BTC & LIBRA, Very Different !! Bitcoin is digital gold & store of value, Facebook’s Libra is just digital dollar & not decentralized

Bitcoin vs Libra: Here are the key differences between the two cryptocurrencies

After Facebook introduced Libra that is a mimic of Crypto asset and a digital version of USD, a lot of people are actually taking BTC and traditional crypto’s side. Many have come out saying BTC is decentralized and uncontrollable and not governed by an entity. Things the crypto community have been saying the whole time. Now Lybra is becoming the bad guy.

Social media giant Facebook unveiled plans for a new cryptocurrency called Libra, backed by a host of companies including Visa and PayPal, that would function as a digital payment on its platform. Other project partners include eBay, Uber and Spotify, indicating that Libra may eventually be accepted as payment on their platforms as well.

“Cryptocurrencies are defined by their lack of reliance on trusted intermediaries,” Peter Van Valkenburgh, director of research at the cryptocurrency policy think-tank Coin Center, said in a recent blog post.

“We believe that Libra is not a cryptocurrency because of its use of a permissioned ledger and its reliance on a trusted issuer to hold and manage a fund of assets that back the currency.”

“This is really the main difference: what Libra is doing is creating a digital version of the U.S. dollar, yen, euro. It’s like a stablecoin, but you still have all the characteristics of a fiat currency, ” Kelly said Tuesday on “Fast Money.” “Bitcoin is … digital gold. And, in my opinion, it’s probably a lot better than gold, but there is no trusted third party involved, and that’s the huge difference.”

Facebook shares fell by less than 1% by the end of Wednesday’s trading session amid some political pushback, but are still up more than 3% this week. Bitcoin prices rose by nearly 2% by the end of the day’s trading session and are up 140% for the year to date.

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Mohsen Daemi
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