Bitcoin Forum

Recently, the giant social networking company, Facebook, launched the cryptocurrency called "Libra".

Libra 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 also 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.

Most people make Bitcoin an investment and store of value because of its fluctuating nature. Although currently the value continues to decline, there are still many who believe Bitcoin is "digital gold".

The next difference questions the stability of the exchange rate. Bitcoin is not regulated by banking or government organizations because its essence is independent and open.

That is, the value of the Bitcoin exchange rate can be "played" wildly 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, Pounds Sterling, Euros and Francs,

Libra would be centralized and highly monitored. It may be a easy cash to take with you, you should be very careful with dealing with larger transactions.
Bitcoin is a distributed currency with no one actually owing the system. It all remains between the peers.

Bitcoin is like gold, Libra is more like dog poo in privacy matter. Why not use PayPal or CC instead of Libra?

 That's blatant misinformation.  Bitcoin value does not continue to decline; it is increasing exponentially.

hahaa, good point. Personally I don't consider Libra as an opponent of Bitcoin, no, these two are far, far away from each other, word crypto doesn't unite them. But Libra can be considered opponent of Ripple, fight might be between these two. People who prefer privacy, won't use it. For privacy, to my mind opponents are bitcoin and monero.
Btw I highly doubt if anyone has argument that it may protect your privacy, even facebook, website doesn't care about it and will their product consider it? No of course, they'll just monitor what you buy, how you spend money and that will be great for their marketing strategy, that's all.

How stable this coin will be, when bad things happen, like share price goes down, exploits showing up, insider steals coins, Dollar gets devaluated etc.?

Despite it looks like all the others shitty coins (see altcoin announcement board) when reading its whitpaper, but with all the declared partnerships, I can confirm that this is not a usual bubble (maybe unusual) or a fake project. But this is not a guarantee that it will be a successful milestone for Facebook, or as a concurrent/replacement of bitcoin for several reasons; it's a centralised monitored crypto with no even a public blockchain (as i understood) and we can't expect a large adoption of it and we will be waiting for updates from its team, exactly like we use FIAT with banks.

IMO, it will be a threat for banking not for bitcoin, as it maybe threats some other cryptocurrencies like Ripple or Verge.

We will see..

Libra is a stable crypto currency, supported by currencies and the securities sector. Bitcoin is a crypto currency that is very easy to change

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.
In terms of usage, Libra is a means of transportation where users can send money and other transactions. On the other hand, Bitcoin is approved to be a platform that facilitates transactions, and is considered more as an investment itself.
Transaction compressors are built from the ground up to be fast and inexpensive. Unlike bitcoin, which requires still expensive,

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.

Another important difference: Bitcoin can be mined, and Libra can not.

There is no comparision between libra and bitcoin both are different Facebook libra is centralized coin where as bitcoin is 10 years old coin

I find some points about differences rather weird, so I'll comment on them.
How so? Basically, in both cases, it can be potentially anyone, but mainly middle-class young adults, no?
Sure, people do make investments in Bitcoin, and I bet some will also invest in this Libra coin. But Bitcoin price continues to decline, seriously? From what I see it's growing, and doing so rather rapidly since April and especially over the last days.
And you forgot to emphasize some important points: Libra is a coin by a company that is known for privacy violations, while Bitcoin is all about privacy. Libra is centralized, so not 100% a cryptocurrency, whereas Bitcoin is decentralized, thus providing financial freedom.

too much power for a small number of corporations, could be also a way to help tracking your crypto operations

The biggest difference is that you need to pay $10,000,000 to be a full validating node in Libra. Yes, 10 MILLION DOLLARS and Facebook's permission.

Bitcoin is open, and permissionless.

there is  so much comparison between libra and bitcoin but if we see positive side with the launch of libra crypto currency volume increased so libra is going to bring new money to market but technically there is no comparison between the two

The difference is the privacy of the user Bitcoin gives us freedom and anonymity and it is decentralized,
While on the other hand Libra would be centralized and our funds on that crypto would be monitored.
It would be just another shit coin back up by a well known company named Facebook so it wouldn't really be a threat on Bitcoin instead it would only help the crypto community grow.

There is no way it will be like Bitcoin. Bitcoin cannot be seized, Libra will be monitored and your funds can almost certainly be seized.

Actually, I don't learn deeper and significantly yet about the coin from Facebook, "Libra". The thing that I know firstly is about their characteristic. Libra will be such stable coin and Bitcoin is not. Bitcoin is volatile and it may sometimes have very great value, very big value, but sometimes it can go down dramatically. But for Libra? Who knows about the next.

Much like the Gods of old, everyone says that yet no real evidence of it exists. Sure a big balance can push around a small exchange for a few minutes, but this is a global market that moves on the actions of vast numbers of people. The whale talk is for children.

The only "qualification" is an expertise in separating you from your money. Libra is just an attempt to salvage an antiquated banking system by adding another layer on top. Do you think banking will be better for you if you add more bureaucracy, more mouths to feed?, please.

this difference may be like stable coins and coins that easily experience increases or decreases. Libra was created to be one of the most stable coins and today Bitcoin was created to become a coin with prices that could experience increases and decreases. that is one difference between bitcoin and libra

The success of libra will benefit bitcoin more as it has a head start in this ecosystem and knowing the reach facebook has... they need a legal team to visit most parts of the world to have a memorandum of understanding for its use in the different jurisdictions.

Can the launch of cryptocurrency Facebook can be a factor for the growth of Bitcoin? It is not excluded, since investments mainly in large currencies are made using Bitcoin. And I think Facebook is no exception.

The reason a lot of crypto currencies existed is because bitcoin existed. Without bitcoin and the Blockchain technology, crypto currency is not possible. That is the same with the coin which will be released by Facebook but it is not made using bitcoin. As far as I know, Libra is not that decentralized as bitcoin so in terms of that, I will always choose bitcoin.

When such large companies as Facebook enter the cryptocurrency market, it stimulates the interest of users who have not previously used crypt, but want to invest in the project

The new wave of investors can not only improve the situation on the market, but also serve as a trigger for mass attacks on wallets and stock exchanges. Therefore, you should be even more attentive.

The forecasts for the cost of Bitcoin that were made at the beginning of the year were not deceived. Bitcoin really almost took the position of 10,000 by mid-summer. In a place with the release of the libra koin, this can give an impetus for young people to start using cryptocurrency.

If a large number of thousands of years begin to buy cryptocurrencies, it can be a problem both for the market and for profit. Many newbies do not study crypto investing, they want results. But immediately investing is short-sighted, it is better to get at least basic knowledge, for example, taklimakan offers educational articles. And only then try cryptocurrency. Since, like a sharp increase, we can expect a sharp decline due to the number of unsuccessful transactions on the part of beginning investors.

You're right. This serves as a boost for cryptocurrency to have many investors. All I know that Libra Coin is just for payment on other platforms(this includes facebook). Although it is given that it will stimulates investors, why don't we use paypal or any other payment methods? What edge makes facebook coin better than other methods?

So Libra coin would be like USDT then, I can't imagine how it'll happen on 2020 because Facebook have more than 2 billion users and even if not all of it uses the coin but the majority will surely uses it in the long run especially those FB live streamers. The good main point that I only seeing in this is that Mark Zuckerberg is entering the realm of cryptocurrency and it's automatically hyping and pumping the price of Bitcoin.