Facebook Libracoin is a new type of cryptocurrency that will launch in late 2019. It is the first corporate-backed cryptocurrency, whereas most other cryptocurrencies are founded by startups or by groups of programmers who require outside funding to enable them from the ground up, while they have focused on developing and creating everything that goes behind a coin. But in the case of Libracoin, Facebook has extremely proficient bankroll that will give Libracoin a huge advantage in the global economy of cryptocurrency.
They can afford to take any sort of loss to become the authority. An example of this strategy would be Amazon – they didn’t actually turn a profit for nearly 2 decades, yet now they own everything. The reality of Facebook Libracoin is very uncertain, exciting and new – yet it’s very regular and will be here before we know it.
What will Facebook Libracoin be used for in the future?
The goal of Facebook Libracoin is to integrate payment solutions directly into Facebook, so you will be able to pay for anything on the Facebook platform using any kind of currency, which will then convert into Facebook Libracoin. This is the basic premise, at least; they have not released much information as to how the callings will be distributed weather through mining, etc. How many maximum coins; how much it takes to mine a phone, and so on and so forth.
How will Facebook Libracoin be valued?
Facebook could also implement some pretty awesome ideas for integration beyond this in the future. Since they are a huge corporation, they can back the value of the currency for a large percentage of its life, theoretically, most of it if they would like to. It basically boils down to Facebook giving away free money to become a major financial player. I’m sure they will have many incentives to use Libracoin such as discounts and or promotions and/or a bonus to you if you use the coins – perhaps just free coins for anyone who uses Facebook enough. This could create a massive social shift in how we perceive wealth and creates a lot of access to economic decision-making and banking throughout the world, that would otherwise simply not be possible.
Imagine that you need to pay some on Facebook, but yet you need to pay them in Canada, so as a hypothetical scenario, you buy some Facebook Libracoin and pay them. No problem at all. A different scenario becomes that different countries such as second and third world countries have access to these types of coins, and therefore will create immense tiers of entrepreneurs in these areas, since the Facebook Libracoin will be untethered to their local currency.
What does this mean for business owners?
Integrating Libracoin as a small business will likely be rewarding for any small business looking to expand their marriage to be a bit more broad, and accepting coins and crypto as payment option puts you at the forefront of new technology and new commerce both.
Overall, we will have to wait to see what the future holds, but it’s certainly predicted that Lbracoin is going to be very exciting in the future and offer very promising ways to pay and receive money for everyone in the world.