Bitcoin Forum

Hello everyone I think the hottest topic nowadays is the Facebook new coin *Libra*.
We all know that it is going to serve as a major competition for Bitcoins, bigger than anyone in the market yet, now what about the good effects ? Let's look into them.

In 2018 there were 2.38 billion active users of Facebook , what does that mean , why is it important ?
Simple :- people trust Facebook, they have been here since years and therefore the scope is unlimited.

Now since they are releasing Libra , that is a cryptocurrency people will stop looking wide eyed on Bitcoins and other cryptocurrencies and since it's not evidently getting launched just tomorrow we have all the time in the world to welcome those 2.38 billion into the *maybe they will be using Bitcoins* world.

This way we have both increased our scope and at the same time it has enhanced and strengthen the market .

Yes, libra is truly good for the bitcoin. From my opinion the existence of libra has made a big awareness about cryptocurrency all over the world. Another important thing about the libra coin, it has got varied features. As libra is a stablecoin this doesn't get good acceptance among the traders, but the awareness it creates relative to cryptocurrency is beneficial to bitcoin.

I also hope so, I hope that Libra can become a new color in the crypto currency without dropping anyone.
as well as bitcoin, as good as any Libra I don't want Libra to be able to drop bitcoin.

the main reason Libra coin can contribute to bitcoin is it will bring more mass adoption to bitcoin
obviously with all the billion user of facebook
but the use case of this is not to be compare to bitcoin but to fiat currency in my opinion

I hear if libra will be created stable coin? maybe this will help bitcoin as well as a USDT coin if it is properly created to become a stable coin. many are impatient to see Libra coins in exchange.

With the not-so latest news regarding the Cambridge Analytica scandal, exposing Facebook's exploits regarding personal details of people, I don't think people from around the world still trust the company the same, although many are still using the platforms they have established over the years. Using their services doesn't necessarily mean that they still vest their whole trust on the company. I have deleted my Facebook account not so long ago and have created a dummy one just for the memes, tbh.


A lot of those, perhaps would just not bother and do along with their daily lives while the few curious ones would do their research. I won't expect a lot of people would be interested in it the first time though I know that a substantial amount of that would be trying to comprehend. Publicity, that's the best thing Libra could do for bitcoin, nothing else.

I think the Libra coin by Mark Zuckerberg and his partners is good for cryptocurrency in general in terms of exposing it to the world but it takes a different approach from facebook although it is built on the blockchain technology it's still more of a payment option so there is no other benefits for bitcoin other than It exposing crypto

If you have an alt(libra coin) you are technically using bitcoin. Since bitcoin is the beginning of alts. Well, that's my point in crypto I don't know about other's perspective. Correct me if I'm wrong since alts are using the technology what bitcoin started.

But, you're right, this is also my view regarding with libra coin this will make investors come in cryptocurrency because of their trust on facebook. Having 2.38 billion join in crypto or even just 20% of that population is big for a  massive adoption.

You have to be pretty delusional to believe that 2.38B people will suddenly enter the crypto market thanks to this FB coin. We'll be lucky if at least 5% or less of the FB userbase somehow gets interested in other cryptocurrencies because of Libra.

The only good thing that can come of this centralized corporate coin is that the average joe and the general public won't look at the word "cryptocurrency" the same way they did prior to Libra's launch (to most of them: crypto = scam or something used for illicit activities).

No, I didn't know that.
How can a stable coin with a centralized network compete with a non-stable coin with a decentralized network?


Come on now, it's not like people are using all features of facebook. Majority of those 2.38 billion are only using it to browse and post status. If anything, those who will probably use this Libra (fake) crypto are the same people who use facebook for business.

The facebook cryptocurrency that is being made; might not be the hero we want but it is going to be the hero we need, as you said the number of users that Facebook have across all of their platforms is huge and assuming that a portion of those get interested in this new coin and that might open their eyes on the others and on top of them the Bitcoin, and if their coin actually does good and proves to be a good profit, other major companies will start following and we will the the rise of crypto.

