For the past few years, the trend of crypto currency is on the rise and many traders are also investing money in it for trading. Though at the initial stage, many traders were confused on which crypto currency to trade, many articles started coming out in different blogs describing the pros and cons of each crypto currency. XTR gate Crypto blog has published many such articles and still continues to publish articles on crypto currencies. There they have described in detail which are the crypto currencies to invest in and which one is expected to give high or low return in the long run.
Keeping in tune with the trend, Facebook is also planning to launch a new crypto currency named Libra. It is in the testing stage and they are planning to launch it on their platform on a mega scale. Sources are saying they are even getting the information that Facebook will accept all advertisement payments on their platform through their currency Libra. If this happens, then it will be a big challenge for other crypto currencies as Facebook already has billions of users all over the globe. With such a huge existing platform all over the world, it will be much easier for Libra to get a big portion of the market share within a few months of the launch. Facebook also gets huge advertisements from a large numbers of people every month and that number is also quite bigger. So, the initial push of Libra will be quite impressive and it may fast get its foot in the complicated market of crypto currencies.
In addition to accepting payments for their ads, Facebook may also ask their users to use Libra on a more regular basis. A regular campaign to billions of users will definitely have an impact as it is going to be a huge marketing campaign.
In such circumstances, it will not be easier for the other crypto currency companies to survive under such huge competition. Competing with a giant like Facebook will not be an easy task and their price may get reduced in the long run.
Since Facebook is a giant on its own, this crypto currency named Libra can pose a threat to many sovereign currencies. Being afraid that the popularity and use of Libra may lead to many financial crimes, many governments like UK and US government has not given permission to the Facebook authorities and ask them to put this project on hold. Hence Facebook management has not been able to announce the release date of Libra in the financial market.
Developers of Libra are saying that it is going to change the way crypto currencies operate and will be a game changer to the public at large. Libra will definitely be an up gradation of the existing payment gateway systems. In addition to being cheap and fast, it will be accepted throughout the world in all countries where Facebook is there. If the project succeeds, it will be a tough time for other crypto currencies in the coming years.