Hello Steemians,
I read a very good article today, here on Steemit, written by @edicted about Facebook’s Libra Coin.
In it he went over the details of what makes a decentralized cryptocurrency a decentralized currency and why are those characteristics so important, and he also describes the characteristics of Libra coin and why it’s more of a centralized private blockchain. It gives a clear detailed perspective on what makes Libra different from Bitcoin and why it may be good for Steem. The article describes why Libra is almost the opposite of Bitcoin in some very important ways and how it is also very different from the current centralized banking system, along with the reasons it is a bigger threat to the centralized banking system then it is to cryptocurrency. Which includes beliefs that the backers of Libra will succeed in promoting laws world wide which are favorable to cryptocurrency. This combined with the advantages of cryptocurrency not being subject to regulation and the need to adjust to the financial and regulatory rules of every country it is in, gives it advantages over the current central banking entities. Libra will make transferring wealth and financial transactions cheaper, faster and more autonomous then any central bank. That’s what cryptocurrencies are good at, in general. Plus the backers of Libra have invested 10 million dollars USD to be involved, 100 of them. I have no doubt they will flex their considerable political strength to make sure all future crypto regulation is favorable to their cryptocurrency.
Please check out this post:https://steemit.com/libra/@edicted/libra-is-not-facebook
