The difference between Bitcoin and Facebook's Libra

[Murat]

There are a lot of differences between Bitcoin and Libra, main difference is the platform based, Bitcoin is fully decentralized and Libra is the opposite which will be totally centralized and controlled by the Giant Facebook, I think from the 15 years, Facebook collected huge information and database which is their main strength, Also They are facing a lot of difficulties before coming the market, according to their planning, Libra will be a stable coin not like Bitcoin is, Already the US government is trying to stop in a bud, but facebook is also a strong platform in the current context, I think the main difference between Bitcoin and Libra is controlling and stability.

[yoseph]

Here's a detailed article on this topic by CNBC:

cnbc .com/2019/06/18/the-difference-between-bitcoin-and-facebooks-libra.html

In my view, the biggest difference between Facebook's Libra and the Bitcoin is that while Libra is a Stablecoin, Bitcoin is not!

Bitcoin is a fully decentralized currency while Facebook Libra is centralized shitcoin!
Bitcoin is open-source, backed by the people while Facebook Libra is not open-source, backed by Facebook, PayPal, VISA and so on.

Just as i have trouble trusting facebook and the two much power they seem to be having in the world, the same way i don't trust their Libra altcoin.It also seems that a lot of companies have decided to part ways with Libra with Visa,eBay,Stripe,Mastercard and a few others deciding to abandon Zuckerberg's latest project.

[Soldierswitlittlefaith]

In regard's to fb libra, i donot know how it works since, i'm no longer active on facebook but, i do know most of it's sponsor are now withdrawing back which is a strong indication of lack of interest.

The reason behind this action,might be due to possible crash with traditional banking system.

Thanks

[imstillthebest]

In regard's to fb libra, i donot know how it works since, i'm no longer active on facebook

you dont need to become a facebook user or an active fb user just to know about thier project because there are always external sources outside the fb that you can read in order to be aware of what is it and what is its usage  .

but, i do know most of it's sponsor are now withdrawing back which is a strong indication of lack of interest.

how do you know that when you said you are not into facebook ? see , i told you . your info was right . not just withdrawing but i think thier overall plan was already cancelled  .

The reason behind this action,might be due to possible crash with traditional banking system.

i didnt know that its possible for a banking system to crash but there are many banking system  , you must be specific if what bank is that   .  who knows maybe that is the real reason on why they back out

[zeribez]

We are just enthusiastic about Libra. Libra is not the only stable coin in existence, so what is so special about its stability?  Comparing Libra with Bitcoin is just an exaggeration.

[cryptoknightt]

if you compare facebook coin with bitcoin then I think it's very unnatural because this libra has a very large number of coins while the total supply of bitcoin is limited and has a very high demand already makes libra lose.

[ashmodeus]

the real difference bitcoin and libra is
bitcoin created by good people(well i can say that i guess, since himself never sell their coins), with mission to satisfy the human need to facilitate the transaction between people, remove third party, and no regulation,basicaly.
and what libra ?
libra created by sucks people who stealing people privacy, with mission for conqueror the world with their money digital, and dominating the world.

We are just enthusiastic about Libra. Libra is not the only stable coin in existence, so what is so special about its stability?  Comparing Libra with Bitcoin is just an exaggeration.

i am not, what the special about libra ? i cant seeing it.

[jx_pt]

Hello, follow my 5 cents contribution at why libra is different from bitcoin (and most altcoins). Hope I will not offend anyone. I believe people tend to trust legal institutions with history to see what to expect. The familiar is more comfortable then the unknown. Facebook, PayPal, eBay, MasterCard, Visa are companies, people know what companies are, know they are (at least in theory*) bound by laws, if something goes wrong, they can (at least in theory*) try a case in court...

"Man is the only animal whose desires increase as they are fed; the only animal that is never satisfied."
Henry George

* There is no perfect system, we should try to think and build better ones. Evolution and Revolution can be dangerous concepts... Use them with care, weighting and balance.

[clickerz]

obviously libra and bitcoin are very different. Libra adopts a centralized system because it was created by Facebook and will be controlled by the Libra association which consists of several large companies such as Mastercard, Paypal and Visa. so I think libra will be a stable coin. whereas decentralized bitcoin has nothing to regulate and control so the value is very volatile. because of this fluctuation most people use bitcoin for investment tools. and in my opinion libra will be used for daily transactions because of its stable value.

I am excited with this Facebook Libra Project because it is backup by large  corporations, I am banking  on their legitimacy,transparency and being stable for being leader in industry. Sad to say, I read that Paypal is backing out with this project because of  some problems and being investigated by government. I wish that other backers will not follow to back out. Hope so.

[Sithara007]

I excited with this Facebook Libra because it is backup by large  corporations, I am banking  on their legitimacy,transparency,being stable for being leader in industry. Sad to say, I read that Paypal is backing out with this project because of  some problems and being investigated by government. I wish that other backers will not follow to back out. Hope so.

I guess your information is outdated by a few weeks. After PayPal withdrew from the project, there were more companies pulling out. The most important of them being Visa, Mastercard, Stripe and eBay. And I heard that with the exit from these companies, Libra is now devoid of a major payment processor. The Dutch payment company PayU is still there, but they are not as big as Visa or Master.

