Announcements of launching Libra has shook the world! Cryptocurrencies are the new hype going on for a while. Many earlier forms of crypto money have failed. Despite the bitter experience, we have already given much attention to Libra.
Above all, the concerns over Libra are not going because of rising rejection from international supremacies. But certainly, it will have an impact on the global financial market. Furthermore, how much will it affect you?
Alternate to money?
Unlike every other forms of money, Libra is an un-administrated form of exchange. Meaning, no specific central bank or institution gets to control it. The decentralized nature of the currency is what gives birth to all the speculations.
Global leaders are not very keen to incorporating a currency into the financial system which has no backing of “real currency”. Although, many might argue that Libra is backed by a basket of currencies and U.S. Treasury securities. On the other hand, general people are more interested in this form of money because there is no possibility of unwanted intervention from controlling body.
Will it make your life any easier?
Absolutely. Online selling and buying is the most popular form of trade these days. The demand for it is increasing. Especially, with online payment systems like PurePay, online buying gets even easier. Imagine incorporating such online payment system merged with cryptocurrency. PurePay even helps you to have high risk merchant accounts for people involved in cryptocurrency processing.
Above all, the financial market gets to be free from invaders seeking to make undeserved benefit from the market. The money market goes back to its basics. The market leads the way. So, cryptocurrency makes life easier and you get what you deserve.
Facebook has had a tough time defending their ground on how they provide data privacy. Initiating the Libra by Facebook has also raised concerns over the privacy of data. This is also among the key concerns of the global leaders speaking against it.
Will it work?
No one can say that certainly. To have the answers, we need to accept the change first and then move into the queries. Finally, the regular currency is going nowhere. One has the liberty to keep using the money instead of cryptocurrency. Libra can be incorporated slowly into the system. Online shopping is the best place to start with. What is you take on it?