Facebook is Launching a new Cryptocurrency, Libra, in partnership with over 27 other partners in 2020. But what is Libra? What is Cryptocurrency and Blockchain? What does this mean for your Facebook account? How does this all work? I am here to break this down for you so you know why Facebook and their partners are doing this, what you need to know about your Facebook account, and how you can prepare for this new global digital currency.
What is Cryptocurrency?
- Cryptocurrency is a digital currency built with cryptographic protocols that make transactions secure and difficult to fake.
- The most important feature of a cryptocurrency is that it is not controlled by any central authority: the decentralized nature of blockchain makes cryptocurrency theoretically immune to the old ways of government control and interference.
- Cryptocurrencies make it easier to conduct any transactions, for transfers are simplified through use of public and private keys for security and privacy purposes. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.
This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans.
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Alan Spicer talks Facebook Libra Coin
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Read up:
➡️ Announcement from Facebook
➡️ 3 Things You Need to Know About Facebook’s New Cryptocurrency, Libra
➡️How Libra Would Work for You
