Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.
When such large companies as Facebook enter the cryptocurrency market, it stimulates the interest of users who have not previously used crypt, but want to invest in the project
Topic: Libra vs. Bitcoin - What's the Dif? - page 4. (Read 1072 times)
Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.
When such large companies as Facebook enter the cryptocurrency market, it stimulates the interest of users who have not previously used crypt, but want to invest in the project I thought it might be valuable to point out some of the key differences between FaceBook’s new Libra coin and Bitcoin. They are certainly not the same. The greatest features of bitcoin center around it’s decentralized network.
Bitcoin is:
Bitcoin is:
- A currency that disconnects your identity from your money.
Owned only by the user who posses it.
A currency that has a production, circulation, and distribution which is beyond the control of any government, business, or ANY entity at all.
A currency that can be used in any country for any transaction and is beyond anyone’s ability to compel or deny a transaction.
The cheapest, fastest, and most secure way to send money yet invented.
- A currency that ties not only your basic identity to your money, but includes all the details found on your FB, instagram, What’sApp, and other social media. A near perfect coin for stealing your identity.
Owned by a banking cabal including PayPal, MasterCard, FaceBook, Andreessen Horowitz, etc. Users may use their coins if they follow all rules required by the owner companies. Users must also accept that these rules may change at any time for any reason the owner companies decide.
A currency who’s distribution, supply, and all other parameters are under the complete control of the owners. They can change the valuation or double the circulation. (Owners, not Users – FaceBook and it’s partners are the owners of the money)
A currency that can be used at FaceBook’s partner stores. It allows FB partners to pry into your spending habits in an unprecedented way. You may only use their money if they receive a cut of the money and all transactions are allowed only if FB decides it is okay for you to do.
A patch over an archaic banking system that is insecure, ridiculously slow, and very
expensive.
Everything is simply - Bitcoin gives opportunities, Libra steals your personal data.
Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.
Same technology but going for two completely different markets. Could Libra kill bitcoin? Not really. Will it make it redundant? Definitely.
Libra exists because FB has seen WeChat and wants a piece of it. In china you can book hotels and buy things from your chat app. Facebook wants to do that over here. imagine if you could message your friend and send them $20 in the app. Or book and pay for a flight in the app. It is that simple.
Libra will be open source and (probably) have a public blockchain. FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect. they will have your details as well. It is business.
It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.
Ten years in and you can't buy anything with bitcoin. It is just no good for that. I bet you within a year people will be using Libra.
https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
So facebook is just copying what china has been doing already with their wechat app? Libra exists because FB has seen WeChat and wants a piece of it. In china you can book hotels and buy things from your chat app. Facebook wants to do that over here. imagine if you could message your friend and send them $20 in the app. Or book and pay for a flight in the app. It is that simple.
Libra will be open source and (probably) have a public blockchain. FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect. they will have your details as well. It is business.
It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.
Ten years in and you can't buy anything with bitcoin. It is just no good for that. I bet you within a year people will be using Libra.
https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
I think the cashapp available to all us residents already allowing you to do this and paypal has had their xoom app available since the beginning of the year. So this isnt anything new.
They just want to make a cryptocurrency for their huge user base. In which it isnt officially a cryptocurrency without having it running on a blockchain but only from their platform in what I have been reading about it.
Same technology but going for two completely different markets. Could Libra kill bitcoin? Not really. Will it make it redundant? Definitely.
Libra exists because FB has seen WeChat and wants a piece of it. In china you can book hotels and buy things from your chat app. Facebook wants to do that over here. imagine if you could message your friend and send them $20 in the app. Or book and pay for a flight in the app. It is that simple.
Libra will be open source and (probably) have a public blockchain. FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect. they will have your details as well. It is business.
It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.
Ten years in and you can't buy anything with bitcoin. It is just no good for that. I bet you within a year people will be using Libra.
https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Libra exists because FB has seen WeChat and wants a piece of it. In china you can book hotels and buy things from your chat app. Facebook wants to do that over here. imagine if you could message your friend and send them $20 in the app. Or book and pay for a flight in the app. It is that simple.
Libra will be open source and (probably) have a public blockchain. FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect. they will have your details as well. It is business.
It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.
