Unlike Bitcoin, which is mostly used for investments and is decentralized, Facebook intends its cryptocurrency to be used for everyday transactions.
Facebook has announced that it's launching its own cryptocurrency next year, leaving many to wonder how the social media giant's offering, Libra, will differ from Bitcoin.Bitcoin has been mostly used for investments, while Facebook intends for Libra to be used for everyday transactions like purchases and paying bills.Libra, on the other hand, will be subjected to a governing body and administered by a Swiss-based nonprofit called The Libra Association.
The planned move into crypto was announced Tuesday. Along with Calibra, it is expected to debut in 2020, and comes as Facebook moves more aggressively into e-commerce. Major payment processors like Visa, Mastercard, Paypal, and Stripe have signed onto Libra in what Ellis calls a"pretty big vote of confidence," adding that"it increases the likelihood of success."
Facebook said it is hoping to reach the unbanked -- those without access to a bank, often in poor or rural areas -- which is as many as half of the world's adults.
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