We have briefly spoken about Libra coin in a previous post but today we are going to dive deeper into the realm of the centralised of Libra coin. Libra coin is the digital currency that Facebook and other companies within the Libra Association are developing. (Morse, 2019) There is 28 different companies that are involved in the Libra association they include Uber, Spotify, PayU, coinbase and many more. (Association, 2020) Each of these companies have a different aspect that they work in, helping to have all of the needed expertise that cryptocurrencies needs. It is going off the same principles as other cryptocurriencies that are already around for some time now it is still using the encrypted technology that would be used in other digital currencies that are already in use. (Paul, 2019) The reason that Facebooks Libra coin became more known than the other cryptocurrencies that are around currently is because such huge social media platform is behind it therefore people would be able to recognise it quicker than other currencies. (Singla, 2019) The big difference between Libra and other cryptocurrencies such as bitcoins would be that the bitcoins would be decentrilised meaning that there is no one person who owns it such as a bank. If someone has internet, they have the ability to use bitcoin but in comparison Libra is centrilised. Libra coin is not an open system. It has partners with 27 different companies. (Harper, 2019) (Image source http://bit.ly/3cLNqPz) With the use of Libra is with the idea that there will be very little charges when you spend or transfer money between yourself and others. (Constine, 2019) this in theory could change the way that we bank because of the charges that come along with using a regular bank account can build up. Also, by having everyone using this it would make things easier for transferring money. (Image source http://bit.ly/2v9PuzX) Another issue that could be seen with using Libra coins is that you can freeze transactions. (Singla, 2019) the main issue with being able to freeze transactions would be that you could be half way through a transaction and one person could have what they were being sold but then they could have it frozen and not actually get the money that they were meant to get. Bibliography
Association, L., 2019. Libra Association | A Not-For-Profit Organization. [online] Libra.org. Available at https://libra.org/en-US/association/#founding_members [Accessed 10 March 2020]. Constine, J., 2019. Techcrunch Is Now A Part Of Verizon Media. [online] Techcrunch.com. Available at: https://techcrunch.com/2019/06/18/facebook-libra/ [Accessed 10 March 2020]. Harper, C., 2019. Facebook’S ‘Cryptocurrency’ Libra Has Nothing to Do with Bitcoin. [online] VentureBeat. Available at: https://venturebeat.com/2019/07/04/facebooks-cryptocurrency-libra-has-nothing-to-do-with-bitcoin/ [Accessed 10 March 2020]. Morse, A., 2019. What You Need To Know About Facebook's Libra Cryptocurrency. [online] CNET. Available at: https://www.cnet.com/news/heres-what-you-need-to-know-about-facebooks-controversial-libra-cryptocurrency/ [Accessed 10 March 2020]. Paul, K. (2019). What is Libra? All you need to know about Facebook's new cryptocurrency. [online] the Guardian. Available at: https://www.theguardian.com/technology/2019/jun/18/what-is-libra-facebook-new-cryptocurrency [Accessed 5 Mar. 2020]. Singla, S., 2019. What Makes Facebook’S Libra More Centralized?. [online] Hackernoon.com. Available at: https://hackernoon.com/what-makes-facebooks-libra-more-centralized-jk14d3ew2 [Accessed 10 March 2020].
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