Libra The Future of Cryptocurrency


What’s up guys Stacey here from becoming financially fit and today were going to be talking about Libra – The Future of Cryptocurrency Before we get into it, guys if you want to see more videos like this I usually post every week or so along with an article over on our site so go ahead and hit that subscribe button and the bell notification so you can say updated on my articles and the videos in the future. Libra is Facebook’s new cryptocurrency designed to be the new form of money The main objective of Libre is to become the world’s singular medium of exchange They want to enable individuals from across the world the ability to transact in a matter of seconds. As a founding member of the Libra Association, Facebook will be able to tap into its 2.4 billion Individuals currently using its platform and have access to about a third of the global population from day one. The cool thing about this is you’ll be able to pay friends, grab an Uber or get a slice of pizza Just with a click of a button To send spend or receive Libra you’re gonna need a digital wallet, and that’s where Facebook comes in They’re designing a digital wallet called Calibra to actually help you guys transact these Libra Coins you can think of Libre in the same terms as Venmo, PayPal, Cash App or Zelle., The primary difference between these apps and Calibra is that you’re going to be able to send money to anybody across the globe and there’s gonna be no restrictions on what you can send or who you can send it to Now some people may think this is a good thing but others are a little weary of what’s going on here. By having access to your spending patterns, Facebook will be able to know where every single dollar you send or receive goes This information could potentially be used by advertisers to know the exact moment when they need to send you an ad or Unfortunately, it could potentially be used against you in a court of law. Now who’s behind Libra? The Libra Association is comprised of about 30 different founding members and they want to expand that number to about a hundred before go live. Some of the founding members of The Libra Association include Visa, Mastercard, Uber, Lyft, PayPal and some other household names like eBay or Spotify that you love and use today. The main goal of this collective is to bring individuals that are already paying customers on their apps into the Libra ecosphere. So who’s gonna be the target audience of the Libra currency? Well for starters, it’s gonna be smartphone users. At go-live Libra, and the Calibra wallet is gonna be available to anyone who’s using a smartphone and has access to some type of high-speed Internet. All you will need to sign up is a government-issued ID. It takes I want to say about five minutes and you can be up and running and you can purchase your first Libra coin. The second target audience is gonna be people in those developing countries who may not have access to traditional forms of financial services. What they’re gonna be able to do is use their smartphone or a browser to actually purchase and exchange their Libra coins. What Facebook is trying to do here is identify those individuals who are either unbanked or underbanked And actually meet their needs to actually broaden out their population of individuals using The Libra coin. Last but not least one of their target audience is going to be businesses. To succeed and become profitable, eventually every business is going to need to collect payments and process them seamlessly in real-time. More often than not these businesses lose out on money or revenue because they simply can’t accept a certain form of payment. I’m sure you’ve ran into a situation where you go into an establishment and it’s either cash only, they don’t take American Express, or if you’re out of the country, they may not take the currency that you currently have in your pocket. Libra will solve this problem by allowing anyone, anywhere access to the services that these businesses offer, and they can be transacted in a matter of seconds. So now let’s get into the competition Who’s actually gonna be battling Facebook and The Libra Association for market share? For starters, the government. Before universal acceptance of Libra is possible, The Libra Association is going to need to get regulatory approval, and that’s going to be coming from governments all over the world. Governments are gonna want to regulate the Libra currency because they may lose out on potential tax revenues that they can get in their own legal currencies. If governments are no longer able to track and tax their individuals, they’re going to cease to exist because they’re not going to have those tax revenues that they get on a year after year basis. The next form of competition comes from the Fed According to the feds website, the Fed was established by the Congress to provide the nation with a safer more flexible and more stable monetary and financial system. The Feds going to have a harder time Influencing monetary policy if the Libra Association actually has control of this singular one-world currency. Libra is a direct threat to the Feds ability to influence monetary policy. The next threat is gonna come from the big banks and financial institutions that are in place down Although banks around the world vary in size, scale, and specialty they have one common goal and that’s to serve as a trusted partner to actually store send or receive their customers funds. Libra is going to be able to do each and every one of these things on day one and it’s not going cost the customers anything. Combine this with the fact that after mass adoption, the Calibra wallet is eventually going to have loan services and micro loan services. This essentially is a direct threat for the banks and it’s may run them out of business. Last but not least other legacy cryptocurrencies. They’re going to be threatened by the Libra currency because they currently lead in market share. Things like Bitcoin things like Ethereum, Ripple. All of those are going to be direct competitors to the Libra coin because on day one, the market is going to be saturated with individuals who are on the Facebook platform who follow The Libra Association or who just want a different alternative to the big banks and they’re going to be logged into the Libra currency? What this means is money is gonna flow directly out of those things like Bitcoin or Ethereum directly into the Libra coin so now we’ve gone through it a bit and you’ve kind of seen how Libra can actually benefit a lot of individuals in a lot of different ways. But, since Facebook is involved as one of the sponsoring members and one of the founding members of The Libra Association, people do have some privacy concerns about the Libra coin and the Calibra wallet. In the past Facebook has come under fire for failing to safeguard their members public and private information. People are wondering if they’re actually involved with the Libra coin, will this happen again? Since data is Facebook’s most valuable asset, having access to the Libra information alongside the Calibra wallet information It’s gonna be critical for them becoming one of the market leaders in the digital currency space. This is an incredibly large hurdle to leap for a lot of individuals who currently don’t trust Facebook. Facebook states that they won’t share any of this transactional information with any advertisers in the future, but they have reneged on some of their promises in the past with your public information. So the question is will you really trust Facebook with your money this time around? At this point a one-world currency once thought to be impossible is not too far away from the future. Technology, globalization, and a need for a more efficient financial Institution has brought about the changes that Libra seeks to solve. The question of the future might not be “Cash or Credit?” but “What’s in your Digital Wallet?”. Guys, if you like this video go ahead and leave a comment below I want to know what you think about Libra Calibra and The Libra Association

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