Libra vs. Bitcoin - What's the Dif?

[RodeoX]

I thought it might be valuable to point out some of the key differences between FaceBook’s new Libra coin and Bitcoin. They are certainly not the same. The greatest features of bitcoin center around it’s decentralized network.

Bitcoin is:

• A currency that disconnects your identity from your money.
  
  Owned only by the user who posses it. 
  
  A currency that has a production, circulation, and distribution which is beyond the control of any government, business, or ANY entity at all.
  
  A currency that can be used in any country for any transaction and is beyond anyone’s ability to compel or deny a transaction.
  
  The cheapest, fastest, and most secure way to send money yet invented.
  

Libra is:

• A currency that ties not only your basic identity to your money, but includes all the details found on your FB, instagram, What’sApp, and other social media. A near perfect coin for stealing your identity.
  
  Owned by a banking cabal including PayPal, MasterCard, FaceBook, Andreessen Horowitz, etc. Users may use their coins if they follow all rules required by the owner companies. Users must also accept that these rules may change at any time for any reason the owner companies decide.
  
  A currency who’s distribution, supply, and all other parameters are under the complete control of the owners. They can change the valuation or double the circulation.  (Owners, not Users – FaceBook and it’s partners are the owners of the money)
  
  A currency that can be used at FaceBook’s partner stores. It allows FB partners to pry into your spending habits in an unprecedented way. You may only use their money if they receive a cut of the money and all transactions are allowed only if FB decides it is okay for you to do. 
  
  A patch over an archaic banking system that is insecure, ridiculously slow, and very
  expensive.
  

[1715556465]

1715556465

[rosezionjohn]

Maybe you should lock this topic and join the discussion in this thread https://bitcointalk.org/index.php?topic=5156023.0 instead. It's better to maintain just one thread for similar topics.

[mikelsmith2020]

Great so in other words the Libra coin was just a fiat that converted to a they call crypto coin? which is not decentralized and owned by companies. No doubt most of articles I've read are not on favor on the Facebook coin also in regards with identity most of the users are really exposed.

It all makes sense now.

[leonair]

So in short,
Bitcoin is:
Good

Libra is:
Bad
 

The cheapest, fastest, and most secure way to send money yet invented.

There are already altcoins that's way more cheaper, faster and more secure than Bitcoin, it's just that Bitcoin is the father and pioneer of cryptocurrency.

[Milton4123]

Bitcoin differs significantly from Facebook’s new asset in many ways. Perhaps the most notable difference lies in Bitcoin’s decentralization. No single entity controls Bitcoin. In contrast, Facebook and the Libra Association have a large amount of control over the Libra asset and its usage. The setup of Libra’s Association also appears to give sizeable entities (or chosen entities) power over what might become a top global asset – the Libra. Bitcoin does not give control to such businesses in the same fashion. tellthebell

[fiulpro]

Basically libra is backed up by it's owners, by big companies , at the same time Libra is something that can face legal consequences if it was being used for something not right.

What I do think is that Libra doesn't only have pros, it also have cons over Bitcoins, most likely it is not something that is entirely the users.

That's the biggest difference that there is .

But still we must admit it we were waiting for Bitcoins to become backed up , by other companies so that low value can be avoided up to an extent and also at the same time we will have more weight over governments.

[bitcoinisbest]

Bitcoin differs significantly from Facebook’s new asset in many ways. Perhaps the most notable difference lies in Bitcoin’s decentralization. No single entity controls Bitcoin. In contrast, Facebook and the Libra Association have a large amount of control over the Libra asset and its usage. The setup of Libra’s Association also appears to give sizeable entities (or chosen entities) power over what might become a top global asset – the Libra. Bitcoin does not give control to such businesses in the same fashion.

I am not sure if FB brings its coin will it be a successful entity or coin for along term. May be for short term it might get a good hype and some profits could be made out of it but considering the reputation now of the FB and its significance will it last for coming years is doubtful.

[Pursuer]

I find it easier to talk about what is not different between bitcoin and libra rather than talking about differences because nearly everything about the two is different. from centralization to closed blockchain nature of libra.
so the only similarity the two have is one thing in my opinion and it is the fact that they are both based on cryptography! and similarity ends there because I am not so sure if we can call it "blockchain technology" either.

[TobiasVR]

Basically libra is backed up by it's owners, by big companies , at the same time Libra is something that can face legal consequences if it was being used for something not right.

What I do think is that Libra doesn't only have pros, it also have cons over Bitcoins, most likely it is not something that is entirely the users.

That's the biggest difference that there is .

But still we must admit it we were waiting for Bitcoins to become backed up , by other companies so that low value can be avoided up to an extent and also at the same time we will have more weight over governments.

Libra was created by a large company with a large team, and of course the difference between Libra and Bitcoin is very far. now bitcoin has shown its position in cryptocurrency to be the best coin. but for Libra, they still have to wait for the Libra position on the exchange. I hope that libra can be one of the good coins and has high potential in cryptocurrency.

[klaaas]

A centralized system for the ultra rich under there control to join the bandwagon that is called crypto. I think that is the main difference.
Next thing will be facebook credit loans ?!

