Among a number of things that have been on the fore last year, Libra was one of the hottest topics that kept making headlines. The crypto space is impregnated with vulnerabilities of all kinds, and no one can tell for sure that a cryptocurrency that has just been launched would do well in the market. The same holds true for Libra. The cryptocurrency might have the good faith of several big names in the market, and Facebook might really have put in a lot of thought behind its inception, but only time can tell how well the digital currency fares in real-time. This was also a major reason for Libra to give rise to speculations and apprehensions about its nature, in the second half of 2019.
Before we delve into an analysis of how Libra endeavours to change the outlook on cryptocurrencies, we must look into the longstanding allegations that have been brought against Libra and try to address the issues one after the other.
The Alleged Problem Areas of Libra:
Facebook might be the biggest social media platform in and across the world, but no one can deny the security concerns that it has been raising since its inception. The issues grew to such an extent that Zuckerberg was called upon to answer them. He solemnly vowed to look into the issues himself and do all that needs to be done to stop this platform of social media from feeding into the private data of the common folk. Naturally, Libra, being Facebook’s very own cryptocurrency, raised similar security questions. The blockchain network is known and widely appreciated for the immutability it lends to any data that enters its network. But Libra, being a product of Facebook, could not dodge the questions related to its concern for privacy. Now that we have treaded a bit on the darker territories of Libra, we shall channel our energies into discussing the ways in which Libra is all set to change the way we perceive the crypto sphere.
Libra Might Just Help Cryptocurrencies Flow Into The Mainstream:
We could eulogise cryptocurrencies all we want, but there is no denying that it might still be a long while for them to be adopted into the mainstream. The topic of cryptocurrency, till this date, remains elusive by people who are not much acquainted with the blockchain jargons. It is thus, safe to state that cryptocurrencies might have been able to transform and revamp the financial front, but have not entirely made into the mainstream yet. But, with Libra, this might soon become a possibility.
Libra aims to bring the unbanked on the same platform and help them shop from various e-commerce sites that were previously out of their reach. This seems like a promising project, and ambitious more so. Besides assisting the unbanked come together on a digital platform, Libra also endeavours to make itself a household name and act as just another payment gateway like Flexipay. However, the catch here is that other payment gateways are more complex in nature, and interest only investors and market analysts. However, Libra aims at being more like any other money transfer app that can be used by anyone without a smidgen of hesitation.
A Few Final Words:
Libra sure does look promising if we are to believe in all that it aims at achieving. But like we have already mentioned, the market space is quite fickle and volatile. There is no blueprint to success or growth. Therefore, the way we expect a cryptocurrency to perform in the market might not pan out that way. All we can do is be aware and allow time to unravel the reality.