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The goal of Facebook Creating The Libra Coin

The goal of Facebook Creating The Libra Coin
Who does not know Facebook ?. A social network whose users have exceeded 2 billion. In fact, beat the dollar users who have not reached 1 billion. This amount is the largest community, they will respond if Facebook creates a new digital asset, called Libra.

Libra is the name of a digital currency that will be created by Facebook. A cryptocurrency called libra surprised many people. Even making bitcoin on fire again weakened.

The central banks began to speak out about the Libra coin to be released by Facebook. They will also be aware of and oversee the development of the project. Of course, the existence of Libra will make many banks abandoned. People no longer use bank services as intermediaries and depositors of their money. For what else needs an intermediary in this modern era? There is already a blockchain technology that can be relied upon, especially since the banks always reap huge profits from customers.

Most people save money in the bank. So the higher bank capital for credit. The owner's money is given to the debtor by the bank by applying bank interest rates. The bank benefits from the rates applied. As an intermediary, banks gain higher profits than money owners. Money owners only benefit from low-interest rates. Everyone knows, a magnificent bank building to convince customers to save money in the bank. Actually, it is a luxury financed by the owners of capital. Not only that, the purchase of sophisticated equipment, salaries of bank executives and employees, all of that is money the owner of savings and debtors.

The creation of libra coins by facebook will make big banks feel uneasy. Is there the presence of libra coins that can endanger the banks? Moreover, just in case it can undermine world currencies such as the dollar.

A question, is Facebook not rich enough? To have to jump into the cryptocurrency project ?. That is not solely because of money. The benefits of libra coins will be enjoyed by humanity. Statement by Facebook officials quoted by Dahlan Iskan, said "this is not business. This is a mission of Facebook idealism ".

The goal of Facebook creating the libra coin is:

1. Facebook users are now more than 2 billion people. Amount large Facebook users, then Facebook will become the central bank as well as the world's central bank of all existing digital currencies, which are also the creators of Libra currencies.

2. Implementation of advanced technology with blockchain in the best cryptocurrency platform and protocol. It aims to make libra an independent and democratic currency. No government can intervene.

3. Creating a currency that cannot be influenced by political interests in each country. Libra will not be like the existing central banks. Of course, many companies or institutions that have engaged in non-cash transactions will partner with Facebook. Like Paypal, visa, MasterCard, uber, women world bank, and others.

4. Facebook created a digital wallet called Calibra. It can be used as a safe deposit of libra assets, trade, and maybe also as a stabilization if there are problems with the exchange rate between countries.

5. The Facebook libra association wants the world community to make transactions cheaply. Buying and selling goods/services does not have to be complicated because of different countries, or are not bank customers, just use digital currency to solve it.

According to Facebook, so far, the bank has a relatively expensive rate of the transaction. Profits poured into banks or financial institutions. While the owner of the assets themselves ineffective and inefficient have been harmed by the existing system.

6. Facebook thinks that 1000-year-old banking is old. It is no longer relevant to young humans today. Moreover, there is now a blockchain technology that can break the intermediary chain, which has already taken a considerable advantage. All assets owned by each person can be controlled by each person, without the intervention of intermediaries. Assets are in the palm of your hand.

Many negative responses related to the coin libra to be launched. Facebook remains optimistic and continues the project. For example, comments from the world bank that later libra could be used as money laundering or used as a flow of funds for terrorist activities. There are also concerns that libra cannot be used as a good payment instrument, as is known for the price of bitcoins such as roller coasters.

Facebook certainly has thought of negative things that will happen if libra is published. Therefore, there is no need to worry, which might be a reason for the libra project to be stopped. Facebook has been alive and thriving, so the Libra project may also be successful. If libra is migrating to a better system, why should it be removed?

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