[franky1]

I find it easier to talk about what is not different between bitcoin and libra rather than talking about differences because nearly everything about the two is different. from centralization to closed blockchain nature of libra.
so the only similarity the two have is one thing in my opinion and it is the fact that they are both based on cryptography! and similarity ends there because I am not so sure if we can call it "blockchain technology" either.

it is blockchain. (a block of data where an identifier is hashed from the data. and that identifier is put into the next block to chain them together.

the difference between say facebook credits and libra from a user prospective is negligible/unnoticeable.
however from facebooks internal infrastructure, by having say 10 distributed nodes across its international head quarters facebook gets a secure database without needing large server farms, without teams of IT staff monitoring data integrity, without auditors without security guards ..

and thats pretty much it

[EdvinZ]

Bitcoin is a highly volatile exchange's instrument, while Libra is announced as a stable coin. Already at this stage, the difference in the application of these two coins is huge. Bitcoin is complete freedom in handling your finances. However, Libra can be very convenient for purchases in Facebook and its partners.

[Rufsilf]

Libra and Bitcoin are two different things and are very different in so many ways, as mentioned above bitcoin is decentralized and no can controls it and it is  can't be affected by inflation and it's value are not determine with any currency(fiat) value, Libra on the other hand is centralized because the Libra Association has control over Libra and it can be affected by inflation and it's value can be affected by the current currency(fiat) value like USD.

[xWolfx]

I find particularly appealing your argument about how they can change the terms of service, privacy policy, supply and everything they want as they wanted at any time they want.

That only should be the main and most powerful reason for us to see how amazing Bitcoin is. Just do a mental comparison about something that seems impossible is made possible thanks to technology, the right idea and the right minds behind it.

[bbc.reporter]

This altcoin developer shares his understading of what Libra might become. I reckon Facebook's motives might be more threatening than JPMorgan's in creating a dystopian society if he is right hehehe.

Also, according to the article the developer did some analysis and tests on Libra.



What is the intent behind Libra?

“Facebook is trying to build a global bank and is attempting to create a world currency. And it’s certainly doable, with usage across billions of individuals and the support of a large number of institutions. It’s an attempt to remake the global banking infrastructure.”

deVadoss elaborated:

“Libra is an attempt to build a global (central) bank that piggy-backs on existing central banks’ monetary policy, with the goal of taking over and eventually deprecating them.”


What kind of impact could Libra have?

“A shift in monetary policy from public officials to private corporations has a huge impact on consumer rights and privacy. This raises serious questions around global exchange and trade."

Source https://cryptoslate.com/technical-details-libra-reveal-facebooks-plans/

[PointHope]

Bitcoin is a highly volatile exchange's instrument, while Libra is announced as a stable coin. Already at this stage, the difference in the application of these two coins is huge. Bitcoin is complete freedom in handling your finances. However, Libra can be very convenient for purchases in Facebook and its partners.

Yepper, Libra is likely to be very stable. Unlikely Bitcoin Libra obviously offers virtually no value whatsover..

In fact if the value of Libra is based on lack of privacy and stealing personal info, Libra will be worth less than zero..

[Dreamchaser21]

maybe Libra easily defeats the popularity of ETH and XRP.  but Libra will be difficult to beat the popularity of BTC.  I think, BTC always has high liquidity compared to Libra.  Libra is better to be coin stable to create transactions and to save our assets.

It will be more stable for sure since its a centralized coin but I doubt it will kill the project of XRP and ETH. The Libra coin is overrated, we can't still know not until they introduce their services, while ETH and XRP already running here in cryptomarket for many years now. No one can go along with bitcoin, because BTC should always be on top and it will never be go down lower than the top, i think a centralized coin has no chance to place on top.

[Distinctin]

Next thing will be facebook credit loans ?!

Probably more of that, Libra is just the first move of Facebook to invade the world, but there will be a big challenge, most likely their chance is to dominate in crypto in the stable coin division but it would not harm bitcoin.

[avikz]

So in short,
Bitcoin is:
Good

Libra is:
Bad
 

The cheapest, fastest, and most secure way to send money yet invented.

There are already altcoins that's way more cheaper, faster and more secure than Bitcoin, it's just that Bitcoin is the father and pioneer of cryptocurrency.

I won't particularly say Libra is bad because of many reasons. When Bitcoin came to the market back in 2008-09, it shook the world and especially the banking system! But it failed to get the desired support from the regulatory authorities.

What Libra is trying to do is to take the game another notch higher. Facebook is actually trying to capture the mass banking segment using their technology. Libra is definitely a game changer for the cryptos! But yes, you won't get what bitcoin offers to us, but that certainly doesn't make it bad.

[nowlscor18]

maybe Libra easily defeats the popularity of ETH and XRP.  but Libra will be difficult to beat the popularity of BTC.  I think, BTC always has high liquidity compared to Libra.  Libra is better to be coin stable to create transactions and to save our assets.

Libra can be considered a regular altcoin that hasn't yet developed proper momentum compared to what bitcoin has been with. If you think it also defeats Eth and Xrp I guess it's another story or speculations. First and foremost I will still prefer those old and promising coins rather than this new one that we didn't even exactly have an assurance that it could become sustainable for longer term investment.

[KlepZ]

Facebook's soon-to-be-announced Libra has a good chance of gaining adoption, something that Bitcoin has utterly failed to do, because, unlike Bitcoin, it will be centralised.
Libra’s success, or the success of any other global centralised currency by any tech company (Google, Amazon, etc…), is bad news for Bitcoin because the success of one means less space the market for the other.

[thirdprize]

Same technology but going for two completely different markets.  Could Libra kill bitcoin?  Not really.  Will it make it redundant?  Definitely.

Libra exists because FB has seen WeChat and wants a piece of it.  In china you can book hotels and buy things from your chat app.  Facebook wants to do that over here.  imagine if you could message  your friend and send them $20 in the app.  Or book and pay for a flight in the app.  It is that simple.

Libra will be open source and (probably) have a public blockchain.  FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect.  they will have your details as well.  It is business.

It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.