I am confused about mark zuckerberg because he banned Cryptocurrency ads on facebook and now he launched his own coin!!
Definitely libra coin is good for Bitcoin because many folks will be attract to bitcoin because there is nobody behind this BTC
Let's see what will happen because bitcoin just trying to jump $10, after this jump there will be massive gain crypto market.

Bitcoin will benefit from the development of this Facebook coin (libra) because many people has not the knowledge of the blockchain technology and bitcoin and at that Facebook will help in publishing bitcoin and Cryptocurrency generally. The only main way bitcoin can easily be adopted is through social media and many people has said this before and I currently see the windows for adoption or mainstream through this Facebook coin! Facebook might have ban crypto ads before and that was done because of the way scammers were using it to scam Facebook users of their hard earned money.

If I cannot buy ganja or some pistols for my collection with Libra, and also receive ransomware payments, then it is not any more useful than good old PayPal.

Not all Facebook users will become Libra users, in fact most people will likely ignore it, because they won't see any point in using it in the first place. Then, even those who will use Libra won't automatically become Bitcoin users, if Libra will be very different from Bitcoin - i.e. no manual key/address management, no sync, no blockchain, no forks, no exchanges, no seeds, etc. - then people will have hard time going from Libra to Bitcoin. So, the positive effect of bring awareness to Bitcoin will be smaller than most people believe.

I feel the same. Those 2.3 billion people will come and look at the Bitcoin and when they would realize how free we are in bitcoin's decentralization, they will leave Libra and will be a part of us! Libra coin may help the cryptocurrency industry, because of it, people will stop looking wide eye as you said!

The only way it would be good to Bitcoin is because it will create some more awareness about crypto currencies and eventually people will find their way to the original and most successful of them all: Bitcoin.

And its a chance to educate the masses about the flaws of Libra, which are way to may to enumerate briefly here.

lol but you could use them to buy monero :P

now seriously, I think it will bring many new users to coinbase

Yes of course their have good effect for bitcoin and for the whole crypto currency, for sure facebook user become a curious and people start asking about it.So without bitcoin or crypto currency in general this facebook project is also useless so possible all facebook user can start to learn what is the importance of bitcoin including the alternative coins because libra is become altcoin.

Libra might not cause a great effect to Bitcoin. According to what I read, Libra appears to be nothing more than a variation of the traditional financial system. This should not have much impact on the bitcoin price, as the world’s first and most popular cryptocurrency’s key value proposition is as an apolitical store of value and medium of exchange. In other words, the Libra has no effect on the “digital gold” market.

How not anonymous stable shitcoin can be competition to bitcoin?

I honestly hope they will launch it because I am tired arguing with people that bitcoin is not scam. If facebook tells them it is not scam it is not scam then ::)

This is what I missed here today. Humor.

Libra will bring new money to cryptoindustry once Libra gets listed in binance or any top exchange we can expect good trading volume for binance pair

The only benefit that we will certainly from the Libra project is that people will buy bitcoin when they have Libra in their wallets or if they are planning to buy Libra in the future. People's view will be like bitcoin and libra is both good for investment so they will do it like a bundled purchase. Libra is stated as a stablecoin while bitcoin's value can rise more and more into the future that makes it not easy for anyone who wants to get financial freedom to avoid buying some btc on their portfolio.

People who will buy Libra cryptocurrency will believe that it is crypto, so they will start to believe in bitcoin. But actually Libra is not crypto, it just looks like crypto.

Considering that this is from Facebook you are right on what you’ve said mate,the popularity of cryptocurrency will spread thoroughly in the whole world now since for sure advertising will happen in place to place(actually we re already witnessing the ads from various accounts through this forum or other sites even in all social media outlets so what could we ask ?if this is helping us promoting our community in good aspect and reliable ways

IMO, it's simple when people see facebook and they want to create cryptocurrency, it means that they also want to join crypto community.
While some people said that crypto is crime but the fact is even big company such as FB want to join.

So why you guys still doubting about crypto?

Libra would of course give a taste of crypto to a lot of people who are still unknown about it. Libra being a stable coin would make buying bitcoin easier and many people would start the crypto world with Libra. The question is whether people would be freely able to trade libra or not.

