Bitcoin Forum

In case libra coin will get approval from US Securities,
Will it dominate the cryptocurrency market?
Currently Bitcoin has dominance of 68% in the market.
Will Libra coin reduce the dominance of Bitcoin market?

No its not going to happen, in case that facebook cryptocurrency libra was successfully launched and already in used, in my humble opinion I think "it cannot dominate the bitcoin market" because libra was design to be a stablecoin meaning it will not fluctuate much like bitcoin does since it was pegged by US dollar in that case i'm sure it will not catch or surpass the bitcoin price and market dominance for the mean time.

I do not think so but definitely it will reach top 5 coins in a year's time according to my assessment but yes it can grow to higher rank within couple of years, one thing we should keep in mind that not all fb users will be investing and using libra, i think below 10 percent will be using it and fb will need special awareness campaigns to market libra which will take time.

I don't think so that Facebook's Libra coinwill reduce the dominance of bitcoin market because a lot of people still don't trust their momey in facebook, that is why they have doubts about it. And libra coin was centralized and it was design to be a stable, so it doesn't have any difference with fiat currency and it doesn't stand any chance to defeat bitcoin to it's price.

It won't happen, Libra used by Facebook to get fresh fund for next project. There's no coin can defeat bitcoin you can check from history or public opinion about this. Libra can reduce bitcoin dominance the answer is yes but take bitcoin place is no. Every altcoin reduce bitcoin dominance and that's why bitcoin always have price and volume wave. Let's Libra take action and give us proof, this time many people believe in Libra because Facebook is their back up.

Very unlikely. Bitcoin and Libra is a very different thing. The main difference is Bitcoin has no central authority while Libra is governed by The Libra Foundation. That's the one thing that people find interesting with Bitcoin. People would see Libra the same as any other digital payment system, like Paypal, etc. In fact, initial members of the foundation includes Visa and Mastercards. I don't see how is that appealing.

We cannot speculate on something that is not there, there is no final on the platform that Libra is going to create, once it launch and we have seen some of it's features and how it works, we will then see if this is going to dominate the market, but I doubt the regulator will not let this things happen.

Don't dream too much about Libra. First of all, it should be launched to make it listed on exchanges and people can use it. Some people are quite enthusiastic about Libra but I am not. We know that Libra is planned to be a stable coin, it means not really different than USDT or USDC. So far, I never used those coins for investment, so I have no reason to be interested in it. I am still sure that Bitcoin is irreplaceable as the main crypto coins and dominates crypto market.

Even if it would get a green flag, it can get a red flag at any time in the future, just like xrp it will live under government watching eye that can shut them down any time. So no, it's not going to dominate anything. It will be a monetary surveillance tool and people will jump on it like they jump on facebook. But it doesn't have same fundamentals as real cryptos.

Right now libra is facing tough time from US Congress for its launch. Even if its launched , it dont has the capacity to overcome the dominance of bitcoin. Remember bitcoin is a pure centralized crypto currency while currencies like xrp and libra are centralized one that has no connection with cryptocurrency.

in fact Facebook is one of the giants in the field of technology, especially the social media that they have which most have many users. maybe if Facebook didn't ban before, maybe they would get a lot of support but unfortunately they get a lot of opposition from crypto users and a lot of controversy, and this happened before their project was officially launched. and I think libra will be difficult to get old users, maybe most of the users are new people

Not everyone is enthusiastic about Libra, its not good to have it when its creator had already committed a violation to the facebook users like monitoring users data and monetizing it.  Its going to keep watching us like a hawk if their project will be launched. It will take a big chunk of the domination but will only be used by people who are not privacy concerned individuals like the people who are often in facebook itself.

If ever it does, I think it will have a large market but I do not think that it will take over Bitcoin's dominance. Bitcoin will still be dominant because it is the truly decentralized crypto unlike libra that is centralized.

will never happen? we all don't even know the origin of Libra coins, road maps, concepts and even what this Libra coin looks like.
I personally will not say at length about this issue, it's just that I'm not sure if Libra will dominate the bitcoin market. Libra will not do that, maybe if a Libra coin is launched soon it will only have a positive impact on the adoption of crypto and nothing more.

