Facebook is famous for bringing people together in the virtual world. It’s one of those social media platforms where people virtually share everything daily. However, the tech company gave shocked everyone when it decided to launch Libra a cryptocurrency. Now many people are against it, and they think it’s not going to be successful since it has no value. But one big question which arises in between arguments is why so many people hate Facebook’s cryptocurrency Libra?.
There are tons of cryptocurrencies in the market, and the only reason why they are volatile is that there’s no substance to them. Bitcoin is not secured with any underlying asset or property, which is the primary reason why it went down from $20000 to $6000 just within a few months of panic.
Recently president trump said that Facebook’s launch of Libra, which is another cryptocurrency is not safe. Since these types of things can be used by criminal organizations where they don’t have top type improper authentic documents for verification. However, Facebook said they would regulate Libra and will maintain a safe digital currency transfer platform.
Highly Doubtful Intentions
Facebook is trying to open doors of more revenue sources. Company’s primary and the majority of the origin of income is an advertisement. Tech company wants to be a bridge between the crypto currency platform and traditional way of finance by giving them “Libra” as a tool to do transactions. Still, because of privacy and other security reasons, people are sceptical about the usability of this crypto coin.
Facebook said there would be an authority which is going to manage operations of Libra, and now questions arise on the authenticity of this authority. Facebook who went through lots of scandals like Cambridge Analysts data whether the company was found to be guilty of not providing enough security to the privacy of its users.