Ten years in and you can't buy anything with bitcoin.  It is just no good for that.  I bet you within a year people will be using Libra.

https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

[Mr Zet]

All attempts to compare Libra and Bitcoin and disputes about it should start with one, simple statement: Libra isn't a cryptocurrency. Or at least, it's not a cryptocurrency like Bitcoin. They are very different on a level of basic agenda. Libra won't be like BTC - decentralized and "independent". It is developing as one of the Facebook assets and by this it will be served for its goal. I recommend you to check this article - it's very informative about what exactly Libra is.

[Ais08]

Same technology but going for two completely different markets.  Could Libra kill bitcoin?  Not really.  Will it make it redundant?  Definitely.

Libra exists because FB has seen WeChat and wants a piece of it.  In china you can book hotels and buy things from your chat app.  Facebook wants to do that over here.  imagine if you could message  your friend and send them $20 in the app.  Or book and pay for a flight in the app.  It is that simple.

Libra will be open source and (probably) have a public blockchain.  FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect.  they will have your details as well.  It is business.

It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.

Ten years in and you can't buy anything with bitcoin.  It is just no good for that.  I bet you within a year people will be using Libra.

https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

Of course there is no competition in the market, everyone prioritizes bitcoin because bitcoin enthusiasts have never diminished, if our coin libra everyone doesn't know what system to use, many questions in all forums especially the bitcointalk forum are very often discussed, and almost all media around the world talking about Libra coins that will be created to help Cryptocurrency growth in the whole world ..

I think both of them are very good because they use the blockchain system and make many people switch to using cryptocurrency ...

[rdbase]

Same technology but going for two completely different markets.  Could Libra kill bitcoin?  Not really.  Will it make it redundant?  Definitely.

Libra exists because FB has seen WeChat and wants a piece of it.  In china you can book hotels and buy things from your chat app.  Facebook wants to do that over here.  imagine if you could message  your friend and send them $20 in the app.  Or book and pay for a flight in the app.  It is that simple.

Libra will be open source and (probably) have a public blockchain.  FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect.  they will have your details as well.  It is business.

It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.

Ten years in and you can't buy anything with bitcoin.  It is just no good for that.  I bet you within a year people will be using Libra.

https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

So facebook is just copying what china has been doing already with their wechat app?
I think the cashapp available to all us residents already allowing you to do this and paypal has had their xoom app available since the beginning of the year. So this isnt anything new.
They just want to make a cryptocurrency for their huge user base. In which it isnt officially a cryptocurrency without having it running on a blockchain but only from their platform in what I have been reading about it.

[laintron3kdeo]

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.

[hurairah01]

I thought it might be valuable to point out some of the key differences between FaceBook’s new Libra coin and Bitcoin. They are certainly not the same. The greatest features of bitcoin center around it’s decentralized network.

Bitcoin is:

• A currency that disconnects your identity from your money.
  
  Owned only by the user who posses it. 
  
  A currency that has a production, circulation, and distribution which is beyond the control of any government, business, or ANY entity at all.
  
  A currency that can be used in any country for any transaction and is beyond anyone’s ability to compel or deny a transaction.
  
  The cheapest, fastest, and most secure way to send money yet invented.
  

Libra is:

• A currency that ties not only your basic identity to your money, but includes all the details found on your FB, instagram, What’sApp, and other social media. A near perfect coin for stealing your identity.
  
  Owned by a banking cabal including PayPal, MasterCard, FaceBook, Andreessen Horowitz, etc. Users may use their coins if they follow all rules required by the owner companies. Users must also accept that these rules may change at any time for any reason the owner companies decide.
  
  A currency who’s distribution, supply, and all other parameters are under the complete control of the owners. They can change the valuation or double the circulation.  (Owners, not Users – FaceBook and it’s partners are the owners of the money)
  
  A currency that can be used at FaceBook’s partner stores. It allows FB partners to pry into your spending habits in an unprecedented way. You may only use their money if they receive a cut of the money and all transactions are allowed only if FB decides it is okay for you to do. 
  
  A patch over an archaic banking system that is insecure, ridiculously slow, and very
  expensive.
  

Everything is simply - Bitcoin gives opportunities, Libra steals your personal data.

[elinafed]

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.

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

[americanreamt]

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.

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.

[thirdprize]

It is pointless trying to defend Libra with you lot, however ...

if you had actually read anything about it you would know that

• it is governed by an independent body, nothing to do with FB.
• It is open source so you can examine the code.
• Visa and mastercard, etc are just the on/off ramps for the currency.  I'm guessing if you are using them then they have your details already.
• will probably be a cryptocurrency your granny could use.

Bitcoin is no less centralised for 90% of the people who keep their coins in an exchange or online wallet.

[borrorofju]

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 coin, 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.

[Linkkoin]

With BTC you will not lose access to your wallet for 30 days when you see these words: "Session expired. Please login again" 

[thirdprize]

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 coin, 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.

The good thing about Libra is that it is pegged and therefore not a good investment.  When will everyone learn that fluctuating between 2k and 20k is NOT a good thing for bitcoin.  It just means that the only people who buy it are investors and not the general public.

[suzanne5223]

Same technology but going for two completely different markets.  Could Libra kill bitcoin?  Not really.  Will it make it redundant?  Definitely.

Libra exists because FB has seen WeChat and wants a piece of it.  In china you can book hotels and buy things from your chat app.  Facebook wants to do that over here.  imagine if you could message  your friend and send them $20 in the app.  Or book and pay for a flight in the app.  It is that simple.

