It’s been a little over a year since Facebook announced that it was launching its own, new cryptocurrency, Libra. Interestingly enough, for a company that’s known for moving fast, Facebook has taken its time with Libra. However, it should be noted that the project itself doesn’t belong to Facebook.
Clear as mud, right? Let’s dig a little deeper into the history of the Libra project to get a better understanding of the project and the team behind it.
History of Libra Coin
Libra coin – commonly referred to as Facebook’s cryptocurrency – was born in California’s Silicon Valley, back in 2019. The project aimed to become a digital currency platform used worldwide, which would bring significant changes to the financial system we already use.
Initiated by Facebook, the idea later garnished backing from multiple high-profile companies, many of which became a part of the Libra Association. The purpose of Libra coin was initially to compete with other global currencies while giving billions of people a way to use money without a bank.
However, many within the current system pushed back on Libra, concerned that the sudden disruption could cause irreparable damage. Add to that the Cambridge Analytica snafu that Facebook suffered in 2018, and it was easy to see why people distrusted the projected.
In 2020, regulators came away with a win over the platform, causing the social media giant to back off its Libra aspirations. As a result, Libra agreed to become a financial infrastructure and global payment system. When it launches, Libra will be a stablecoin, built on the blockchain, and backed by fiat currencies such as EUR, GBP, and USD at a 1:1 ratio.
Libra coin in 2021
Many within the industry believe that Libra will finally launch sometime during the 2021 calendar year. The wait has been longer than anticipated, and the coin will look drastically different next year than its original concept. But if any blockchain technology project has the backing necessary to make it work, it’s Libra.
3 Options For Buying Libra After the launch
Once the coin does launch, you’ll have a few ways to buy Libra. Here are some we recommend:
If you’re not on Facebook and you don’t plan on joining, don’t worry; you’ll still have a way to purchase Libra coin. Non-Facebook users can use Novi wallet to lay their hands on Libra coin. Movie wallet is a digital wallet designed specifically for Libra’s payment system.
The wallet was developed by Facebook and is intended to give users the ability to receive and send the Libra simply and easily. Additionally, Novi is exempt from hidden charges. So if you send 10 Libra, the person receiving them will get all 10.
When you’re ready to start purchasing Libra, you can use the Novi wallet to do so. First things first, you’ll have to download the wallet itself. Unfortunately, it’s not available yet, but when it does, that’s the first step you need to buy Libra. You can sign up on the Novi website to receive a notification that the app is available.
Once the app is installed, you’ll want to sign up for an account. You’ll have to verify your identification as well. This is usually done by providing a government ID like your passport or driver’s license. Novi uses both KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, so identifying yourself is necessary.
Next, you’ll need to add funds to your wallet. The beauty of Novi is that it can use your local fiat currency, like the US dollar or Euro. The conversion from fiat to Libra is immediate, so there’s no need to hold funds and then exchange them later. This is the method Novi wallet uses to buy Libra cryptocurrency.
The second way to get some Libra coins is to purchase them through Facebook apps. These include WhatsApp and Messenger, apps you may use already if you use Facebook regularly. The network automatically integrates the Novi wallet, so you don’t have to worry about having a place to store your Libra once you purchase them.
Through Facebook apps, the process is pretty straightforward. Sign in to your Facebook account and download either WhatsApp or Messenger. Both apps are available on the Apple Store or Google Play Store.
Open up your Novi wallet through either the WhatsApp or Messenger app. Provide your payment method via bank account or credit card, which the app will use to buy Libra. When that information is connected, you can buy Libra cryptocurrency with your local currency. That’s all their is to it. Pretty simple, right?
While no crypto exchange has officially come forward to confirm support of Facebook’s Libra coin, it wouldn’t be a surprise if Coinbase listed the cryptocurrency. As part of the Libra Association, it’s highly likely that the exchange will have the coin available soon after Libra launches.
If the coin does get listed on the exchange, you’ll have to follow the necessary steps to buy Libra. You’ll need to register with Coinbase, which will require verifying your identity, similar to what you would do to buy Bitcoin on other exchanges like Binance or Kraken. Once that’s done you’ll need to provide funds for your account. This can be done through your bank account, a wire transfer, Paypal, or debit card.
When or if the coin is listed, you’ll need to trade for Libra on the platform. Tell Coinbase how much you want, then submit the order. If you want to keep your cryptocurrency safe, you should probably transfer for it to your Novi wallet. Many traders are hesitant to keep their digital assets on exchange no matter how secure as a digital wallet provides even more protection.
What is the Libra Association?
The Libra Association is a non-profit organization that resides in Switzerland. This independent association was developed to regulate and manage the technology behind the Libra blockchain. This is to ensure that validation nodes are behaving properly and that member interaction is smooth and responsive.
Libra Assocation also serves to promote, develop, and expand the Libra network. Additionally, it manages the reserve for the platform. Only Libra Association can make or destory Libra coins, with new coins being created when they are sold to retailers in exchange for fiat currency.
The association consists of many high profile companies, including Mastercard, Uber, Lyft, Visa, Paypal, Stripe, Spotify, ebay, Coinbase, and many, many others. However, many of the organization’s member have chosen to leave the project prior to its launch. Among them are eBay, PayPal, Stripe, Mastercard, and Visa. Even without these companies, the Libra Assocation is a strong organization providing the oversight and management novice crypto projects often lack.
Should I Invest in Libra Cryptocurrency?
Unlike Bitcoin, there are still questions surrounding Libra, which can give investors pause before buying the coin. However, the project has scaled down from a global financial ecosystem to a payment platform. Many within the industry believe that when the coin does finally launch, it will shakeup the already existing industry.
The thing to remember about Libra is that when it does launch, it will immediately have a massive audience. This is a huge advantage that the project has over its competition. With Facebook supporting the coin – which includes WhatsApp and Messenger – it will have massive potential for growth.
Still, there will be some hesitation about buying the coin. There are many buyers and investors who simply don’t trust Facebook. The face that Libra is in any way associated with the social media behemoth will give people pause before buying it. Especially given that Facebook and Mark Zuckerberg are not always forthcoming about the way they do business.
Regardless, the coin is coming to the market soon, and it’s going to garner just as much, if not more attention than Bitcoin. Will you be onboard when the Libra train arrives? Or are you going to wait and see how things go before you buy in? Either way, Libra coin has the makings to be a very interesting cryptocurrency.