Libra vs. Bitcoin - What's the Dif?

[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.

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[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.