Libra will be open source and (probably) have a public blockchain.  FB is the first big user but the idea is to let other companies buy and sell things so it is open in that respect.  they will have your details as well.  It is business.

It will be pegged so the exchange rates won't fluctuate wildly, making it perfect for buying and selling things.

Ten years in and you can't buy anything with bitcoin.  It is just no good for that.  I bet you within a year people will be using Libra.

https://unchainedpodcast.com/libras-dante-disparte-on-why-we-should-trust-a-financial-system-designed-by-facebook/

Of course there is no competition in the market, everyone prioritizes bitcoin because bitcoin enthusiasts have never diminished, if our coin libra everyone doesn't know what system to use, many questions in all forums especially the bitcointalk forum are very often discussed, and almost all media around the world talking about Libra coins that will be created to help Cryptocurrency growth in the whole world ..

I think both of them are very good because they use the blockchain system and make many people switch to using cryptocurrency ...

No doubt, Libra will definitely help crypto grow because almost everybody around the globe are already aware of the FB coin (Libra) and like Thirdprize, Libra coin purpose is for business which is the reason why it centralized and in as much I hate the coin for been centralized but it boosting the awareness of cryptocurrencies give me no choice.

[BTCCoaster]

I can see why the opposition to the FB coin. I want to know if you guys think there will be much fluctuations in its price? Or will it flop? I thought it was going to be a stablecoin when announced.

[Naida_BR]

In my opinion the most crucial difference is the fact that Libra is backed by institutions,
And by that, I mean that the value of Libra is reserved by fiat currency. This is totally different with bitcoin notion, however, due to the fact that it is a digital currency Libra comes to the same category as Bitcoin

[Pakar11220]

Very informative Thanks for Sharing.
Large number of people is confused between libra and bitcoin. Most of the world consider that both are same. But as you given detail about both the currencies these are the main difference and i think most people will get known about the difference now.
Bitcoin is more good then libra for me as bitcoin can never show your identity and never expose your money while libra will never keep secret your identity.

[timerland]

A patch over an archaic banking system that is insecure, ridiculously slow, and very expensive.

This is probably the only advantage that Libra has against the traditional banking system.

Every other parameter is essentially copied right over, apart from optimizing the data analysis for FB's own gain. By having a blockchain like this, as well as their own currency, they are able to essentially track your every move every time you transact with this, which is completely against the ideas that bitcoin stands for in terms of anonymity.

And who would ever think that it's a good idea to trust a company, let alone one that is affiliated with paypal, to hold reserves? It would only be a matter of time before this ends up like a lot of other so called "stable-coins" that are operating under reserves a fraction of their liabilities.

[bloodyvio]

the biggest difference is Libra is a cryptocurrency for the corporation
while bitcoin is a cryptocurrency for people
Libra is pegged and bitcoin is not

[rodel caling]

So in short,
Bitcoin is:
Good

Libra is:
Bad
 

The cheapest, fastest, and most secure way to send money yet invented.

There are already altcoins that's way more cheaper, faster and more secure than Bitcoin, it's just that Bitcoin is the father and pioneer of cryptocurrency.

OP showing and believe the capability of bitcoin being currency, but in my own opinion no need to compare what is difference of both coin.
Because we know the capability of each coins as currency, facebook libra coins have big chance to become stable coins becasue it's came from the popupar social media company but it doesn't not mean libra have capable to replace bitcoin as stronger and king of crypto currency.

[cryptoblazter]

Bitcoin is decentralized while Libra is centralized. The centralization of Libra makes it more designed to specific purposes because its designers are really setting its funtionality and uses in the cryptocurrency industry. Though, Libra hasn't proven anything yet, but the expectations are high.

[exchangestolemycoins]

Libra to hook into all your payments, bills, etc. And if they offer loans? Make payments or get locked out of your identity (!!!), can't pay your debts? Ok, here's your new repayment plan...

Sounds like banks on steroids.

[Ana_crypto]

The cheapest, fastest, and most secure way to send money yet invented.

There are already altcoins that's way more cheaper, faster and more secure than Bitcoin, it's just that Bitcoin is the father and pioneer of cryptocurrency.

My thoughts exactly. Like, Bitcoin started it all, but there are altcoins that have learnt from the bitcoin technology and have made more developed ones of their own, making them faster and cheaper and lot more things too.

[taratorly]

Libra to hook into all your payments, bills, etc. And if they offer loans? Make payments or get locked out of your identity (!!!), can't pay your debts? Ok, here's your new repayment plan...

Sounds like banks on steroids.

And in doing so, it will work for a platform that can access all of your personal data. Facebook uses your data more than you know. In this case, you can easily understand that it has nothing to do with the crypto entity.

Libra will not do more than the banks do. It's just gonna be a little easier. What do you need Libra? We already have top model Bitcoin&Tether already!

[CryptoGM]

Bitcoin and Satoshi "they" did not envisage having regulatory framework for the currency. I tend to think they left this out on purpose, because even the whitepaper is silent on legal and regulatory concerns. The more reason Satoshi maintained an anonymity which I think was by design to avoid what Libra is facing right now. Developed nations such as the US and European countries are already calling for regulation or halting of Libra altogether. Bitcoin will never experience such setback especially if users were to go mainstream adoption on a peer to peer system.
Libra is not bad only that it seeks to compete with central banks who are worried if masses pick up and sign up on this new digital currency they will loose much held power. It is ceding power from central banks to multinationals with Libra while Bitcoin power goes to the people.
Let's see how this goes in coming days and months!

[vlad230]

It looks like Libra is everything a crypto currency shouldn't be... that's sad.

Most likely it will succeed since it's backed up by a lot of important companies but I still feel like it shouldn't.

