If you have invested in Facebook, Congratulations, congratulations. You have done the right thing. If you haven't, watch this after this video you will know why. Hi everyone. It's Michael here.
I'm going to talk about Facebook Culebra and Libra predictions and the new cryptocurrency. I'm going to explain that so hold on tight.
Libra
Tired of Bitcoin, Litecoin and whatever coin? Add one more to the list: Libra. The only difference is that this one is pretty strong. This one has the ability to become mainstream which bitcoin strived for years. All because of one thing. Powerful names behind it. Libra Association which is a joined association comprising of big giant tech and fintech companies has created Libra to turn it into a global currency. Facebook has only 1 vote power to make decision and also all the other 27 members. The idea behind this another new cryptocurrency is to make it seamless and simple to make transactions. This is going to be used as a medium of exchange compared to Bitcoin which is largely used as an investment.
They are introducing low fees to increase mass adoption with giant players behind it to back it up. Bitcoin, on the other hand, got more expensive and slower in conducting transactions. Bitcoin is risky because of it’s volatile nature and Libra is going to overcome that by using currencies such as dollars and euros. The best part is Libra is not going to be attached to only one currency.
Calibra
The selling point of Libra is to make transactions seamless. Facebook is going big with this one. With the number of users that they have and also 1.7 Billion and counting without access to bank are going to get financial services. You can convert local currency to Libra and pay for stuffs, services or send money. You can also cash out Libra anytime! So, it’s literally going to be global transactions made simpler and it’s gonna cost close to nothing. Facebook is launching them with their own apps Messenger and Whatsapp and also as a standalone ewallet app which is going to be the subsidiary of Facebook called Calibra. Through Libra associations, other companies are going to build their own ewallets but Facebook has an edge. They got apps and users in place. Just matter of time and all while the Libra Association earn interest on the money you store in Calibra or any other Libra wallet. There’s Alipay, Wepay and you name it. Calibra will outperform them because of the massive support of merchants already using Facebook platform.
Global Currency
Blockchain and cryptocurrency have been around for quite some time. However, they are not yet mainstream and there are issues about price volatility and the lack of scalability. Libra will be backed by Libra Reserve which has reserves of real assets. This will ensure low volatility and wider global acceptance of the digital currency. Calibra the standalone ewallet app from Facebook will enable anyone with a smartphone to send and receive Libra and to make payments by simply scanning a code at low to zero cost. Not forgetting Messenger and Whatsapp too. Apart from sending money, Facebook hopes to expand the usage of Libra to pay for bills, goods or even public transport.
Will it succeed?
Personally I believe Facebook has this trust issue and they intelligently used that as an advantage by welcoming big players under Libra Association and literally having no control over it. They gained trust by becoming trustworthy and building alliance. The strong and powerful alliance will be the significant factor for their success. If you’re not comfortable with Facebook’s Calibra, there will be other digital wallets that you can use to manage your Libra cryptocurrency. It’s always good to be second in a long run race. Learn from the mistakes of the ones ahead of you. Facebook has learned from it’s own mistakes and also from other cryptocurrencies.
Predictions
There are more than 1.7 billion adult people in the world who don’t have bank account. Most of them have smartphone in their pockets and they might have Whatsapp or Messenger. This would be their very first “bank” account and the currency is secured by blockchain. Facebook will succeed with this because they are looking at the global scale. They already have an army of merchants using Messenger and Whatsapp. Not only them but consumers are going to use it as well. 10-20 years from now, they will be developed and Libra might be the #1 currency in many of these countries such as Africa and India.
Trade is going to boom and other cryptocurrencies will rise and be stable as well. Markets that have been inaccessible will be open now. I personally see a lot of potential in this because of the large players behind it.
So if you haven't pump your money into Facebook, trust me. This is the time. This guys are monopoly. You gotta pump in, do not waste time.
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