What you need to know about Libra

Libra. It’s a word most of us know, and it’s a word most often associated with astrological signs. Facebook is hoping to change that. When people think of currency, Facebook wants them to recall Libra and vice versa.

Technically, Libra is a cryptocurrency, which is a form of currency you can access through your phone. While Libra is called a “cryptocurrency”, its platform has been built to perform as an answer to PayPal and Venmo. The difference? You can cash out Libra at a participating brick-and-mortar store or physical location.

Facebook describes Libra as, “A simple global currency and financial infrastructure that empowers billions of people.” While Libra has been a known entity for some time, Facebook is now releasing more detailed information on its product offerings, Libra and Calibra.

As early as next year, Facebook users and non-users will be able to access Libra and Calibra. How? For users of Facebook Messenger or WhatsApp, you can access it within the apps. If you aren’t a user, you can use the standalone Libra and Calibra apps. However, for Facebook users, Libra will be connected to their account. Don’t want information on what you purchase linked to your Facebook account? They’ve already thought of a workaround; enter Calibra. What is Calibra? It is a “digital wallet” that keeps all of your financial information private.

 

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