[erikoy]

This is my first time knowledge to know about Libra coin. It seems that libra coin is one of the most promising coin knowing that it is a project integrated to social media apps like facebook and others. But, the hype of bitcoin was not being caused by libra because it is the bitcoin block chain that will determine the market and not by the other coins.

[Boh manok]

Thanks to those who made the topic so with this I know what is the difference between Bitcoin and Libra, but even though many say the Libra coins will be very good later but until now I still survive in Bitcoin and if in the future Libra has seen as a good coin then I will  take both for investment and trade

[halpi]

the main difference is that Bitcoin is cryptocurrency and Libra is no
Libra is Zuckerberg shot to jump into crypto.
Lol, how could compare these two

[adzino]

Thanks to those who made the topic so with this I know what is the difference between Bitcoin and Libra, but even though many say the Libra coins will be very good later but until now I still survive in Bitcoin and if in the future Libra has seen as a good coin then I will  take both for investment and trade

I don't see how it will be "good" later. It is a centralized coin. Its just like paypal, but it will use blockchain technology. Hell, some won't even consider it as a crypto currency. Everyone won't be able to mine it (only selected group)! This is more like a digital currency.
Trust me, you will be making better profit by investing on bitcoin only.

[Kevlar]

In my opinion it is strange to compare the new, not yet implemented LIBRA project with Bitcoin, on which the entire market rests. A similar situation was when Durov advertised his TON project, then around his GRAM tokens there was also a lot of controversy, but few could buy them. Almost 2 years have passed, and his project has not moved from its place ... And Bitcoin is still alive and is an indicator of the entire market!

[akram143]

I thought it might be valuable to point out some of the key differences between FaceBook’s new Libra coin and Bitcoin. They are certainly not the same. The greatest features of bitcoin center around it’s decentralized network.

Bitcoin is:

• A currency that disconnects your identity from your money.
  
  Owned only by the user who posses it. 
  
  A currency that has a production, circulation, and distribution which is beyond the control of any government, business, or ANY entity at all.
  
  A currency that can be used in any country for any transaction and is beyond anyone’s ability to compel or deny a transaction.
  
  The cheapest, fastest, and most secure way to send money yet invented.
  

Libra is:

• A currency that ties not only your basic identity to your money, but includes all the details found on your FB, instagram, What’sApp, and other social media. A near perfect coin for stealing your identity.
  
  Owned by a banking cabal including PayPal, MasterCard, FaceBook, Andreessen Horowitz, etc. Users may use their coins if they follow all rules required by the owner companies. Users must also accept that these rules may change at any time for any reason the owner companies decide.
  
  A currency who’s distribution, supply, and all other parameters are under the complete control of the owners. They can change the valuation or double the circulation.  (Owners, not Users – FaceBook and it’s partners are the owners of the money)
  
  A currency that can be used at FaceBook’s partner stores. It allows FB partners to pry into your spending habits in an unprecedented way. You may only use their money if they receive a cut of the money and all transactions are allowed only if FB decides it is okay for you to do. 
  
  A patch over an archaic banking system that is insecure, ridiculously slow, and very
  expensive.
  

Its really simple but will clear every doubt about the libra and bitcoin to the people.

Hopefully people will understand why we had bitcoin at first thought and will completely stay away from a centralized libra coin.

[pics4crypto]

How stupid for me to compare these two projects.  because it is simply impossible to compare Bitcoin which is now the leader in the market and has always been a new coin that is simply not popular yet deserves the name it is called.

[thirdprize]

Sorry to disrupt your little echo chamber here, but ...

I thought it might be valuable to point out some of the key differences between FaceBook’s new Libra coin and Bitcoin. They are certainly not the same. The greatest features of bitcoin center around it’s decentralized network.

Libra is:

• A currency that ties not only your basic identity to your money, but includes all the details found on your FB, instagram, What’sApp, and other social media. A near perfect coin for stealing your identity.
  False.  Only if you use the wallet that will be built into Facebook.  If you use another wallet then they won't have any info on you.
  
  Owned by a banking cabal including PayPal, MasterCard, FaceBook, Andreessen Horowitz, etc. Users may use their coins if they follow all rules required by the owner companies. Users must also accept that these rules may change at any time for any reason the owner companies decide.
  Partly.  Backed by a bunch of big companies.  The money they are putting up the money is equivalent to tethers imaginary backing funds.  they will be in charge of swapping from fiat to libra and back.
  
  A currency who’s distribution, supply, and all other parameters are under the complete control of the owners. They can change the valuation or double the circulation.  (Owners, not Users – FaceBook and it’s partners are the owners of the money)
  False.  It is pegged to a basket of stuff (whatever that really means) so will stay at a fairly fixed value.
  
  A currency that can be used at FaceBook’s partner stores. It allows FB partners to pry into your spending habits in an unprecedented way. You may only use their money if they receive a cut of the money and all transactions are allowed only if FB decides it is okay for you to do. 
  What does that even mean?  Wrong on so many levels I won't even bother with it.
  
  A patch over an archaic banking system that is insecure, ridiculously slow, and very expensive.
  True.
  

If you are going to argue then at least get your facts straight.

[CoinsOrDie]

Sorry to disrupt your little echo chamber here, but ...

I thought it might be valuable to point out some of the key differences between FaceBook’s new Libra coin and Bitcoin. They are certainly not the same. The greatest features of bitcoin center around it’s decentralized network.

Libra is:

• A currency that ties not only your basic identity to your money, but includes all the details found on your FB, instagram, What’sApp, and other social media. A near perfect coin for stealing your identity.
  False.  Only if you use the wallet that will be built into Facebook.  If you use another wallet then they won't have any info on you.
  
