Today people are sharing plans for Calibra which is launched by Facebook whose goal is to provide financial services that would help people to participate in the libra network.
Facebook developed the Currency libra, the company thinks of sharing control with a group of organizations like venture capital firms, credit card companies, and many others.
The digital currency or the cryptocurrency called Libra can found inside the Calibra wallet. Using Facebook’s network people can easily save, spend and send money through blockchain technology named Calibra Wallet which is set for launch in 2020.
In today’s digital world you can use every useful apps and service at very low cost or maybe no cost whether it is for getting in touch family and friends or growing our business everything on our hand
When it comes to saving money it is not easy but possible through the apps which we use in our daily life i.eWhatsapp, Messenger and also available on the Standalone app.
Facebook highlighted that Calibra would allow people to send Libra to anyone, through a smartphone easily and as fast as you send a text message that too at a low cost.
Facebook explains the ideal goal, which eventually helps people to do daily life transactions like bill payments with a push of a button, riding local transport without using cash or a metro pass or buying a coffee with the scan of a code.
Whenever it launches it ensures you that it will have strong protections to keep your money and details safe.
Meaning of Calibra and Libra
Calibra is a digital wallet that holds libra. Libra is assessable to simple people more who don’t hold a bank account.
Calibra is your wallet of any online payment app while Libra is your wallet money from your bank account. E-wallet of your Phone pe app wallet that stores the currency from your linked Indian Bank Account (i.e The Indian Rupee, regulated by RBl).
It is also used for purchasing goods or pay for services online on Amazon as an Amazon Pay Points but Libra is designed for a wider reach for just for a specific website or app.
Difference between Libra and Fiat Currency
First, let us know what is fiat currency?
The currency issued by any government is called a Fiat currency.
India – For India currency is the Indian Rupee.
The US – For US currency is the US Dollar.
Europe – While for European Union currency is Euro
Now let us talk about the difference between both currencies:-
1. It can be printed by the government.
1. It is a cryptocurrency so it cannot be printed.
2. It is represented in a paper currency form.
2. It is represented in the digital currency form.
3. It is regulated by governments and central banks.
3. It is regulated by The Libra Association.
4. Taxes can be paid with Fiat currency.
4. Libra cannot pay your taxes.
Working Pattern of Libra.
We have heard stories in 2017 about Bitcoin a known cryptocurrency that is struggling to overcome a $10000 mark after a time high reach to $19000.
Libra has to find solutions against different problems and become more stabilized virtual currency through a set of low unexpected assets like bank deposits and government securities given by backend partners.
According to Blockchain Blog, that includes an unbelievable 27 games and a mixture of payments, e-commerce companies, telecommunications, investment firms, and non-profit organizations.
Here’s the list:-
Blockchain: Coinbase, Xapo, Bison Trails and Anchorage.
E-commerce: E-bay, Farfetch, and Mercado Pago.
Investment firms: Andreessen Horowitz, Creative Destruction Lab, Union Square Ventures, Ribbit Capital, and Thrive Capital.
Payments: Stripe, Visa, Paypal, PayU and Mastercard.
Ride Share: Lyft and Uber.
Technology: Spotify AB and Facebook.
Telecommunications: Illiad, Vodafone, and Booking Holdings.
Every organization is eager to become the founding member of The Libra Association by giving $10 million and by stabilizing the virtual currency, that bitcoin lacks behind. The easy way to create a big amount of Libra coins is by purchasing more Libra coins through fiat currency.
Libra is Secure or Not
We know that yet Libra does not come, according to Facebook it will take one more year. Yes, Libra is safe because it is made of blockchains.
Facebook will not share any account detail or financial data with or third-party apps without consumer consent-good.
We know that most people will not accept the advantages that Libra will give because they are in fear of risk, they are unfamiliar with the fact of stability which Libra will give to them.
It will secure customers account and lowers the risk and prevent criminal activity.
There are so many problems with Bitcoin or any other cryptocurrency that they are not a good medium of exchange.
Every Libra payment will be always written in libra blockchain, it will 1,000 transactions per second.
Whereas in Bitcoin there will be 7 transactions per second. And Bitcoin is struggling with many difficulties nowadays.
The inventors know that so many people don’t want to mix their social data and financial data together, so the target of the inventors is to win the people’s trust.
In case if someone’s account got hacked, or scammed then, in that case, calibra will refund you.
One more important advantage of it is if you forget your password then no need to worry because calibra will manage it for you, as calibra manages all keys.
There are so many advantages to using Libra. , it is slated to launch in 2020, in US sanctioned countries or the other countries that have banned cryptocurrencies.
This includes Iran, North Korea, and China. So for now if you are living in India you have to forget about all these crypto talks.
It’s good that Facebook is building a money app for the lower or privileged class. But some are thinking that Facebook is not doing this for the sake of people.
By reading all the documents one conclusion can made that Facebook is doing it to try to dream up a new way to line its own pockets. The project has faced so much criticism and central banks also not supporting it. Bitcoin is not backed by any reserves or any government, but we can see short-term excitement for Libra.
Over here we can see that Libra could trade alongside bitcoin on crypto exchanges, and considered reach. In this place, there is not a sure way to cash in on Libra, but indirect bets can be made.