Why Libra Just Isn't A Cryptocurreny
I ran into an image today that shows a side by side comparison between bitcoin and Libra. It made me think that peoples perception of Libra as a "cryptocurreny" is totally messed up.
So here it is this image was created from CryptoPotato
This image here does great justice I believe to help people understand the difference between the two.
The biggest factors are it is NOT decentralized and it also acts as a stable coin tied to a number of national fiat currencies and stable financial assets.
I believe those two things alone should honestly count LIBRA OUT of being called a cryptocurrency.
It seems like Libra is starting to get a new name which is "virtual currency" which I believe is the correct terminology and because of that Trump is correct in that it needs to seek a new banking charter and be subject to all banking regulations.
So all of this Hype over Libra to me is pointless. Libra is just like having a credit card, virtual money in which you either pay back or buy to populate a "giftcard" like a Visa giftcard. It's nothing more then that and nothing less then that.
The only thing going for it is that it would be traded world wide, reduce fees (oh but trust me there will be fees the credit card company and Facebook would charge to get some bucks off the top)
A few other important factors between the two are that bitcoins supply is fixed. 21 million will be printed and then no more will ever be printed.
While in the case of Libra and why it should be considered a stable coin or honestly just a digital fiat is that supply is adjusted to match the assets that back it up.
Well there you have it hopefully that clears up some confusion and I believe we need to all make an effort in telling people that Libra is NOT a cryptocurrency and is nothing like what Bitcoin is.
What are your feelings on this ?
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The hype over Libra is not pointless at all. I could care less if it's a real crypto or if it's centralized or any of that. The only thing that's important about Libra is whether or not it can be easily traded for BTC or other cryptos on exchanges.
One of the biggest things holding crypto adoption back right now is how hard it is to go from fiat to crypto. With Libra you will have every big payment processor in the world making sure anyone anywhere can convert whatever fiat currency they might have to Libra. If they can then easily exchange that for other cryptos then watch out!
This is true but from what I have been hearing it won't be tradeable to btc? I could of course be wrong. If libra was a stable coin and infact could be easly traded then that would be massive for crypto. Curious to see what happens with libra with all these government hearings should be interesting.
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Wish I had some free Libra! So I could sell it and buy Bitcoin!! 😂😂
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You are correct it is going to be like a credit card, but it will grab the attention of the world .
There are some big players already on board, and that will seal the deal.... money talks!
From what I have read there will be fees involved, so it’s not going to compete with BTC.
It is blockchain based, so yes it will be a crypto currency.
I believe it will drag up BTC and all the other crypto currency’s when people get a taste of what the crypto stuff is all about!👍
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Very good synthesis: Resteemed and shared on Facebook! 😜
Cheers 🍻 & !BEER 🍺
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