Have you heard about the Facebook Libra Coin? Facebook never seizes to amaze us as they always come up with something better every time. Facebook has a remarkable effect on global society. One might even assume that everything the company touches turns into gold. But will it be the same when social networking giant steps into global financing?
Libra Coin seeks to address volatility and scalability to create a one-of-a-kind digital currency. Consequently, the team behind the project claims that the coin will have the intrinsic defining features of money. These include being a store of value, unit of account, and measure of value, all of which are said to be lacking in other cryptos.
Facebook Libra Coin
Facebook Libra coin is a welcome solution to financial problems. Due to the fact that this coin is a product of Facebook, the team behind it expects smooth sailing in as far as adoption is concerned. But how can you invest in Libra Coin and which is the best platform to do so?
Facebook has finally revealed the details of its Cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees.
You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into Whatsapp, Messenger and its own app.
About Libra Coin
The idea of the Libra coin was born in Facebook’s headquarters, in Silicon Valley, California back in July 2019. The ambitious project aimed to become the world’s single digital currency, which means changing the existing financial system.
While Libra Coin at first aimed to compete with the national currencies of the world’s various countries, the motivation behind its initial idea was the will to enable billions of people around the world without bank accounts to participate in the financial system.
Requirements to Join Libra Association
Below are the requirements you are expected to meet before you can be eligible to join the Libra association;
- Must have a half rack of server space.
- Internet connection of 100 Mbps or above.
- Must reach 20 million people every year and/or be recognized as a top industry leader by a group like the S&P or Interbrand Global.
- You Must have enterprise-grade security and a full-time site reliability engineer.
- Must have the required amount in customer balances and hit two of three thresholds of a $1 billion USD market value.
Buying Libra via Facebook Apps
Below are the steps to buy Libra via the Facebook app;
- Sign up to Facebook, in case you do not have an active profile. Enter your name, email, password, and other details like gender and date of birth, click the sign-up, confirm the email or phone number to start using Facebook.
- Download Messenger or Whatsapp from Google Play or Apple Store. Install it on your device.
Login using your Facebook account. Follow the instructions on how to sign in using your email or phone number
- Open the Novi wallet via Messenger or Whatsapp. Enter your credit card or bank account data to be able to buy Libra Coins.
- Buy Libra coins with fiat currency (USD, EUR, GBP). With Libra Coins in your integrated digital wallet, use them to pay for purchases wherever Libra Coin is accepted. You can get more details here.
To crown it all, Facebook teams played a significant role in the establishment of the Libra Association and the Libra Blockchain. You can get more details on the Facebook Libra coin here.