[The3max]

The difference is obvious, boy! Many people have previously commented that Libra will greatly affect Bitcoin, this is a wrong thought! Libra is a fixed currency used for payment on facebook platform, related partners. Bitcoin is widely used in many fields, being the leading exchange currency used by investors.

[Xxmodded]

I can't give specification about different between Bitcoin and Facebook's Libra because Facebook Libra still not found in exchange or we can find it what their website, for bitcoin is an investment and digital assets can use for sending or receiving money by using bitcoin as payment. Libra coin still do not have form and what will be of Libra coin after launching to the investor, become just an investment assets or Libra coin become digital e currency payment.

[eaLiTy]

I am excited with this Facebook Libra Project because it is backup by large  corporations, I am banking  on their legitimacy,transparency and being stable for being leader in industry.

The backing of large corporations are gone now and the interesting thing about Libra is that it has so much hype even before the release of the coin and yet we are not sure whether they will be able to release them in the first place. So the main difference is we are comparing Libra with a real coin and an unreal fantasy of facebook  .

Sad to say, I read that Paypal is backing out with this project because of  some problems and being investigated by government. I wish that other backers will not follow to back out. Hope so.

What do you think why paypal backed out from their development, a fallout with the team of facebook  . The authorities will be putting pressure on these companies and it is a reality that they will back out if they want to continue their business in the US.

[jarhed]

I can't give specification about different between Bitcoin and Facebook's Libra because Facebook Libra still not found in exchange or we can find it what their website, for bitcoin is an investment and digital assets can use for sending or receiving money by using bitcoin as payment. Libra coin still do not have form and what will be of Libra coin after launching to the investor, become just an investment assets or Libra coin become digital e currency payment.

Facebook coin is not a direct competitor to cryptocurrencies, especially Bitcoin. It is a direct competitor to fiat money. I think that on the contrary, Libra will increase the number of participants in the cryptocurrency market in the future.

[jakoylantern]

I can't give specification about different between Bitcoin and Facebook's Libra because Facebook Libra still not found in exchange or we can find it what their website, for bitcoin is an investment and digital assets can use for sending or receiving money by using bitcoin as payment. Libra coin still do not have form and what will be of Libra coin after launching to the investor, become just an investment assets or Libra coin become digital e currency payment.

Facebook coin is not a direct competitor to cryptocurrencies, especially Bitcoin. It is a direct competitor to fiat money. I think that on the contrary, Libra will increase the number of participants in the cryptocurrency market in the future.

Yes, I agree with what you said because you will be curious about what is the other cryptocurrency ( if you don't have any idea about cryptos). But libra will have a stable coin, so some investors will not see it as an encouraging investment to them. But they will have a curiosity about other cryptocurrencies that might give them a hint to try bitcoin and another cryptocurrency. 

[dentolas]

well, Libra is a stable coin with a centralized nature, that is backed by US government... BTC is none of these...
I think Libra may be the first attempt of the US to build their own "crypto"... US are owned by large companies like facebook and it would make sense to try to take the market using the millions of facebook users...
fortunately, it seems that the remaining actors on the game are aware and didn't follow them into the rabbit hole

[fullhdpixel]

The difference is obvious, boy! Many people have previously commented that Libra will greatly affect Bitcoin, this is a wrong thought! Libra is a fixed currency used for payment on facebook platform, related partners. Bitcoin is widely used in many fields, being the leading exchange currency used by investors.

Actually,  Facebook coin scope expands across the whole financial system, and that is why till date,  it has been threatening government,  if it was just designed as payment for their Facebook platform alone,  I am sure that all these issues surrounding it from government and from individual would not have existed,  but even with their wide scope of services,  it will still be very much impossible for Facebook to have any negative effect over bitcoin.

One of the disadvantage of the coin is that it is a decentralized coin which is far from the objective of cryptocurrency and will make bitcoin remain the only significant coin that is truly a decentralized coin people wishes for, so If I may tell you,  I am not scared of Facebook coin release,  it will help me and will still not affect my use of bitcoin or affect my investment because the present community would never leave bitcoin for Facebook coin.

[Lmaooo]

Facebook Libra coin is stablecoin while bitcoin is not. Bitcoin is a peer-to-peer digital currency that is decentralized with no company behind it while Facebook Libra is a centralized stablecoin backed by more than 20+ different companies such as; PayPal, Stripe, eBay, VISA, MasterCard, Uber, LYFT, and many more others. 

[jx_pt]

Facebook Libra coin is stablecoin while bitcoin is not. Bitcoin is a peer-to-peer digital currency that is decentralized with no company behind it while Facebook Libra is a centralized stablecoin backed by more than 20+ different companies such as; PayPal, Stripe, eBay, VISA, MasterCard, Uber, LYFT, and many more others. 

Many significant companies backed out... Outdated by a week or so.

[lobster88]

I never been heard the Facebook Libra and this is just the first time. But what's important is that I have something new to meet in here that I need to take head on and learn about it. Crypto world is a very unending bunch of knowledge about crypto.