Libra has been on the headlines in the better half of 2019 and for all the right reasons. It is, after all, Facebook’s very own project, and not to mention, a highly ambitious one. Therefore, it was quite natural for the world to wait with bated breath for what this new digital currency would bring to the table. Before Libra makes its way into the light of the world, we deemed it fit to talk a bit about the possibilities it would bring into the crypto space. Therefore, without any further delay, let us move on to the discussion and analyse for ourselves the potential of Libra.
It Shall Make The Often Difficult Concept of Cryptocurrency Easier To Understand:
Cryptocurrency is not something you can discuss, like the traditional forms of currency. The dynamics of cryptocurrency and the blockchain technology are very different from the fiat currency, and are, therefore, sometimes difficult to understand. But Libra aims to change the belief that cryptocurrencies are not to be brought into the mainstream. Libra aims at making cryptocurrency a household affair, which means that it shall help users understand virtual assets in greater detail.
Using Cryptocurrencies Shall Become Increasingly Easy
Cryptocurrencies are not much used by people carrying the weight of their 9 to 5 lives, or the ones running small-scale businesses. However, Facebook’s Libra aims to change this and to bring Libra into the mainstream where every individual, no matter where they belong on the spectrum of investments and transactions, can place their trust in it. Facebook makes use of Calibri, a subsidiary to help it with its endeavour of Libra. Just like Calibri, there are several other payment gateways and subsidiaries, like Flexipay, which make dealing with cryptocurrencies easier than ever.
Libra Aims To Bring the Unbanked On One Platform
For years now, the unbanked have been put away from reaping the benefits of E-commerce. However, Libra has taken up the responsibility of bringing the unbanked on the same platform, which shall help them shop from online stores and engage in the E-commerce sites that there are out there. This is quite an ambitious project, but in Libra, we trust.
Libra Can Increase Cross-Border Interactions
Libra is a product of Facebook, and it is no surprise that millions across the globe engage in Facebook every day. With Libra on the forefront, it shall become increasingly easy for friends, relatives and acquaintances to send and receive money using Facebook or WhatsApp. And if this plan that sounds good on paper becomes a reality, it needs little mention that Libra will have revolutionized the way one perceives the crypto space.
There Shall Be An Ease In Interoperability
Libra shall make the transfer of virtual assets and digital currencies from one blockchain type to another without having to go through much hassle. This again sounds ambitious and amazing as a concept. But only time can unravel the extent to which this idea shall become a possibility. Whatever the case is, Libra does sound promising on various levels, and it is now only a wait of time till this digital currency is launched, and we get to see how much of what was promised actually rings true.
Conclusion
Libra looks extremely promising ostensibly, with its ambition of bringing the unbanked on the same platform. It also promises to make the transfer of cryptocurrencies easy and hassle-free. But it is not possible to ascertain anything yet since cryptocurrencies are quite volatile affairs. One can only be sure of the fate of Libra once the currency starts rolling out in real.
