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.
  

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[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.