Facebook to Launch Libra, Here is All You Need to Know to Understand the App

By Virginia Mwangi / July 3, 2019 | 9:42 am




Facebook recently announced that it shall be launching its own form of cryptocurrency already named Libra which will be launched alongside a digital wallet called Calibra where Libra will be stored.

Understanding Cryptocurrency and how it Works

Cryptocurrency, a digital currency that operates free from a central bank, has encryption techniques that enable regulation of the generation of units of currency which enable verification of funds.

Cryptocurrency is considered by many safe and free from fraud given its encryption process and the fact that it is not controlled by an entity such as Kenya’s Central bank that controls local currency.

Cryptocurrencies are built on a type of digital ledger technology where all transactions are publicly verified and saved to create a chain of information and hence referred to as Blockchain.

Understanding Facebook’s Libra

Libra, which is a form of cryptocurrency, is set to be officially launched next year, 2020, for the purpose of buying services on the digital platform.

Libra will enable its users to send money globally for lower transaction costs compared to platforms such as Western Union.

Here is a video showing Libra:

 


Libra will be easy to access through a smartphone as one will only be required to download the application on from their play store.

Libra users will also be required to download Calibra, the digital wallet, which shall also be availed on the play store by the time of launch. Calibra could also be housed within WhatsApp, messenger or any other Facebook-owned services.

Cryptocurrency has never been acknowledged by any Government as an official form of transaction and Facebook’s plans to launch their own, Libra has not come without challenges as a number of quarters call for a delay of the launch.

Brands Supporting Libra

Libra has received support from Mastercard, Visa, Uber, eBay, and Spotify among others.

Support to Libra from such big brands means that Libra’s success is assured off as users will be able to use it to pay for literally every product online.

How to Use Libra

Once the Calibra wallet for Libra is launched:

  • Users will need to sign up for an account using their government-issued Identification Card.
  • Users will then be able to convert their money into Libra and add it to their digital wallet

P.S: The currency can also be used to pay for everyday transactions such as groceries or bus fare.

Libra is linked to a number of International currencies for the purpose of protecting it from fluctuation that has been witnessed with bitcoin.

Libra will be accessible to over two billion people who also happen to be Facebook subscribers as it will be launched through Facebook Apps.







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