Will Libra Coin bring Down Bitcoin's dominance

[Lizzylove1]

Libra coin when finally launched will be a big player in the market, with a massive liquidity, it has the potential of attracting many investors. I really feel no coin can ever defeat bitcoin again. Since Libra is not built like bitcoin, so there will be minimal volatility with the Libra coin. Bitcoin remains a better investment option.

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[Arsenyo]

How can Libra, a centralized digital coin, be compared to Bitcoin? Not a chance. It is not even launched yet and God knows when it will be. For now there are only doubts and restrictions.

[hashman]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

Libra is completely different platform from BTC. Libra is just a digital money which will be controlled from a center. You can close Facebook, you can close Libra, but you can not close BTC.
The world of Libra and BTC are completely different. Libra has nothing to do against BTC.
Libra can push the price of BTC. As Facebook, whatsapp etc have million of users, people will learn the term digital money with Libra. After digital money, they will have chance to discover crypto currency and also Bitcoin.
So it is good that project like Libra or now Venus (digital money project of Binance) be online. So crypto world will grow faster and faster.

[Sithara007]

Obviously if Coinmarketcap includes Libra, then we can expect a decrease in the Bitcoin dominance. Even the inclusion of UNUS SED LEO a few months back caused a slight decline in the dominance. Coinmarketcap calculates the dominance as the market cap of BTC divided by the total market cap. So if they add new coins, then the total capitalization will increase and it will cause a decline in the share of Bitcoin.

But I don't necessarily agree with the methodology used by CMC to calculate Bitcoin dominance. First of all, the market cap of many of the altcoins are inflated. For example, according to CMC the market cap of XRP is $11 billion. But the real market cap is much lower than that, as a large share of the coins are kept out of trading by the promoters. Same can be said about cryptos such as BCH as well (to a lesser extent).

[magneto]

I would implore you to think about who actually uses bitcoin, and who would actually find Libra useful.

They are two very distinct groups of people. One group who actually cares about decentralisation, taking the middleman away from the equation, etc., while the other whose focus is solely on transactional efficiency and globalisation.

Thus, I don't think that Libra will take current bitcoin users away. Sure, there may be some overlap, but it would be negligible and I doubt anyone would leave BTC solely to take on Libra.

[edutBTC]

The main currency on the market is Bitcoin, and no currency can change it. Libra will probably displace the XRP. I don't think it can get past the Ethereum. But it will steal from bitcoins dominance very little.

[yulionoo]

libra is not very feasible to be compared with bitcoin so if someone thinks libra can drop bitcoin or just equal bitcoin i can only laugh because bitcoin is a cryptocurrency pioneer so it's very funny if a lot of talking about libra will drop bitcoin. until whenever bitcoin will always dominate in cryptocurrency.

[Andrews193]

Between Libra and Bitcoin as far as I know are two different types of coins. Libra adheres to concepts such as Stablecoin, and it is like USDT and several others.
I don't think Libra will damage the dominance of bitcoin.  We speculate about Libra now, because Libra has not been released.

The direction of both of them is really clear and different, one side will still live outside the control of the law, one party complies with the law and receives strong support from the government, plus strong advertising. But despite such different directions, competition in one area will probably still occur, and libra coin will have a strong influence or no effect on bitcoin, we can only wait for the correct answer from libra coin when it is launched, right now, all speculation is still too early on libra's mission.

[shadowdio]

of course not, Libra coin can not bring down bitcoin dominance. Bitcoin will stay the number 1 cryptocurrency. Libra is just a stable coin and we can not make money of it. Most of crypto users are like to use bitcoin and they can make money of it because of volatile.

[mr_random]

The supporters will fall to the desperation if the Libra can't cross the resistance point of being a stable coin after the full release by the Facebook. While trading the altcoin traders want to convert their trading profits to the stablecoins like USDC, TUSD, GUSD  and now one more alternative are on the way for doing the same purpose for the crypto traders. The existence of the Libra will not affect the BTC dominance in the short term but it can affect in the long term, kind of unknown circumstances don't let the crypto traders make concrete predictions.

[Rikotin]

the presence of Libra coins will not reduce the dominance of the bitcoin market, we are talking about the fact that bitcoin from time to time is still in the top position and no altcoin is able to destroy the dominance of the bitcoin market. Besides that, Libra coins haven't been released yet, right?

[microsurfer]

Libra is fake crypto first of all. I dont sure that it can change something

[The3max]

I don't think Libra will affect the value of Bitcoin! Libra was released as a stablecoin, it did not have a lot of fluctuations in the market, I think it is a private currency of the facebook platform and related partners with a fixed value in the Libra ecosystem.

[shield132]

In reality what's the purpose of using bitcoin in most cases? Better privacy while buying things. And Libra? It's project of facebook, a company which doesn't give a shit to our data, we can proudly say that our stories, messages and all data (private ones too) are publicly available for people who pay. And automatically what Libra means? They want to know how we send money through Libra. Of course words behind this coin that comes from creators and facebook is a blatant lie.
So to sum up, Libra can't bring down Bitcoin's dominance, it can't even bring down Ethereum, it's opponent can be Ripple and tether for example.

[LbtalkL]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

If libra is stablecoin there is no way it will bring down bitcoin, Bitcoin can spike anytime. So many projects have done that they have created so many btc forks and look at them now? btc is still the king. Its decentralized no one is backing it, just the support and trust of people is enough.

[redsun114]

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

If Libra coin was centralized coin, I would have said that there is possibility of it becoming more used than bitcoin, and if it was also going to be suitable for investment, I would have strongly been going against the Libra coin, but the reason why I don’t join people in going against Libra coin is because I know that there is no way that the coin can meet up to the standard of Facebook Libra coin, and the release of this coin can only boost the awareness of bitcoin.

When Facebook eventually succeed in releasing this coin, many people will actually get to know not about Facebook coin alone, but they will generally know about cryptocurrency and bitcoin will eventually be their favorite coin because of the decentralized nature of bitcoin and usefulness as asset.

[easynote]

I don't think if Libra coins will reduce the dominance of bitcoin in the market, maybe if Libra coins have been released in this industry only lead to crypto adoption, I mean there will be newcomers who will take part here but lybra coins will not affect the rise / fall in prices bitcoin.

Libra is affecting the Government currency regulations. Invest in other coins and not Facebook coins.

[Miklight88]

this should be other way round and not this way as the dominance cant be taking away from btc in any circumstances so i dont libra leading in this industry as privacy is not in its way which major reason crypto stand .

[trumpman]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

Well, if it actually ever launches yeah probably it will bring it down, perhaps by a lot. This isn't necesserily a bad thing, and probably it will help the price of BTC skyrocket. Reason is simple. Many everyday people that hadn't touched or even knew about cryptos before will get their hands on someLibra, and a substantial part of them will probably diversify into other coins, with BTC being the top one. IMO, libra could be a deciding factor to mass adoption!

[owengtam09]

I would like to play devil's advocate
From this article I read

“Unlike the volatility seen around other cryptocurrency’s in the past, we believe that Libra’s focus on creating a stable, low inflation currency backed by a reserve or real assets is a differentiator. Further, unlike other stablecoins, Libra will not be pegged to one currency but instead a basket of assets ranging from bank deposits to short-term government securities.”

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

Will Libra Coin bring Down Bitcoin's dominance in the market, your thought?

Facebook is powerful in terms of social media. They have the advantage to advertise their coin libra but I don't think it will take down bitcoin dominance market because, in my opinion, they are still relying on bitcoin because of bitcoin still the mother of all coins in cryptocurrencies.