As you know yesterday Facebook revealed its coin project which calls Libra. Yes this is so important development for Blockchain space, cryptocurrency and even Bitcoin.
Blockchain and Cryptocurrency are new and disruptive technologies on money. Everyone can accept some changes in life. But money is so different than other. Many people feel that money is not changable or won't turn into another form. This is wrong. Because the money also is a technology to use it to be a value. And it can be change as in the past.
Now traditional financial system hit the wall. We saw that in 2009 crises. But now Major central banks have begun again cut its rate. Because this economy is not sustainable. But they still try stand it up.
And traditional economy turn into in new identity with Libra. This is a digital currency system which has a some differents than traditional economy as you see below.
- The best important difference is 'no banks' in this scheme. As you see any banks not being in there. Because Banking system is very old technology and they can not catch new technologic developments up. Because they always think their revenue and can not add value to system anymore.
This is radically decesion for current system. Because everyone depend to banks in daily life. But change is begun. You would be use your social media account as a banking account. This will be new normal for people soon.
- Libra is a corporate coalition led by Facebook. Looks like a fast system. Swift system consists of central banks led by FED
But there is a difference between the both. In swift system state institutions are included, Libra also included corporates. So we can see that traditional state economy turn into corporate economy.
- Facebook aims to reach billions of people who have not banking account and others with fast secure payment system. Actually facebook doesn't want to be a value, it just want to be classic payment system with more fast and easy acceptable.
Actually Facebook now is building huge economy its own blockchain network. And this economy enable to new economic paradigms such as Dapp economy ( like steem blockchain), rewarding system and new digital marketing with token powered. But all of these things not compare with Bitcoin. Because Bitcoin always protected its value and it taught people how to create own value with crypto and Blockchain.
Also Facebook will be great way to reach cryptocurrencies and Bitcoin easily. So Adaptation process will be progressing more fast with social media powered.
Finally the both has different ways, so Please Don't Compare Libra With Bitcoin!!