Libra will be a stable coin and will compete with all stable coins. Most volume right now have tether. And tether have more volume then Bitcoin.   Bitcoin dominance is how much marketcap have Bitcoin. Not the volume. Tether have $4 billion marketcap, what is 2% of all crypto marketcap.

You created another topic for Libra. Are you a fan of this project? There is no way to know if it will dominate the market. Yes it's from facebook but it is not going to be the reason why it will dominate.

I'm not saying it will but just a what if. Libra is going to be the same with altcoins that we all knew so there will be no difference and the crypto market will still rely to bitcoins dominance.

Libra is designed as a competitor more for USDT than Bitcoin.
It could "take away" from Bitcoin the "use as a coin", but Bitcoin will remain at least a good investment.

However, these are suppositions. Libra has a huge power behind it and the regulators know that, so will not allow it for now.
Libra may be allowed to get launched only after ECB and other similar institutions have their coin ready or even already launched.

Probably or if most countries already have their own digital currency launched and then facebook libra will be approved. ITs too dangerous to release that coin today since it could be more powerful the a government, its a stablecoin that might not be audited if they let it launched and can be used in different ways.

Tether got a bit of a percentage which I guess the libra will also have but definitely not going to take over since more are going to prefer the decentralize coin.

No it's not going to, its more of a stable currency and can't dominate the bitcoin market. Stable currency don't add in value. Libra currency will definitely be at the top of the market but not going to dominate bitcoin or even Ethereum

I don't think so. New investors or old investors will certainly think twice about investing in Libra Coin. The reason Libra is determined as a stable coin, of course, rivals will be strong enough against the USDC, USDT and Busd. And there's no way libra coin will reduce the dominance of the bitcoin market.

No, it won't Libra is a threat to stable coins projects not Bitcoin, the role Bitcoin is playing is censorship resistance, if anything happens, Libra team could hold on to your coin but not with Bitcoin because there is no gatekeeper to prevent the transaction. I for one believe Libra would be approved and it is going to be  a plus to Bitcoin, because more people would learn and know about BTC

Why do you think so? This is a huge claim, and only belonging to Facebook can not be the cause of this claim. BTC is in the first place for years and I think at least it will be there in the next 5 years. Maybe the electronical type of the paper money that will be created in the future may make changes in this matter, but this is certainly not Libra.

If they get the approval of the US Securities and they can implement, some of the rules that they want and if the Securities will allow it, then there is a possibility that Bitcoin can dominate the market, but being a centralized coin, there will be many oppositions.

I don't think that will happen. Because bitcoin has experienced ups and downs for the past 10 years naturally. Therefore I think libra will not be able to match or outperform bitcoin.
All this is just a matter of purpose. Where bitcoin provides decentralized payment services while libra is rumored to be a centralized stable. Which is where most stablecoin now no one is able to surpass the dominance of bitcoin.
Maybe libra only dreamed of passing bitcoin.

I think if the Libra Coins have been approved and released then it will not defeat the dominance of Bitcoin in the cryptocurrency market. because at this time bitcoin has become the king of cryptocurrency already has a community, trading volume and high prices. it will be difficult for other coins to beat bitcoin. and libra coins are stable coins that will not be able to defeat bitcoin that is decentralized and has high flutuation.

many people place too much expectations on this libra coin that is yet to be approved, the market is full of competition which is good for a healthy growth, i don't see any one project that has been able to dominate btc market till date and i doubt if there will be for a long time,
As much as the hype of libra is high it will only last for a short period, btc has been around since decades and still standing strong, i can't really say how libra will perform after a year talk more of a decade.

not necessarily. I think Libra will remain a small part of crypto. but i also don't know, how those teams from libra prove their future. that can also happen, today we know that USDT is the most stable and dominant altcoin here. because it has a very stable value against the USD. so it is considered safe for investment or just store assets of crypto users. Libra is currently still under development and there are still many problems in it. so we don't know. is it true that it will be the most stable and approved currency of the world.

Of course not, libra coins belong to the Stablecoin category, so I guess, obviously, won't be able to dominate the market.

reduce the dominance of bitcoin in the market, will not be reduced much, at most only 1-3 percent.
overall, libra coins are just stable coins in general so there is nothing to be special about.

