Libra, Facebook’s new cryptocurrency, has the potential to upend the global financial system. But can it really kill Bitcoin?
Bitcoin, the first and most well-known cryptocurrency, was created in 2009 with the goal of becoming a global, decentralized currency. And it has largely succeeded in this aim, with people all over the world using it to buy goods and services or simply to speculate on its price.
But Bitcoin has also had its share of problems, from scalability issues to concerns about its energy consumption.
NOTE: Warning: There is currently no evidence to suggest that ‘Will Libra Kill Bitcoin?’ is a legitimate threat. This appears to be a false rumor, and should not be taken as fact. Investing in any cryptocurrency carries risk, and it is important to research all investments thoroughly before making decisions.
Enter Libra, Facebook’s new cryptocurrency. Libra is designed to be a more efficient and user-friendly version of Bitcoin, and it has the backing of some of the biggest names in the tech and finance industries.
Libra could potentially make cryptocurrencies mainstream, which would be huge for Bitcoin. But it could also spell trouble for Bitcoin, if Libra starts to eat into its market share.
So far, there’s no clear answer as to whether Libra will kill Bitcoin. But one thing is certain: Libra is a major threat to Bitcoin’s dominance of the cryptocurrency market.
Only time will tell how this all plays out.
10 Related Question Answers Found
Yes, casinos take Bitcoin.Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
When Satoshi Nakamoto created Bitcoin, he (or she, or they) included a little-known feature in the code: the ability to destroy Bitcoin. This so-called “time bomb” was designed to create an incentive for people to move from Bitcoin to a new version of the software, called Bitcoin Cash, which Nakamoto also created. The time bomb works like this: every 210,000 blocks, or roughly every four years, the number of bitcoins awarded to miners for each new block they create is cut in half.
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