Review on Libra by Toprak Dere
About Libra
Libra coin is a cryptocurrency developed by Facebook, a US-based company. It has been developed in order to provide fast and low-cost transactions in transfer transactions and to ensure that products can be purchased with crypto currency on social media. It can be used for buying and selling transactions from the crypto money exchanges it is traded on.
Libra allows those who cannot benefit from banking services to perform similar transactions on Facebook. It offers fast and cheap transfer conditions, especially in payment transactions. Libra transactions are recorded on the Blockchain network as in BTC. Libra Coin, which has similar aspects to BTC, can be developed by other people. For this process, users state that they want to improve the crypto money by connecting with Facebook.
The purpose of Facebook Libra is to enable millions of people who cannot perform traditional banking transactions to be able to perform similar transactions on Facebook. At the beginning of these transactions, transferring with low cost and without time and geography restrictions comes. Although this process is not done on Facebook yet, transfer transactions can be made easily with the Novi wallet used to store and receive Facebook Libra.
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Pros
- Efficient business transactions in crypto currency,
- Buying a crypto currency with a dollar value,
- Making intercontinental transfers over 10 times lower amount of transaction fees requested in traditional banking international money transfers
Cons
- The disadvantage of Libra Coin is that it cannot be used on all cryptocurrency exchanges. Due to the fact that it emerged later than other cryptocurrencies, it is more new and can only be purchased through its own wallet, it cannot offer the opportunity to trade on the large crypto currency exchange.
- Another disadvantage is that Libra does not appeal to the investor model that aims to gain high profits in a short time like BTC investors. This crypto currency mostly appeals to people who cannot benefit from traditional banking transactions or who want to experience more advantageous conditions while making use of it. In other words, while it is not possible to make high profits in trading with Libra, the transaction is made through an application in the stablecoin model.