It's like saying we are doing great on being decentralized then we realized it's much ok to go centralized, I don't know how competitiveLibra coin when it launch, but all I know is, it's going to be a battle of centralization and decentralization, Ripple should be the one worrying if Libra coin is finally launch, not Bitcoin, it's dominance will still remain, whether there is Libra Coin or there is none.

That, we don't know for sure 'til its launch. We don't even know when it will be launched either. So, it would be good to not speculate too fast or high about such things.
It is indeed what people have been expecting of Libra to have a great value and might be the next big thing, still if we're talking about the possibility of Libra coin could reduce the dominance of bitcoin market, I think it's unlikely to happen. We will know eventually when the time is right.

It won't happen. This is crytpo currency and we all knew that bitcoin got the attentions of each investors and users so even libra got its chance to passed the US policy it's needed for this project to also gain the trust of crypto peps. Being stable makes it much tougher for this project knowing that central power do influence the market value and always prone to manipulations.

I think libra Performa well if it is launch in crypto market because of fame of Facebook and it can take place in top ten coins in crypto market but libra can not dominate the crypto market because of it will be centralised  coin, like a ripple coin and people love to use decentralized coins like bitcoin and bitcoin will be the most successful coin for ever,  so there is no point to over take bitcoin by any other crypto currencies.

Even if Libra is released, which I doubt very much, this is just one of many stable coins. Stable coins can compete with cryptocurrency only as a means of payment. However, a decentralized cryptocurrency has many other functions that do not perform stable coins. In addition, the Libra coin will no longer be able to fulfill the role of a global coin, as it was originally intended. I think that stable coins of the European Union, the USA and even China will have more popularity than Libra.

If the Libra coin is successfully approved by the American government, it will launch into the cryptocurrency market. It cannot dominate
market as well as bitcoin. The reason libra coin is stable coins, the price is the same as the US Dollar. Very different from bitcoin the price
fluctuates depending on supply and demand. How can we make a profit if the price is stable at $ 1. Why bitcoin arrived can dominate the
market, not only because it's popular. But bitcoin prices are volatility, which means it can change quite quickly and drastically. This is what
makes bitcoin interested by investors, because it can generate profits in a relatively short time.

I Don't think so it’s happen, if USA approve it then It's just stable coin like USDT, Can't possible to dominate Bitcoin market, but i think people are waiting for invest in libra coin just because of USA coin, so now need to wait for approval.

How can it dominate when it is not even consider a crypto currency in the first place? So the argument is flawed in the beginning. And as far as I know, they wanted to compete in the remittance services, so most likely XRP will be their main competitor and not Bitcoin per se.

With that said, there could be effect on Bitcoin but I doubt that it will challenge the dominance of BTC here. Two different market and Libra should be considered as token and not crypto.

Bitcoin have been king for all altcoin and never have new coin although stronger like Libra become competitor for bitcoin, for Libra still claimed an illegal coin transaction now because United State government not giving space for Libra become legal transaction there and keep not get permission from government until now.

It seems they are currently planning to use it inside Facebook. Recently, their crypto projects have been highly valued by the government, which attaches great importance to the implementation of cryptocurrencies. I don't know if it will be affected by Chinese reasons. Libra is different from Bitcoin. I don't think it's comparable. Even if Libra is launched. It is also a stablecoin. The definitions are different. Thank you.

on a usage basis, maybe yes. because if it is true that libra is made with a value equivalent to the dollar then the value is stable, chances are that people who will make online transactions will switch to libra and bitcoin will lose their users as online transactions. rather than paypal, ebay or others, chances are libra will be a favorite choice.

I am not too sure but Libra has the potential to become a currency for billions of people. Facebook is bigger than a country, maybe even bigger than China? And Facebook's trading market is ever growing, even surpassing Youtube on its first year. Libra can kill or diminish the US dollar. The thing with Libra is it has the support of the largest financing firms all over the world, some of them backed out but in reality they still wanted to become part of it and if not for the US government threatening them. Libra is also a stable currency based on US dollar. Zuckerberg is actually giving the US some kind of a favor. The US needs to address this carefully because if not, someone will do this. Telegram's founder is another potential.

No, Crypto enthusiasts won’t use Libra because it will be a boring coin because its stablecoin. I don’t think that it will outperform other crypto as well, it will be like a paypal 2.0 for new generation but investors won’t buy bunch of it.

