Cryptocurrencies are thriving to gain confidence among the conventional circles that still prefer fiat over digital currencies. The news of Facebook launching its own virtual currency raised havoc in the world and initiated an unending debate started among the analysts, government authorities and Facebook representatives. There are people who support it and who are totally against it while many are still confused about the real face of facebook’s Libra.
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It was around this time two years ago. I stood in the bus shelter, shivering from the cold Canadian winter. I smiled, staring at my phone, at my cryptocurrency portfolio. It was diverse, and it seemed like it was doubling every day. The growth was unbelievable. I dreamed of dropping out of school, pretty soon I would be a millionaire. I should probably see if any islands are for sale when I get home?
For a long time, I didn't hop on the opportunity to invest in digital currencies because I simply didn't understand it. Coincidentally, I recently received cryptocurrency called lumens or XLM for... doing nothing, really. All I did was download a secure Slack-esque app called Keybase, and one day I opened up my laptop to find that I had received money.
Money can now be used easily in the form of cryptocurrency, and it would not be an exaggeration if we say that the entire world is moving towards this concept.
Through Mark Zuckerberg's senate hearings about Facebook's privacy policies and data practices, and the recent announcement about the creation and release of Libra (a cryptocurrency that will allow Facebook users to perform financial transactions online), many people have many questions.
In June, following months of speculative rumors, Facebook officially announced the development of Calibra, a digital wallet slated for launch in 2020. Along with the announcement of Calibra, which will operate as a subsidiary of Facebook, the company also announced the development of Libra. Facebook describes this as “a new global currency powered by blockchain technology.” These announcements mark a huge development in the world of cryptocurrency, as Calibra could potentially function as the first digital wallet that can be accessed by potentially billions of people across the globe.
On its surface, Bitcoin is a coin that seemingly subverts traditional financial conglomerates and governments alike since anyone can open a wallet without identification. In reality, it is a pseudo-anonymous coin that leaves behind a public paper trail that anyone can see, and cannot be erased from the blockchain.
Cryptocurrency stands poised to take over the world, yet so few truly understand what it is and how it functions. With some experts claiming that crypto possesses the power to become bigger than the internet, it's time for everyone to pay serious attention. The future is here—and it's crypto.