The cryptocurrency advertising campaign does not seem to be receding. Despite strong exchange rate fluctuations in the past, not only Bitcoin, but also many other new digital currencies are more popular than ever. But not everyone has the knowledge of the past and the time to carry out a professional cryptographic trade.
Facebook has finally announced details of its new cryptocurrency. If the new currency succeeds, it will be able to change the way people save, spend and send money, and can disorganize large parts of the technology and banking sector. Read Libra Method review to know more about libra currency
Here are some helpful facts about Libra currency, and what it means for you.
This is the same technology on which Bitcoin and other cryptocurrencies are based. But there are also major differences. For example, the price of Libra is more stable than Bitcoin, as long as Libra is backed by a reserve capital, while the value of Bitcoin simply fluctuates.
Instead, to take advantage of Libra’s diverse blockchain features, developers need to ask Facebook and its affiliates for permission.
What about privacy? Will Facebook know what I’m spending?
It depends. Facebook is creating its new Calibra wallet as a separate company and promises not to combine user data with its other applications. Libra can be stored in competing digital wallet applications developed by other companies and providing higher levels of privacy.
How much is Libra worth?
Facebook and its partners support Libra with a stock of real money, promising users that they will always be able to exchange cryptocurrency for cash.
How do I get some Libra and how one can use Libra?
You’ll have to wait a bit, as Facebook says the new digital money will be ready by mid-2020. When ready, users will be able to download Calibra – which will work much like Venmo – and buy some Libra by linking their bank account.
Cryptocurrency itself is a technically secure investment target, but exchanges that trade cryptocurrencies show much vulnerability over time. In addition, in the case of wallets, the security level varies depending on how users use the wallets.
The security risk of cryptocurrency is not very high compared to other online platforms. In other words, as long as you take the right steps to protect your wallet and trade in cryptocurrencies at popular exchanges you know by name, there is nothing to worry about.
The fact that risk exists in cryptocurrency is not a new fact. It is also true that there are risks when trading existing products or real money. After all, the most important thing is to understand the risks and understand that it is up to the individual to reduce them to a line that can afford them.
What is explaining mining?
Mining is a separate big topic. In short: the equipment is expensive, the efficiency is low, and you will have to compete with the megawatt Chinese mining clusters built on power plants. We will also write a separate article on mining.
Mining is a rather exciting process, the essence of which is that the computer unit is looking for unique solutions for the cryptocurrency network blocks for which there is a reward. The miner’s reward can be exchanged for other, more expensive or popular cryptocurrencies or transferred to real money.
Where else can I find out about trends in the most high tech form of earnings but not on our side? We will tell you not only about how the phenomenon of mining originated, but also about how it will help enrich!
Why do we need Bitcoins?
Cryptocurrency allows you to transfer money under a nickname and without the participation of banks. It is relevant for transactions with people and companies from non-CIS countries.
Bitcoins can be used to buy an Airbaltic ticket, a Dell computer. You can even donate money to the Buddhist Temple in Seoul. Bitcoins are traded on the stock exchange and money is invested in them.
Since 2015, Bitcoin has risen from $ 200-300 to $ 4000 and continues to grow. This has made cryptocurrencies interesting for investment and speculation.