Let’s analyze Facebook’s Libra Coin cryptocurrency

Hey everybody! Welcome to Bura Tech! In
this episode, we’re going to be talking about Facebook’s new cryptocurrency!
The big news today is that Facebook is going to be releasing their
own cryptocurrency, and if you don’t know what that is, we’re gonna be talking
about it later. Before we do that, make sure you like and subscribe and
share this video! Today’s featured course is Mammoth Interactive’s Blockchain
Fundamentals: The Complete Solidity Guide! if you want to learn how the blockchain
works, this course is for you! Today it’s on sale for 93% off. Also you get
lifetime access! There’s no subscriptions! Let’s talk a little bit about
cryptocurrencies and the blockchain. Rhen we’ll talk about why Facebook could
be the company that makes crypto currencies mainstream. The blockchain
is too complicated to talk about in one video, but essentially what a blockchain
is is a public ledger. It is consensus on a specific item. When it comes to
crypto currencies, that specific item is the amount of crypto currencies, and the
value of that crypto currency. If you think about it, gold has a specific value. The reason is, we know exactly how much gold there is and what it’s going to be
worth. Crypto currencies is a digital form of that! With crypto currencies, the
blockchain will tell you exactly how many coins are valued at what, and that
is how much gold there is on the planet. It does all this through consensus! You probably have a friend or two who got in the Bitcoin early and cashed out
big. You also might have a friend that got into Bitcoin when it was crashing
and lost a bunch of money. The point is, cryptos have basically been used to
speculate and gamble. More nefarious things such as money laundering? Right
now cryptocurrencies aren’t really used the same way money is. There are a few
places where you can buy a lot a with Bitcoin, but really nobody uses it for
that. Because the blockchain is such amazing technology, eventually there’s
gonna be one cryptocurrency that people just accept as a currency.
Currently all of our currencies are fiat currencies, which are backed up by
governments, and we just accept the value of these currencies. There’s no
reason that people won’t accept the value of a cryptocurrency in the same
way. The tech companies like Facebook, Amazon, Apple, and Google: they’re bigger
than a lot of countries, so if Google or Apple or Facebook made a cryptocurrency,
then it would be like a government backing of cryptocurrency. Facebook
has an ecosystem of apps. Chances are, Facebook is going to be using their coin
to make payments within the app so you can send money and you can receive money
through their ecosystem. Facebook is also getting a few investors to invest
billions of dollars into their cryptocurrencies so that the fluctuation
of value won’t fluctuate too much. If you’ve ever looked at price of Bitcoin
or any other cryptocurrencies, you’ll know that they fluctuate quite a bit. In
fact, they fluctuate way more than a lot of other currencies and a lot of other
commodities. Basically any kind of stock they’re probably going to be using
this in their Facebook marketplace. To start, they’re actually going to be
offering lower fees than credit cards. This is amazing because as a small
business owner, I’ve paid more than a new car’s worth of fees. Over the years, these
are really important to business owners, and just the general public. I bet you
this move will get people to use their cryptocurrency. Here’s three things I
want Facebook to add to their marketplace. In order to make their coin
successful, the first thing I want them to add is I want them to add a site like
Upwork, where you can sell your services. If you’re a web developer, then you
can make money with the Facebook coin. This is gonna be amazing because the
marketplace won’t be just for physical things, but they will be for jobs as well.
Facebook could become one of the biggest job boards on the planet. The second
thing I want Facebook to do is have a Kickstarter competitor. As you know
as I’ve mentioned in this video, I love Kickstarter, and I would like
there to be more options because Kickstarter does not let you do more
than one campaign at a time, but a company of my size, I could probably do
more crowdfunding. I would like a no-strings-attached way to fund your
business. Crowdfunding is huge, and it’s in a lot of businesses, including my own. The best part about Kickstarter is that
it’s based on trust. There’s no equity being delivered, and it works out for a
lot of companies. Facebook already has this option for nonprofits, but I want
this to be allowed for for-profit companies. The third thing I want
Facebook to do is to have an option where you can give away equity for a
specific sum. There’s already other crowdfunding sites that do this, but
Facebook could do it as well. Let me explain, so let’s say if I want to give
away 10% of my company for 10 million dollars, I can raise that with the
Facebook coin, and the people that have raised that money will get a percentage
of my profits. Other crowdfunding sites do this, and there’s
no reason Facebook can’t do it as well. On top of that, it’s like Facebook is
getting the best of the best of new startups. I see Facebook’s coin has a
great way to become more wealthy. If it works and people start
using Facebook’s coin like cash, then I can see other tech companies doing this. As well, companies like Amazon, Google, and even Apple could have their own
cryptocurrencies. If they’re backed up by a large organization and people are
using it, then I can see this working out. Then again it could all fall flat on its
face. Do you think Facebook’s cryptocurrency is a good idea? Please let
me know in the comments. Also be sure to LIKE and subscribe! If you want to
check out today’s course, you can check out Blockchain Fundamentals: The Complete Solidity Guide! It’s on sale for 93% off, and you get
lifetime access. Thanks for watching, and I hope to see you in another video! ~John Bura

One thought on “Let’s analyze Facebook’s Libra Coin cryptocurrency”

  1. Let’s talk about cryptocurrencies, the Blockchain, and why Facebook could be the company that makes cryptocurrency mainstream.

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