  Owned by a banking cabal including PayPal, MasterCard, FaceBook, Andreessen Horowitz, etc. Users may use their coins if they follow all rules required by the owner companies. Users must also accept that these rules may change at any time for any reason the owner companies decide.
  Partly.  Backed by a bunch of big companies.  The money they are putting up the money is equivalent to tethers imaginary backing funds.  they will be in charge of swapping from fiat to libra and back.
  
  A currency who’s distribution, supply, and all other parameters are under the complete control of the owners. They can change the valuation or double the circulation.  (Owners, not Users – FaceBook and it’s partners are the owners of the money)
  False.  It is pegged to a basket of stuff (whatever that really means) so will stay at a fairly fixed value.
  
  A currency that can be used at FaceBook’s partner stores. It allows FB partners to pry into your spending habits in an unprecedented way. You may only use their money if they receive a cut of the money and all transactions are allowed only if FB decides it is okay for you to do. 
  What does that even mean?  Wrong on so many levels I won't even bother with it.
  
  A patch over an archaic banking system that is insecure, ridiculously slow, and very expensive.
  True.
  

If you are going to argue then at least get your facts straight.

I think you did more justice to that topic in less words than anyone else could ever do. The initial post is Flaws and looks quite horrific. Those points alone would serve as a veritable tool to demarket cryptocurrency and blockchain. Thank you for setting the facts right

[DarkDays]

You said that it is very true "a patch over an archaic banking system that is insecure, ridiculously slow, and very
expensive" but it doesn´t means sense in cryptocurrencies. Something that is decentralized is so slow, but it takes a time to communicate with many nodes. 

Not all cryptocurrencies need to broadcast the transaction to the entire network to achieve transaction finality. Plenty of blockchains are incorporating sharding to increase their throughput and others are looking to off-chain solutions such as plasma, lightning etc to expand this to practically VISA-like levels.

Do you think that VISA and the online banking system was as fast as it is now, when it first launched?

[bitladen]

The difference between Libra and Bitcoin is that Bitcoin is the first coin in cryptocurrency, and Libra is a regular alts on the market

[lobo13hf]

The difference between Libra and Bitcoin is that Bitcoin is the first coin in cryptocurrency, and Libra is a regular alts on the market

where are you from and what do you learn from libra and bitcoin, i suggest you try to read whole explanation about bitcoin and libra and you can create an opinion about both of coins. It looks like you are not even watching the news about bitcoin and libra because you don't even know the basic purpose of libra.

[adzino]

The difference between Libra and Bitcoin is that Bitcoin is the first coin in cryptocurrency, and Libra is a regular alts on the market

Lol, that's not the only difference. Let me tell you what altcoins are -> "All coins that are not bitcoin is considered as an altcoin". So Libra is actually an altcoin, but with huge differences ( the major difference - one is completely centralized and the other is decentralized). Read what OP wrote about bitcoin and Libra. You will get to know about the main differences from here.

[sukoyomi]

Libra is going to be bullish for bitcoin.
Many people will start to see bitcoin as a legitimate investment not controlled by any single entity.

Of course, just watch and at that time, people will know who is the winner and who is the victim. Since many people has get abundant money from bitcoin, of course it looks legitimate. The good news is I hear bitcoin will start to raise to get the highest price ever in 2020 but this libra is even can't defeat BNB.

[EXtremeAEX]

Yes, Libra Coin is another attempt to steal your personal information. And this information will undoubtedly be used by third parties. Several largest payment systems showed interest in Libra.
Of course, once again, with the help of lies and the substitution of concepts, powerful people want to gain control over your finances and your personality.
The saddest thing is that many people, blinded by the fact that this is a coin of a well-known company, which is supported by many well-known corporations, will buy Libra and use it.

[danherbias07]

Thank you for this.

I guess newbies should really look into this rather than Google.
They really never knew what they are going into. Supporting a centralized coin will just hurt their feelings in the end.
Why not go back old school and have your privacy back thru the use of bitcoin.

Too much new era is happening and they dont even realize that their information is leaking from all over the internet.

[Borisov]

bitcoin does not kill. due to libra, many new players will come to the market (there should be such projects ). that actually will give a new impetus to growth.

[Folajuwon56]

This is a repetition of Topic. But anyways, I will repeat my comment again. LIBRA coin is a centralized coin while Bitcoin is a decentralized coin. That's the major difference.

[Bitcoin Seller]

The difference between Libra and Bitcoin is that Bitcoin is the first coin in cryptocurrency, and Libra is a regular alts on the market

The main difference is the volatility that is the number one feature of Bitcoin. As I understand, Libra is supposed to be a stable coin, which price will remain almost the same all the time. I guess it will be connected with the dollar. BTC does not have a real connection to any traditional currency. Besides, Libra might be a very cheap coin, close to 1 USD or less.

[EXtremeAEX]

Well explained and concise highlights on the key differences between BTC and Libra. You omitted the fact that Libra is a stable coin while Bitcoin is volatile and may appreciate greatly with time. The only good thing about Libra is that it drives towards mainstream adoption, but highly regulated.

Yes, but owners of Libra coin will have to pay too high a price for this stability. In fact, you give away all your personal data and third parties have access to information about your wastes (that is, what you eat, drink, put on yourself, what places you visit). And be sure that this information will be used to influence your desires in order to earn as much money as they can on you (for example, FB now uses something similar to show you the ads that will interest you).

