This is an era of digitalization. We have gone digital with the technology of video chats, Facebook lives and Skype lives. You will be amazed to know that in the race of being digital, even currency is not far behind.
Yes, you heard it right! Now you have to no more store government backed paper currency in your wallet as you can store it right in your phone. There are so many digital currencies that are launched like Altcoin, Litcoin, Ripple, Libra and Bitcoin among others.
However, Libra is one of the most well-known and renowned currency among people as it is launched by one of the most famous social networking site Facebook. People are very excited about this crypto-currency.
Same thing can be said for Bitcoin which was launched a decade ago and is equally famous and it will not be wrong to say that it may take over government backed paper currency in next few years. There is also this advantage with Libra that is backed by some giant firms like VISA, MasterCard, PayPal, Uber, etc. and their motive is to rebuild financial infrastructure globally.
So, in this article I will discuss about one of the most common questions of people that is Libra ahead of Bitcoin? Let’s find out:
A look at advantages and disadvantages of Libra
One of the biggest advantages of Libra is that it is backed by large firms like VISA, MasterCard, PayPal and Uber among others. So, you don’t have to work about the fact that will Libra be accepted? It is already backed by so many payment platforms. You just need to have a Smartphone and internet connection and you can get access to Libra anywhere and can use it anywhere.
Apart from that another advantage of Libra is it’s stability which is not possible in case of other crypto-currencies. Thanks to the reserve created by the supporting firms. It helps Libra to maintain a stable price.
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Now, let’s have a look at some of the disadvantages of Libra. Because Libra is supported by so many firms and they have shares in Libra, so in order to make any change is Libra atleast two third of the members must reach to a common agreement, which is quite a difficult thing to do.
Another disadvantage is privacy and anonymity, as for the use of cryptocurrency no user identification is requested, however, the same does not happen with the digital wallet.
A look at the advantages and disadvantages of Bitcoin
One of the biggest advantage of Bitcoin is that it’s value is highly unstable and volatile by nature, but still it has the biggest market for investment and people feel less uncomfortable about investing in it as compared to other crypto-currencies. It is a disadvantage because due to its high popularity, the number of transactions has hiked and this has created high traffic in the network.
Another advantage is due to the people’s belief in Bitcoin, it provides security. Another disadvantage is due to limitations since transactions are grouped into blocks that operate every 10 minutes, while other cryptocurrencies are faster.
Apart from that Bitcoin wastes a lot of electricity in mining, which leads to serious environmental problems.
So, you can see that Both Libra and Bitcoin has it’s own set of advantages and disadvantages. Having said this you can now decide for yourself and it is totally upon you that how do you take both Libra and Bitcoin? Whether Libra can beat Bitcoin?