Ten years in and you can't buy anything with bitcoin. It is just no good for that. I bet you within a year people will be using Libra.
https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Of course there is no competition in the market, everyone prioritizes bitcoin because bitcoin enthusiasts have never diminished, if our coin libra everyone doesn't know what system to use, many questions in all forums especially the bitcointalk forum are very often discussed, and almost all media around the world talking about Libra coins that will be created to help Cryptocurrency growth in the whole world ..
I think both of them are very good because they use the blockchain system and make many people switch to using cryptocurrency ...
All attempts to compare Libra and Bitcoin and disputes about it should start with one, simple statement: Libra isn't a cryptocurrency. Or at least, it's not a cryptocurrency like Bitcoin. They are very different on a level of basic agenda. Libra won't be like BTC - decentralized and "independent". It is developing as one of the Facebook assets and by this it will be served for its goal. I recommend you to check this article - it's very informative about what exactly Libra is.
Same technology but going for two completely different markets. Could Libra kill bitcoin? Not really. Will it make it redundant? Definitely.
Libra exists because FB has seen WeChat and wants a piece of it. In china you can book hotels and buy things from your chat app. Facebook wants to do that over here. imagine if you could message your friend and send them $20 in the app. Or book and pay for a flight in the app. It is that simple.
Libra will be open source and (probably) have a public blockchain. FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect. they will have your details as well. It is business.
It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.
Ten years in and you can't buy anything with bitcoin. It is just no good for that. I bet you within a year people will be using Libra.
https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Libra exists because FB has seen WeChat and wants a piece of it. In china you can book hotels and buy things from your chat app. Facebook wants to do that over here. imagine if you could message your friend and send them $20 in the app. Or book and pay for a flight in the app. It is that simple.
Libra will be open source and (probably) have a public blockchain. FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect. they will have your details as well. It is business.
It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.
Ten years in and you can't buy anything with bitcoin. It is just no good for that. I bet you within a year people will be using Libra.
https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/
Facebook's soon-to-be-announced Libra has a good chance of gaining adoption, something that Bitcoin has utterly failed to do, because, unlike Bitcoin, it will be centralised.
Libra’s success, or the success of any other global centralised currency by any tech company (Google, Amazon, etc…), is bad news for Bitcoin because the success of one means less space the market for the other.
Libra’s success, or the success of any other global centralised currency by any tech company (Google, Amazon, etc…), is bad news for Bitcoin because the success of one means less space the market for the other.
maybe Libra easily defeats the popularity of ETH and XRP. but Libra will be difficult to beat the popularity of BTC. I think, BTC always has high liquidity compared to Libra. Libra is better to be coin stable to create transactions and to save our assets.
Libra can be considered a regular altcoin that hasn't yet developed proper momentum compared to what bitcoin has been with. If you think it also defeats Eth and Xrp I guess it's another story or speculations. First and foremost I will still prefer those old and promising coins rather than this new one that we didn't even exactly have an assurance that it could become sustainable for longer term investment.
So in short,
Bitcoin is:
Good
Libra is:
Bad
Bitcoin is:
Good
Libra is:
Bad
Quote
The cheapest, fastest, and most secure way to send money yet invented.
There are already altcoins that's way more cheaper, faster and more secure than Bitcoin, it's just that Bitcoin is the father and pioneer of cryptocurrency.I won't particularly say Libra is bad because of many reasons. When Bitcoin came to the market back in 2008-09, it shook the world and especially the banking system! But it failed to get the desired support from the regulatory authorities.
What Libra is trying to do is to take the game another notch higher. Facebook is actually trying to capture the mass banking segment using their technology. Libra is definitely a game changer for the cryptos! But yes, you won't get what bitcoin offers to us, but that certainly doesn't make it bad.
Next thing will be facebook credit loans ?!
Probably more of that, Libra is just the first move of Facebook to invade the world, but there will be a big challenge, most likely their chance is to dominate in crypto in the stable coin division but it would not harm bitcoin.
maybe Libra easily defeats the popularity of ETH and XRP. but Libra will be difficult to beat the popularity of BTC. I think, BTC always has high liquidity compared to Libra. Libra is better to be coin stable to create transactions and to save our assets.
