Facebook has recently launched its digital currency-Libra. You will be shocked to know that just in a short duration since it’s launch Facebook’s Libra is declared as the “World’s greatest cryptocurrency.” It is also being said that one can easily earn about $2000 a day with the help of this immensely crazy crypto-trading method.
Bitcoin is no less popular. It has already garnered a lot of attention from people and they are taking an immense interest in investing in Bitcoin.
What is shocking is that there is already a group that is divided between the supporters of Bitcoin and Libra.
Well, if you ask me both Libra and Bitcoin are equal in the race. Far, from what the creators of the Facebook claim.
However, let’s have a look at both the information that we have about Bitcoin and Libra.
- Bitcoin is free and independent. The best part is that it offers all the independence to its clients and all the flexibility without any interference from the government as well as from any financial institutions.
- The same is not possible in the Libra method thanks to the stablecoin system that does not allow it to be unstable and volatile like Bitcoin.
- Bitcoin is decentralized whereas the same is not the case with the Libra method. So, it needs to be understood that by either way blockchain technology will continue to be ruled by the Libra method of Crypto-trading.
- It is not so easy to be on the node of the Libra method, just because you want to! It is quite a tough thing to do as only verified blockchain users that has funds of up to 10 mln can start investing in Libra crypto-trading. So, you may have understood by now that it is not everyone’s cup of tea.
- That said; let’s list down some of the pros and cons of Libra method app and Bitcoin that will help you get a clearer picture of both the crypto-trading systems.
Pros of Libra Method:-
- When you hear of Libra, the first thing that hits your mind is that it is Facebook-owned. Being owned by one of the biggest social media platforms in the world, it is backed by many giant companies. So, it removes the issue of its acceptance as it is accepted everywhere.
- The benefit of Libra crypto-trading is that anyone who has a Smartphone can easily use Libra.
- The best Part of Libra’s method is that it is stable due to being backed by some giant firms like Mastercard which helps Libra maintain a stable price which is not possible in case of Bitcoin or any other crypto-currency.
Let’s talk about the disadvantages!
- There is no privacy and no user identification or password is demanded to any of the users.
- It is not possible to make quick changes in the Libra method, thanks to a large number of shareholders. At least two-thirds of the shareholders should reach a mutual agreement to make any change in Libra.
Pros and cons of Bitcoin!
- The biggest pro of Bitcoin is that it’s the price is volatile and unstable. Bitcoin has one of the biggest crypto-trading markets which makes it so much popular. The surprising part is that despite is unstable nature it is still less uncomfortable as compared to other methods of crypto-trading.
- The best part is that despite its fickle nature people have a lot of confidence in Bitcoin.
- Last but not the least Bitcoin mining needs a lot of electricity which leads to wastage of natural resources.