[[btc]YSG]

Today I can say with confidence that Libra will not compete with bitcoin. Most likely it will be a springboard for bitcoin and after the introduction of Libra, bitcoin expects a flight to the moon. Libra is not a decentralized cryptocurrency. Libra is a stablecoin that will be produced in huge quantities.

OP has already done justice which differences exist between both currencies, There is nothing that can be expected from Libra that hasn't been offered by Bitcoin in a better way, Libra coin is just like every induvidual having their statement of account with all of these organizations listed by the OP, which is very unsafe.

[Wolfwar]

Maybe I don’t understand something, but Bitcoin offers anonymity and decentralization, and the Libra project offers a concentration of all personal data in one resource.  I think that this moment should alarm many.

[monalia]

The basic and well known difference between Libra and bitcoin is centralised and decentralized platform.  Many corporate giants are are giving support to Libra and Facebook community but this is not same for Bitcoin is facing now.
Only people have passionate on Bitcoin only having faith and keep support on this coin.

[TimeTeller]

Maybe I don’t understand something, but Bitcoin offers anonymity and decentralization, and the Libra project offers a concentration of all personal data in one resource.  I think that this moment should alarm many.

The basic and well known difference between Libra and bitcoin is centralised and decentralized platform.  Many corporate giants are are giving support to Libra and Facebook community but this is not same for Bitcoin is facing now.
Only people have passionate on Bitcoin only having faith and keep support on this coin.

People who value their privacy will not divulge with libra project.
But people who are loyal fb users might not think anything about their privacy but the advantage that they can get out of it.
Small business owners might see this platform as good avenue for them.
So it is all about individual's priority. Let us respect the varying interest on this project.

[yvesp110]

Today I can say with confidence that Libra will not compete with bitcoin. Most likely it will be a springboard for bitcoin and after the introduction of Libra, bitcoin expects a flight to the moon. Libra is not a decentralized cryptocurrency. Libra is a stablecoin that will be produced in huge quantities.

OP has already done justice which differences exist between both currencies, There is nothing that can be expected from Libra that hasn't been offered by Bitcoin in a better way, Libra coin is just like every induvidual having their statement of account with all of these organizations listed by the OP, which is very unsafe.

Well there hell of a difference. Just look at the functionalities of the coins. These two coins are for very different functions. Bitcoin is for speculation purpose to a major extent. This is what people look for in Bitcoin, the ability to replicate their money. Libra is a stable coin so expecting returns from one you out in your money in Libra is a waste of time.

[thirdprize]

Today I can say with confidence that Libra will not compete with bitcoin. Most likely it will be a springboard for bitcoin and after the introduction of Libra, bitcoin expects a flight to the moon. Libra is not a decentralized cryptocurrency. Libra is a stablecoin that will be produced in huge quantities.

OP has already done justice which differences exist between both currencies, There is nothing that can be expected from Libra that hasn't been offered by Bitcoin in a better way, Libra coin is just like every induvidual having their statement of account with all of these organizations listed by the OP, which is very unsafe.

Well there hell of a difference. Just look at the functionalities of the coins. These two coins are for very different functions. Bitcoin is for speculation purpose to a major extent. This is what people look for in Bitcoin, the ability to replicate their money. Libra is a stable coin so expecting returns from one you out in your money in Libra is a waste of time.

Which is a good thing for Libra.

[42K]

The difference between Libra and bitcoin is obvious and simple. Bitcoin is digital and decentralized cryptocurrency which is popular and the top leading cryptocurrency which is used for transaction while Libra can be said to be a centralized, stable coin of which no one knows the future it holds.

[BintangBuleun]

~snip

I'am not interested in Libra, even though there are currently many who say that Libra will replace Bitcoin. Currently using Faceook is very problematic for us. All our identities are clearly visible there. Different from using Bitcoin. I think Libra is not a new generation, but the old generation was developed with a new system. Bitcoin is a new system that can be used by everyone.

[guoyu78]

~snip

I'am not interested in Libra, even though there are currently many who say that Libra will replace Bitcoin. Currently using Faceook is very problematic for us. All our identities are clearly visible there. Different from using Bitcoin. I think Libra is not a new generation, but the old generation was developed with a new system. Bitcoin is a new system that can be used by everyone.

Just as you know this, everyone still knows this also, and they know that Libra coin can never function as much as bitcoin would do and would never be accepted as much as bitcoin is, but there is still willingness of some people to at least give it a try for the areas which it would cover. You will agree with me that Facebook has so many business merchants that are using their platform to reach out to their world as regard their product, and Facebook has been quite active in this regards.

They might have dislike for Libra coin, but at the same time, I Didn’t think that Facebook will ever be bitcoin merchant when it comes to payment, which means that those fakebook merchants who are quite much in number will definitely use the Libra coin out of no choice.

[Fundamentals Of]

This is more of a subjective assessment rather than an objective one. The OP is clearly implying his absolute support for Bitcoin and dislike over Libra. However exaggerated it may appear though, it is close to truth. Libra may be appreciated in general because it is to be considered a victory of cryptocurrency over the old fiat system, the circumstances and features surrounding Libra is a little dubious.

[CBANX3]

As the Facebook officials declare Libra has nothing to do with Bitcoin, Libra is business digital asset with certain limitations whereas Bitcoin is open-source digital asset.

[leea-1334]

Bitcoin has the most demand for identity hide. Some transaction is easy by identity hide. As Libra if you want to send money will easy from FB. I would like Bitcoin rather Libra, only few people will do by Libra.

What are you talking about. Cryptocurrencies do not have demand for identity hiding. People and users do. I know the Bitcoin user community and none of them want to hide their identities. They would very much like to protect their privacy and personal data that is all.