It will be more stable for sure since its a centralized coin but I doubt it will kill the project of XRP and ETH. The Libra coin is overrated, we can't still know not until they introduce their services, while ETH and XRP already running here in cryptomarket for many years now. No one can go along with bitcoin, because BTC should always be on top and it will never be go down lower than the top, i think a centralized coin has no chance to place on top. Bitcoin is a highly volatile exchange's instrument, while Libra is announced as a stable coin. Already at this stage, the difference in the application of these two coins is huge. Bitcoin is complete freedom in handling your finances. However, Libra can be very convenient for purchases in Facebook and its partners.
Yepper, Libra is likely to be very stable. Unlikely Bitcoin Libra obviously offers virtually no value whatsover..
In fact if the value of Libra is based on lack of privacy and stealing personal info, Libra will be worth less than zero..
maybe Libra easily defeats the popularity of ETH and XRP. but Libra will be difficult to beat the popularity of BTC. I think, BTC always has high liquidity compared to Libra. Libra is better to be coin stable to create transactions and to save our assets.
This altcoin developer shares his understading of what Libra might become. I reckon Facebook's motives might be more threatening than JPMorgan's in creating a dystopian society if he is right hehehe.
Also, according to the article the developer did some analysis and tests on Libra.
What is the intent behind Libra?
“Facebook is trying to build a global bank and is attempting to create a world currency. And it’s certainly doable, with usage across billions of individuals and the support of a large number of institutions. It’s an attempt to remake the global banking infrastructure.”
deVadoss elaborated:
“Libra is an attempt to build a global (central) bank that piggy-backs on existing central banks’ monetary policy, with the goal of taking over and eventually deprecating them.”
What kind of impact could Libra have?
“A shift in monetary policy from public officials to private corporations has a huge impact on consumer rights and privacy. This raises serious questions around global exchange and trade."
Source https://cryptoslate.com/technical-details-libra-reveal-facebooks-plans/
Also, according to the article the developer did some analysis and tests on Libra.
What is the intent behind Libra?
“Facebook is trying to build a global bank and is attempting to create a world currency. And it’s certainly doable, with usage across billions of individuals and the support of a large number of institutions. It’s an attempt to remake the global banking infrastructure.”
deVadoss elaborated:
“Libra is an attempt to build a global (central) bank that piggy-backs on existing central banks’ monetary policy, with the goal of taking over and eventually deprecating them.”
What kind of impact could Libra have?
“A shift in monetary policy from public officials to private corporations has a huge impact on consumer rights and privacy. This raises serious questions around global exchange and trade."
Source https://cryptoslate.com/technical-details-libra-reveal-facebooks-plans/
I find particularly appealing your argument about how they can change the terms of service, privacy policy, supply and everything they want as they wanted at any time they want.
That only should be the main and most powerful reason for us to see how amazing Bitcoin is. Just do a mental comparison about something that seems impossible is made possible thanks to technology, the right idea and the right minds behind it.
That only should be the main and most powerful reason for us to see how amazing Bitcoin is. Just do a mental comparison about something that seems impossible is made possible thanks to technology, the right idea and the right minds behind it.
Libra and Bitcoin are two different things and are very different in so many ways, as mentioned above bitcoin is decentralized and no can controls it and it is can't be affected by inflation and it's value are not determine with any currency(fiat) value, Libra on the other hand is centralized because the Libra Association has control over Libra and it can be affected by inflation and it's value can be affected by the current currency(fiat) value like USD.
Bitcoin is a highly volatile exchange's instrument, while Libra is announced as a stable coin. Already at this stage, the difference in the application of these two coins is huge. Bitcoin is complete freedom in handling your finances. However, Libra can be very convenient for purchases in Facebook and its partners.
I find it easier to talk about what is not different between bitcoin and libra rather than talking about differences because nearly everything about the two is different. from centralization to closed blockchain nature of libra.
so the only similarity the two have is one thing in my opinion and it is the fact that they are both based on cryptography! and similarity ends there because I am not so sure if we can call it "blockchain technology" either.
so the only similarity the two have is one thing in my opinion and it is the fact that they are both based on cryptography! and similarity ends there because I am not so sure if we can call it "blockchain technology" either.
it is blockchain. (a block of data where an identifier is hashed from the data. and that identifier is put into the next block to chain them together.
the difference between say facebook credits and libra from a user prospective is negligible/unnoticeable.
however from facebooks internal infrastructure, by having say 10 distributed nodes across its international head quarters facebook gets a secure database without needing large server farms, without teams of IT staff monitoring data integrity, without auditors without security guards ..
and thats pretty much it
Jump to: