Bitcoin Forum

If you are a crypto enthusiast - you will be just as interested in this topic as I am. I would like to learn your opinion on what threats does Libra pose on Bitcoin? I believe that this is a hot topic worth considering.

I'm interested with this kind of topic but just a disclaimer, this doesn't mean that I'm also interested with Libra coin. This coin poses a threat to the government and that's why as early as today, they are questioning its potential and use.

But Libra as a threat to bitcoin? I don't see the possibility that this coin is ever going to be a potential threat to bitcoin. How can be this centralized stable coin can be a treat to a decentralized coin and highlight of the market?

Libra can only help crypto ecosystem with a massive adoption.
Libra will be a entrance gate, users will learn about it, use it and later switch to Bitcoin. Like Bitcoin users also bought altcoins.  8)

nothing at all.
if anything, Libra is so good for bitcoin. because after a while that this centralized shitcoin started abusing its users private data and closed a bunch of accounts and blocked their money, everyone will realize how bad centralized altcoins are. specially when they are created and controlled by a malicious company like Facebook that has no respect for its users.

I doubt that would ever happen! Libra and other cryptos are structurally very different even though their usability is somewhat similar. So I don't think Libra would anyway help in bitcoin adoption.

But yes, it will make a lot of people aware of the existing of digital currencies and its usability which may help in raising awareness about cryptos. Nothing more will happen!!

Having said that, I also want to emphasize on the fact that Libra is already receiving a lot of regulatory hurdles. I don't know when they will be able to release it to the masses!

Agreed with this statement because Lybra has massive popularity in the crypto world it makes the economy of Altcoins more stable. however, the effect of Libra can be good if the investors commonly switch the Bitcoin to libra and Vice Versa when trading. this has nothing to do with Bitcoin rather it helps it gain more buyers too.

So there's nothing to worry about because this is just another hype bitcoin will not be affected with this kind of Coins. Let's see the outcome of this I bet Bitcoin will have a price increase when Libra finally comes.

I think Libra is not a threat for Bitcoin. this is a threat for the fiat money and for bitcoin, it is another friend who will help attract more attention it

How would a stablecoin pose a threat to Bitcoin? Bitcoin and Libra have two completely different use-cases.
It's a rather weird question and just shows how little most people actually know about Libra.

One quick look at the whitepaper would have told you this.

I don't think BTC will be threatened with the emergence of Libra, as we used to predict that the BNB will replace BTC, or BNB will affect BTC. after all this time nothing happened, why didn't this happen? because BTC stands alone on the blockchain and does not depend on other coins, so BTC will remain strong in its position and not be disturbed by the emergence of various new coins.

you can take what already done by tether as an example because libra will be a stable coin and it will be used as a payment system only. Libra is not a big threat for bitcoin consider it was working in the different thing.
it can be a threat for the majority of the stablecoin when libra can be used to buy crypto like bitcoin.
Libra is main competitor for the existing stable coin like tether.

Absolutely none, bitcoin is totally different thing than Libra and they are not even close right now. Libra is a stablecoin which is based on the combination of some stocks and dollars/euroes facebook has that is basically backed by facebook saying "we have enough money to cover this" whereas bitcoin in itself is a currency and not a stable coin backed by anything.

It means people who want to use Libra will be using it for sending or receiving money using blockchain technology without a problem and people who want to use bitcoin will be using it for the improvements over fiat currency. Libra is just fiat currency but digital and backed by blockchain, its like a high end banking system nothing more, bitcoin is just like dollar, euro, pounds but digital and much better version.

I never see Libra as a treat to bitcoin, because libra is just a stablecoin and pegged with US Dollar so its value wont go up like Bitcoin does, In the case of the facebook influence on the Libra project, As we all know that Facebook has billions of users around the world thats why other's saying that it may pose a threat to bitcoin. But for me i dont think it really matters. Bitcoin is the King in the cryptoworld and Libra is just a pawn and thats my opinion.

Libra will not threaten bitcoin. this coin will encourage the adoption of crypto throughout the world. with libra, the whole world will be open to blockchain technology. this is good for the crypto market, can have a positive impact.

so no need to be afraid. I think the only thing to fear is not bitcoin, but stable coins. You know Libra is a stablecoin project. if this is released there will be a new stable coin, it might even kill the coins that already exist today.

No threat what so ever. But if and when Libra fails, or when people see the problems with the centralized permissioned blockchain, people see why bitcoin was always the main cryptocurrency.