You want to send easy money from FB? Why? Why not easy BTC p2p? Cheaper, faster, no blockages.

[Malamok101]

the difference between bitcoin and the pound coin is that bitcoin is making a lot of money here so more people are investing in it because it is leading the crptocurrency rather than investing in the pound coin which has little investment in it because you have little chance of making a big profit here. .

[guydin]

Bitcoin has the most demand for identity hide. Some transaction is easy by identity hide. As Libra if you want to send money will easy from FB. I would like Bitcoin rather Libra, only few people will do by Libra.

What are you talking about. Cryptocurrencies do not have demand for identity hiding. People and users do. I know the Bitcoin user community and none of them want to hide their identities. They would very much like to protect their privacy and personal data that is all.

You want to send easy money from FB? Why? Why not easy BTC p2p? Cheaper, faster, no blockages.

The main differences between 2 of them are the following: BTC is decentralized, and Libra is centralized, stable, having a team that will control it.  BTC transactions are anonymously recorded in the blockchain. Libra also uses a blockchain form in which it will be necessary to obtain authorization (permissions). This approach means that transactions can only be made by a group of proxies.

[Bossfidelity]

On going through the writeup, I have a perfect understanding of the difference between bitcoin and libra. I would rather settle for Bitcoin, and get my privacy intact. Libra is a centralised project and would be giving out so much information to the owners who we shouldn't trust considering the previous allegations which was leveled against them.

[Naida_BR]

On going through the writeup, I have a perfect understanding of the difference between bitcoin and libra. I would rather settle for Bitcoin, and get my privacy intact. Libra is a centralised project and would be giving out so much information to the owners who we shouldn't trust considering the previous allegations which was leveled against them.

And apart from the privacy fact, there is a huge difference on how the price of those two coins will move.
Bitcoin's price is affected by a totally decentralized market and it is open and free, while Libra coin will be backed by dollars and pegged to a certain price just to fuel some Facebook operations.

[meliodas]

The difference is about the stability and also the centralization of Libra compare to Bitcoin. Bitcoin is far way better than libra because bitcoin is a volatile and it gives opportunity for investors and its keepers to earn money long term and it is better in an aspect of being decentralized so there is no one that can interrupt you from taking benefits of being a bitcoin user.

[shoreno]

The difference is about the stability and also the centralization of Libra compare to Bitcoin.

being centralizd usually means stable and being decentralized mostly means unstable  .

Bitcoin is far way better than libra because bitcoin is a volatile and it gives opportunity for investors and its keepers to earn money long term

depends on the users view  . some dont like the volatility of bitcoin because it makes them confuse if which the price will heading but others like it because this gives them many possibilities  .

and it is better in an aspect of being decentralized so there is no one that can interrupt you from taking benefits of being a bitcoin user.

interupt in the form of what  ? because being decentralized means no one controlls it  ? what about the price  ? the price will fluctuate and its annoying and can interupt your plans   .

[duuuuude]

Both coins are cloudy in terms of transparency because we still don’t know who and why created Bitcoin but based on the fact of anonymity, I prefer bitcoin, and it doesn’t matter what the transaction fee and volatility is.

[Driggers95]

The difference is about the stability and also the centralization of Libra compare to Bitcoin. Bitcoin is far way better than libra because bitcoin is a volatile and it gives opportunity for investors and its keepers to earn money long term and it is better in an aspect of being decentralized so there is no one that can interrupt you from taking benefits of being a bitcoin user.

Yes, the first information about libra is centralization and control, which makes us feel that bitcoin is having better conditions than libra, it creates opportunities for many investors to make money but all speculations are based on basic information. We need to wait for the official launch of libra to make an official comparison between both of these prominent figures but overall, the difference between the two is probably the support and vision of the government, the government is not too happy with bitcoin while giving enthusiastic support to libra

[yohananaomi]

The difference is about the stability and also the centralization of Libra compare to Bitcoin. Bitcoin is far way better than libra because bitcoin is a volatile and it gives opportunity for investors and its keepers to earn money long term and it is better in an aspect of being decentralized so there is no one that can interrupt you from taking benefits of being a bitcoin user.

Yes, the first information about libra is centralization and control, which makes us feel that bitcoin is having better conditions than libra, it creates opportunities for many investors to make money but all speculations are based on basic information. We need to wait for the official launch of libra to make an official comparison between both of these prominent figures but overall, the difference between the two is probably the support and vision of the government, the government is not too happy with bitcoin while giving enthusiastic support to libra

I see Libra and Bitcoin will have different shares and the treatment that will be received will also be different. but obviously bitcoin will be better because bitcoin is indeed more free and proven than Libra which is still new and can't be seen yet because we don't know yet about its development. all will clearly see before deciding that Libra can be well received compared to Bitcoin of course.

[fuer44]

in the context of digital currency, the two concepts will certainly be the same. but yes, the bitcoin fee is cheap and the transaction is fast. We don't know libra yet because they haven't been released to the public so we don't know the fee and the speed of the transaction. but what is clearly different is as you said, libra is like perfect money but in the form of digital coins, so the value is stable while bitcoin is volatile.

[bittick]

The difference is about the stability and also the centralization of Libra compare to Bitcoin. Bitcoin is far way better than libra because bitcoin is a volatile and it gives opportunity for investors and its keepers to earn money long term and it is better in an aspect of being decentralized so there is no one that can interrupt you from taking benefits of being a bitcoin user.

it's not the main difference between both but the main difference should be libra has a purpose to be the stable crypto and bitcoin can be considered as various things or it has utility usage. There is no reason to call stability and decentralization as the difference between both