I totally agree, with Facebook’s popularity the news of their coin ‘Libra’ launching will be disseminated right away to a lot of users through Facebook and with this a lot of people will then know about cryptocurrency and bitcoin ofcourse. Libra can help in the adoption of not only bitcoin but probably with some other altcoins as well.

It seems to me that the project will, in a certain sense, occupy that niche in the cryptocurrency market that Bitcoin was supposed to occupy in part.  I have always considered Bitcoin not only as an investment, but also as a means of payment, and also as a system for remittances.  Today, it can either take more than half of all financial transactions around the world, combining dozens of companies such as Western Union.

I don't think people explicitly trust Facebook, especially with the recent scandals, Facebook users just don't care about privacy, they don't care if someone will access their private data if they can interact with friends for free. This means that Libra will be largely ignored - some people will try it out of interest, but most people won't see the point - they already have countless plastic cards and online accounts, why add another payment method to the heap?

On a show I watched the other day it was saying libra coin from facebook will cause harm to cryptocurrency. And it will not be a true stable coin cause it wont operate on a blockchain which I dont see how it could unless it is run independently on just the facebook platform. :-\
Which would make it a centralized coin where you can not move it off their site even if you wanted too. :-[

Mind sharing what show you watched? So far I have seen most mainstream media sources actually praise this as being a ligitimizing factor for crypto.

I don't think it matters much what sort of network a stablecoin is running on to be considered a 'true' stablecoin. The only requirement for that is that it has a stable unit value.

It definitely is centralized, but that's also the case when it comes to fiat backed stablecoins running on top of Bitcoin or Ethereum.

True that,  people just used FB because it is the one available and better than friendster.  If people find a better apps and saw that their fb friends migrated on that new application then surely they will migrate to the new one. 


Actually many just ignored the ads about fb launching its own cryptocurrency.  I asked around my fb friends if they knew about Libra and they asked what is that, lol.  This simply means majority of FB users never bother to read ads and FB news.  The only community where FB coins is hot is the crypto community and other fintech related company aside from that majority are unaware of this plan of FB.   

Its not because they are not bother to read ads and FB news but they are really ignorant to our current society. Many users of Facebook is just for social interaction. They used it only in the means of publishing their daily life and to attend also others fulfilment. They are unaware of Libra and also cryptocurrency. Sad to say, but they need also to know it by spreading first in PM than by looking at the ads.

How else are they supposed to use Facebook - for cultural and philosophical enlightenment or what? Facebook was created exactly for social interaction, it wasn't meant to be a market or a payment system, so it will have hard time becoming one.


Russians already did it with their social network VK, and so far their native payment method didn't become too popular. The same fate awaits Facebook's coin.

The reason libra good for crypto currency business is Libra will bring new money to crypto currency and eventually the whole cryoto market capitalization will increase Libra is giving lot of advertising for cryto  currency to start their own blockchain asset

Libra proved good for the Bitcoin as the price has knocked at $11k and now has grabbed the resistance at $10.5k, we can't say it as a reason but the increasing popularity of Libra is creating insecurity among the BTC crowd which ultimately in its favor.

I didn't think so there will be any good effect to bitcoin by introduce Libra .Libra will be the next main competitor of bitcoin in upcoming days. Governments  will also support the Libra.Because they can control it.They will be able to track very transaction happen on the network.Here is good point to add "tax" for transaction.If any thing going big and its looks like suspicious, they can block the account.Same as bank transactions.Libra just a version of bank transactions.

you should compare both good things and bad things about Libra that can be brought upon bitcoin and then say whether the total result is good for bitcoin or bad for it.
in my opinion it is very bad because the only good thing is that it might introduce more people (unintentionally) to bitcoin and increase bitcoin's popularity and adoption but at the same time it can also spread a lot of FUD and misinformation about bitcoin and mislead people even more make them think wrong things about bitcoin. for example they started calling bitcoin a high risk investment only and advertise their own crap as a currency while never mentioning how centralized and censorable it is.

What do you meany by libra is good for bitcoin?
I think libra is crypto of facbook.. is it so??? So how it is better for bitcoin?

Never trust more about new coins before you know detail how it they are working, maybe better you invest your money in bitcoin than have you trust libra, without have team connected with crypto maybe impossible libra will be success.