Libra doesn't pose any large threat for bitcoin as the two are quite different in their nature.
The chief of Libra cryptocurrency project, David Marcus clearly stated it on his tweet.

https://twitter.com/davidmarcus

Libra being a kind of stablecoin would directly compete with stablecoins while having a positive impact on the price of bitcoin. Though Libra according to some could be a threat to fiat.
https://www.youtube.com/watch?v=am5TY-MhxmY

Well after reading most of the comments I am glad that Libra doesn't pose any threat for bitcoin but as it is establishing its name under cryptocurrency then the government may consider it as relevant to Bitcoin as well but at least I am seeing positive news that Libra will be stopped in its tracks because many are treating Libra as a threat and lawmakers are very sceptic with it and they are treating Libra as a troubling trend that needs to stop, So I am not against it, But lumping Libra to Bitcoin is not a great thing.

Libra has been halted for now, by the USA government. Maybe in months to come, the USA governments might allow Libra to launch, but for now it has been halted. Libra, if we look at its whitepater, originally planned to create not as a threat or competitor of bitcoin. I believe Facebook and Libra team will maintain their original ideas for the future growths and development of Libra and ecosytem around Libra.

might be able to challenge the dominance of bitcoin. although this possibility is very low, because bitcoin will definitely not be that easy to conquer. but libra could make the crypto market be excited again in the future. there will be positive impacts if libra is released. but I hear this project is still not certain.

Libra is another Paypal based on blockchain,  there is no anonymity or privacy behind Libra, so even if Libra will be accepted all around the world, it would not effect BTC in a negative way, but would help to spread the world about crypto currencies.

It is unlikely that bitcoin can be so easy to move from its strong position, but Libra may well become a kind of competitor and strengthen its position. She really get into the top 5 cryptocurrency, no wonder so alarmed the us government is possible.

Libra is a stable coin and bitcoin is not. So, why would Libra become a threat to bitcoin?  They are far different from each other and there is nothing to worry about. And the only similarity they have is that they are both cryptocurrencies that can be converted into fiat.
 I would like to show you some infographic about the difference between the two.

Non. Libra doesn't pose any threat to Bitcoin rather it will propel mass adoption, making people get to know more about Bitcoin. Libra is going to be centralised, it's as well going to be a stable coin. Bitcoin bypasses this two major shortfall of Libra as a cryptocurrency. Bitcoin is open source it's decentralized, its volatile, its a store of value and means of exchange. Libra will be a utility token used on facebook platform. Bitcoin far outweighs that.

threat? I don't think there is any threat to bitcoin. Libra is only a stable coin and cannot be traded while Bitcoin can and Libra are not a threat to bitcoin right now.

Absolutely nothing, no threat or whatsoever will Facebook Libra coin pose to Bitcoin, first, Libra is not a decentralized coin, bitcoin is, Libra is not an anonymous coin, bitcoin is, so tell me which coin do you think will continue to gain the attraction of people the more? Bitcoin will always gain the attraction of people because of its numerous benefits for even using it.

Facebook is just a stable coin and people will only use it for any project that is link to them but they will never hold their money in their market because it will add no value to it, secondly Facebook will always meet a stiff opposition because of its activities that will, strongly clash with that of government’s own. So I think there are more things that Facebook is of threat to the bitcoin, it can never have any negative effect on bitcoin.

I think people who just heard about Libra thinks that it will be able to replace bitcoin. They have to understand what does stable and not stable coin means.
Libra = stable
Bitcoin = not stable

Libra does not pose any single threat on Bitcoin, rather all Libra poses is ethical and privacy threat against all it's users and adopters. Libra coin should not have space in the cryptocommunity as it is not a cryptocurrency.

I think Libra coin is not a threat to bitcoin or other cryptocurrency. But maybe Libra coins can be a threat to altcoin that doesn't have a clear project because investors will definitely divert their investment to Libra coins that are more attractive

I agree that Libra coin is not a threat to the cryptocurrency market. Bitcoin has its own investors, so does altcoin. Libra coin might attract a lot of new investors and I think this is good for the cryptocurrency market to get excited again as it did in 2017

If it is launched, it will have no negative effect on the crypto market and Bitcoin will not fall. However, the appearance of Libra might affect other stable coins. Even now, when the token is not launched yet, people are ready to invest in Libra. Suppose, it will be a very good variant for those guys, who live in the countries with great inflation.

I see no threat that Libra pose to bitcoin. Bitcoin would always be the leader on the market and Libra is no different. People think because of the backing it has from Facebook inc and the influence of the USA government, we may see something dramatic. Nevertheless the coin is a good attention to the world of cryptocurrencies.