I don't think libra is possible to reduce the dominance of bitcoin in the crypto market, they just have difficulty getting approval from US Securities ,,
So don't overdo it.
How coin a stable join dominate the market? Remember people like this market because of its fluctuating nature.

Impossible! ???...Why?

1. A shit centralized coin that goes against every idea of decentralization.
2. A coin which has not yet been launched and very likely will not been launched unless in their own selfish dreams and wishes.
3. A coin which is being developed by someone who has one of the poorest security mechanisms despite his reach in the technological industry.
4. Not even a crypto noob will buy into this idea.

i will definitely get boring if i should keep on because it's going to be a long list but you are all welcome to add more! RIP Libra Coin even before its birth lmao

In my own opinion, Libra can't do to dominate  the bitcoin market or even the left percentage from crypto market because all we know that libra already faced in different issue upon launching so as a crypto investor and trader I will stay away to the coin or project that have a big possibility to engage in another huge problem in the near future.

will only compete with usdt, and will not be better than that.

volume is also very much related to traded exchanges, if only concentrated in 1-2 markets it will not bring change even though they have very many users. Then libra will face many regulations that will prevent them from moving faster. Approval from US Securities will only bring more waves of speculation towards bitcoin.

Bitcoin will still maintain its place for many years. There are tens of thousands of altcoins in this industry like the libra, among them there are more advanced ones than Bitcoin, but none of them has taken its place and will not take many years. Bitcoin is already the root of the tree, and if anybody touches it, it will decay.

Right now, what only Libra has is the name since it is backed with famous companies. But since it hasn't been launched and approved yet, we still don't know what to expect in its performance. But I think it'll be a hot topic for days after launching it but it won't reach the point that it will after bitcoin's dominance in the market. Bitcoin will still remain as is because they are different so we don't have to worry about how it'll going to affect Bitcoin.

I told you, it's just a stable coin, I mean how stable assets stand far from good investments like bitcoin, eth, even NANO.
for another reason, i guess libra coin will take over USDT marketplace rather than bitcoin marketplace.

Libra will not be able to compete with bitcoin.

Will it dominate the cryptocurrency market?
Talking about the cryptocurrency market, it could happen, to become the TOP 10 maybe Libra would be disturbed. But for rivaling Bitcoin in the market it will not happen. Bitcoin number one.

It could possibly be. But popularity isn't all about the dominace it is about the essence of the coin itself to the community specially to the user who uses particular platform in which it work. It is not like because Facebook is really popular it doesn't mean that their coin would get the hyped as well. But anyway, let us just wait till libra get approved and let's do the talk later on.

I think it's impossible for libra to dominate the market
it can only reduce a small amount same like other altcoins and not that high to dominate bitcoin

It will be another alt coin that will be controlled by a centralized entity. I do not think there will be a big change if libra is able to get the required approval from US securities. It will add a little bit more value to existing market.

even if it does dominate the crypto market it will just add yet another flow of capital to the whole crypto market because Libra is just another stablecoin and won't affect bitcoin that much. They are just taking advantage of the blockchain technology and make it seems like a crypto. They'll just become other method for people to buy bitcoin or vice versa, it's just literally that.

I dont think that Libra will domninate the bitcoin market as it is meant to be a stable coin. Stable coin and crypto movement does not go well to make it bigger in the market.

like trading with a USDT pair I think libra can take an important role in the market. It does not dominate the bitcoin market trading but it would be better to trade with altcoin or other assets. except libra is only made for their community. then it will not affect the bitcoin market at all.

I believe on bitcoin but Libra coin is a big threat for altcoins especially if it gets the support of the government and I see its success in 2020. There are so much good news for 2020, we should welcome it and let’s hope that every government will support any progress regarding to cryptocurrency and no more politics.

I think it will be dead even if it comes out.  The politicians are dead set against it.   I guess most investors will not want to be in the bad books of the POTUS

Libra could have done a massive step by adjusting the volume, but on the contrary would further strengthen bitcoin from daily conversions as has been done by other stable coins. the steps to approve libra are still long because the government's reaction still shows disagreement. Facebook itself seems to move slower with libra after facing a previous congress.

well if libra will have few billion dollars market cap at launch out of the blue, it will make bitcoin dominance go down by precentage
but it does not really mean much..  just mathematics

if next year libra will be released and can enter the exchange it will not be able to compete with bitcoin. because we know libra is a stable coin that is completely controlled by facebook. maybe libra will be widely used for payment tools but in terms of investment and the dominance of bitcoin will still be number one. people like bitcoin because the fluctuation can provide benefits. and bitcoin has survived on the crypto market for 10 years. so I think bitcoin will not be defeated by libra coins.

