallet called Calibra. This wallet will also be operated by Facebook but as a separate subsidiary. However, unlike most other digital wallet services that cater to a number of digital currencies, Calibra will only be used to store and spend Libra.

[p]The wallet service will most likely also be launched later in the year and will display the value of users’ Libra in their local currency.

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[p]Source : timesnownews.

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