Equally Virtual Money, What's the Difference Between Libra and Bitcoin?

Recently, the giant social networking company, Facebook, launched the latest digital currency (cryptocurrency) called "Libra".

Digital can be used for general digital transactions, from sending money between users on the Facebook platform, to buying items purchased on e-commerce platforms.

Even though Facebook was launched, Libra was managed and compiled by associations under the name "Libra Association". Put big players in the technology and financial realm to join in, such as Visa, PayPal, MasterCard, and so on.

Libra is planned to be launched in early 2020. However, it is not yet known whether Libra will be present in all countries completely or not.

Because the essence of Libra is used online, Facebook relies on blockchain technology. That way, this digital currency can be said to be similar to Bitcoin. So what's the difference?

Difference between Libra and Bitcoin

Libra and Bitcoin can both be exchanged for cash. All transactions are announced in cyberspace safely thanks to blockchain technology. Even so, the target audience of each crypto currency is different.

According to General Partner Blockchain Capital, Spencer Bogart, Libra is used for everyday transactions that are commercially opposed, such as money transfers, home purchases, and other things online.

Libra users are those who "live" on Facebook's platforms, such as Instagram, WhatsApp, and Messenger.

Meanwhile, Bitcoin can actually be used to transact or buy goods online. However, this crypto currency has not been declared as a commercial payment system and has not been regulated by a banking organization.

Make people need Bitcoin as an investment and storage warehouse because of its fluctuating nature. Even though the value continues to decline, there are still many who believe Bitcoin is "digital gold".

The next difference is questioning. Bitcoin is taken by banking or government organizations because the essence is indeed independent and open.

*That is, the Bitcoin exchange rate can be "played" by people who are involved in this realm. This causes the value of Bitcoin to rise and fall very quickly."

Meanwhile, the promised Libra exchange rate will be more stable. Apart from being supported by a qualified banking association, Libra also balances its exchange rate from the combined activities of leading currencies, including the US Dollar, Pound Sterling, Euro and Franc, collected by KompasTekno, Thursday (6/20/2019), from Fortune.

"Libra is a stable crypto currency, supported by a number of currencies and the securities sector. Bitcoin is a crypto currency that is very volatile," said co-founder of Fundstrat Global Advisors, Tom Lee. source

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