It's just a speculation, we all know supporters of any project are going to speculate so they can generate support, and Libra coin being a  product of the internet giant there are going to be a lot of supporters, we want to be associated or supports coming from big companies because of the profit that it can drive to investors, so expect a lot more before it launch.

If Libra is accepted by the US government, it will be a great signal for this market. And for facebook with billions of users, I believe that Libra will reduce the dominance of bitcoin in this market. It is very likely that Libra will make it to the top 10 in coinmarket after its launch, and in the future it will compete strongly with bitcoin

Perhaps time has come to end this debate about Libra. It is now almost confirmed that the project is cancelled. Yesterday, there was a statement from the Swiss President and Finance Minister Ueli Maurer regarding Libra. He was saying that the project has failed. You can find the details here:

https://www.business-standard.com/article/international/facebook-s-libra-cryptocurrency-has-failed-says-switzerland-s-president-119122800331_1.html

And after the meeting organized by the Libra team three months back (in Geneva), there has been no further movement on this subject. The other partners are also looking to pull out.

There are many speculations about the market share of Libra once it hits the market. It is backed by one of the most influential social networking platforms so it is bold to say that it might challenge the dominance of bitcoin in the market. But all of that is just speculations. There is still a possibility that it might not also live up to the hype. I am just waiting for how it turns out. Any, whatever happens to Libra is still a step forward for the blockchain technology.

yes maybe in terms of the use of libra coins will rival bitcoin because libra is a stable coin and the purpose of creating libra is to facilitate us in making transactions without the need to have a bank account. and currently Facebook already has many user accounts throughout the world. so it will not be difficult for Facebook to promote libra.
but I believe bitcoin cannot be defeated by libra in terms of investment and trade. in general bitcoin will continue to dominate the crypto market.

Correct. And they will not let it have trillions of dollars as their max cap.
It might go like $10 billion only in circulation. So, it's market cap wont reach the number which bitcoin have by now.

Let us also go thru trust issues.
The news about Libra coin being not approved had gone viral already.
So, before people even buy it there will always be that doubt.

lets imagine libra will same like Perfect Money USD or another Electric money like that and you will know Libra have no chance against Bitcoin. I've told people to all Libra thread about posibilty Libra overtake Bitcoin market is zero but they still ignoring, just see on coindesk magazine , search about Libra and u will know Libra just stable coin .

There is already a dominant stable coin on the market called Tether. In order for Libra to take its place, it is necessary to at least compromise the project representing Tether, otherwise Libra will share the market part with the rest of the stable coins.Do not forget that the libra is a stable coin, which means that investing in it based on growth does not make sense.

Facebook is one of the biggest social media, and until now the user is the most. besides that facebook also has so many business users, and if they use libra continuously, it can dominate the market. for example, currently, USDT has the largest volume despite a lot of negative news from it. When Libra enters the crypto market, and Facebook users use it, of course, it will dominate.
at this time so many entrepreneurs who refuse the use of bitcoin, but I think not with libra.

Do you think libra will be listed on coinmarketcap, if they are registered there I find it difficult to replace bitcoin dominating other crypto prices, libra needs development and it takes a lot of time to get adopted, although indirectly if libra is applied to facebook, instagram and whatsapp they will get more users, but it seems like it takes time to get their users to be able to use libra in their applications and wallets, nobody knows what happens later

We will wait and watch in new year, what's the progress of libra coin, when it can be available for public finally.

I don't think so, although facebook is a giant with an awful number of users around the world but producing a crypto product is another area of theirs, I do not believe people will still support libra coin, only some people invest in libra when they are partners and investors are looking at the potential of libra. Bitcoin as a currency was launched early and formed dominance on crypto, libra coin will not create too much turbulence for bitcoin, I even suspect that libra coin won't be officially listed on coinmarketcap when people probably feel insecure with a bit of government presence.