Bitcoin vs Libra: Final Verdict on Facebook’s Crypto and BTC

Bitcoin vs Libra: Final Verdict on Facebook’s Crypto and BTC

 

Libra, Facebook’s very own cryptocurrency has turned the world into a frenzy, ever since it was announced. The social media giant has a user base of 2.32 billion, the launch of Libra is bound to change the dynamics of the crypto space. Scrutinized by the U.S. lawmakers over its implications, the impact of Libra on the world remained a mystery to be explored. Apart from that, the enthusiasts are looking forward to discover the impact that Libra will have on the world’s first decentralized cryptocurrency, bitcoin.

Bitcoin is the largest cryptocurrency by market cap. After the official launch of Facebook’s crypto project, both bitcoin and Libra are considered to be competitors in the crypto space. Although both digital assets are categorized as cryptocurrencies, they have subtle differences.

Steven Eliscu, EVP of Corporate Development at DMG Blockchain, while elaborating on the differences between these two cryptocurrencies to BlockPublisher, explained that bitcoin is an excellent store of value but not ideally useful as a medium of exchange and said; The value of the Bitcoin network is directly reflected in the value of the bitcoin cryptocurrency. The value of Libra is tied to the US dollar, while the value of the Facebook-created network used to send Libra]will be a component of the company’s overall value reflected in Facebook’s stock price. Steven is of the view that mostly cryptocurrencies built on public blockchains are a store of value rather than a medium of exchange as most of them aren’t widely accepted and had an unstable […]