Facebook's new Libra Coin: How does it work and should you buy it? [View all]

[brooklynite]

Last edited Wed Jun 19, 2019, 02:36 PM - Edit history (1)

Libra is an upcoming digital currency that users can access through apps and use to pay for things or to send money to each other. In that way it’s a lot like PayPal and Venmo.

But unlike PayPal and Venmo, Libra is largely aimed at people without bank accounts. (See “Why would I want to use it?” below.)

To keep and exchange Libra, you’ll need to use a “wallet”: an app that might be integrated into existing apps, the way PayPal or Apple Pay is integrated into other apps. The current plan is to let many developers make their own wallets.

Unlike Bitcoin, Libra’s value is tied to government-issued currency like the dollar—specifically to “a market-value basket of several trusted currencies,” says Wired. That’s one of several ways that Libra will try to avoid the weird, scammy, gambling vibe of Bitcoin and other cryptocurrencies. This isn’t a coin that you buy because you think it will grow 100 times as valuable. It’s more like exchanging a dollar for a Euro.
https://www.google.com/amp/s/lifehacker.com/facebooks-new-libra-coin-how-does-it-work-and-should-1835633640/amp