I believe it was this one which I watch his videos daily for the current cryptonews feeds around the web.
https://www.youtube.com/watch?v=spGkp-aoMS0
He posts so many everyday it is hard to keep track of which one it was exactly either this one or the one he posted a few days after about facebooks foray into the cryptospace.

Libra coin by facebook will be a welcome development and a good opportunity for traders to trade it and make profits considering it volatility when fully launched and many I am very sure many big exchanges will get it listed for example having Libra/BTC or Libra/ETH and Libra/USD these well be trade-able pairs and I am convinced its introduction into the cryptosphere wouldn't have any negative effect on bitcoin in fact it will popularize bitcoin more and give it more exposure and coverage.

As far as I know Libra will be fully regulated and centralized. I still don't understand why is it different form paypal? Because it will have blockchain in its backend? So what? Why is it better for end user?

I think yes, Not just in bitcoin but the entire crypto community as well it offers awareness to all individuals around the globe about cryptocurrency and blockchain technology given that facebook has a huge numbers of users. Many will be curious about it and they will start learning and soon we will have a bigger crypto community I just hope so.  ;D

Actually there are many ways to grow bitcoin among the wider community, Libra may be one of them because they are one of the most popular social media in the world. But the problem is the local government whether they will open the way for Libra or vice versa.

I like your point of view because i was thinking something like that, if facebook decides people should join to cryptos, then markets will have exponential growth and not only for btc or libra, all the alts will grow too.

So, is good to see libra as good news for cryptos.

i wonder do the Libra will have a maximum cap like other cryptos? or it will be minted for every new purchase ?

While there are 2.8 so billion of Facebook users, how many of those know the concept of block chain technology? maybe a few. For the first few years, I think Libra will have a hard time breaking the shadows of bitcoin. It will take time before Libra will surpass bitcoin. But the good thing is that with this emerging coin, it will not be as hard for people to start using this technology and incorporate it in their daily living.

That's not a problem for sure, facebook have this in their mind and plan to launch it already know the possible regulator problem.
And as they are a big company, for sure they already see this and have solution to it already.

there is no guarantee that the launch of Libra will boost the use of bitcoin. Basically, Facebook is a capitalist company which has so far acquisition many companies to increase their business interests, profits and to get rid of its competitors. even though Facebook user active achieved 2.38 billion, I am sure it will not have any impact for bitcoin. somehow i think Libra is a silent killer.

To me I don't kind its as easy as you people thing it is.  Libra coin has great potential but that doesn't make it better than bitcoin or will be greater than bitcoin.  (Its Its long way journey guys).

Lol. Seriously? Are you even watching the market? BTC has been surging continuously ever since Libra was announced recently and it has already crossed the $11K mark and is successfully heading towards the $12K mark.

Anyone with a half decent brain can observe that Libra is good for Bitcoin since it will improve its exposure over time helping its adoption rates over the long term. Both can coexist simultaneously without eliminating each other.

I strongly agree with you, from the beginning of this year I expressed that the growth of bitcoin from the beginning of the year has shown very good development, and added to the news of Libra coins that the BTC prices are increasing every day, of course everyone only wants bitcoin to grow, it's true if we see that there is no dropping each other even this instead they are mutually encouraging each other, even though the new coin libra issued a discourse and has not been released yet but the price of bitcoin continues to increase every day even it shows in all markets very good development ...

Libra issues may help pump the BTC market lately. but are you sure in the long run Libra will be friendly with other cryptocurrencies. Libra developers have a much stronger power and supported by capitalist. and I'm just worried that Libra will kill other cryptocurrencies existance.
hope you are right.

It seems that the question is too wrong, I think when a statement regarding Libra coin news, bitcoin is showing its recovery since the beginning of the year does not mean an increase in bitcoin at this time, okay if most people assume that, but if they see all the coins contribute to the growth of bitcoin ...

Everyone doesn't know the system that will be used by Libra Coins, how can we assume that Libra will help grow Bitcoin in the future ..

That's what I am expecting from Libra coin,since Facebook is full of billion users this is a chance to make them know about crypto on general and I'm sure this will drive many investors if not over millions into crypto