Libra versus Bitcoin: advantages and disadvantages 

  • 3 months   ago

The world is going completely digital. People have become completely tech-savvy and are using technology to the fullest to make their life easy. So, why not even make Money digital that is not backed by any powerful third party.

Such a currency that we can have full control over? Well, worry not as now there is already such currency that has taken the world by storm. Most famous of them all- Libra and Bitcoin. Both these digital currencies are giving very strong competition with each other. 

Libra you may have known by now is launched by one of the biggest social media platform-Facebook. Created on the technology of Blockchain, Libra is backed by several giant firms like visa, MasterCard, Uber, PayPal and many more. So, now it can be said that Facebook has created it’s very first digital currency that can help people pay for their services.

Facebook just did not stop here; In fact, it has created the wallet for storing Libra currency-Calibra. You can easily store Bitcoins in it and do all the transactions peacefully.

The best part is that you can now easily pay through WhatsApp, messenger, and Facebook. It easily supports both ios and android. This Calibra wallet is connected to people all over the world which will allow easy transactions of money.

Having said that, ever since Facebook has announced the launch of Libra, since then one of the oldest cryptocurrencies, a favorite of many people- Bitcoin is under the radar. It is being compared with Libra. People are divided into two groups in the heated debate that who is better-Libra or Bitcoin?

So, to clear your confusion, I have listed down some of the advantages and disadvantages of Libra and Bitcoin, for you to decide by yourself.


Pros and cons of Bitcoin


The biggest benefit of Bitcoin is people’s confidence in it. Bitcoin is highly volatile and unstable. The price of Bitcoin keeps fluctuating. Though it is said to be uncomfortable due to its volatile nature still people have a kind of trust and confidence in Bitcoin and that is the reason, they invest in it.

One disadvantage is it’s limitations since transactions are grouped into blocks that operate every 10 minutes, while other cryptocurrencies are faster. 

Another big disadvantage of Bitcoin is that mining procedure requires a lot of electricity, which can lead to the destruction of resources and harming the environment.

Pros and cons of Libra

One of the greatest pros of Libra is that it has huge support from giant companies like MasterCard, PayPal, visa and many more. So, you can understand that it is not a big issue like where to use it! There are many options around.

Another pro is that anybody who has a Smartphone and has access to data can easily use Libra. 

The best part is that Libra has got stability, which is not possible in case of Bitcoin. The reason is that Libra is backed by large firms that are providing security to the value of crypto-currency and thus it is more stable. 

One con is that as many giant firms are backing up Libra, so to make any change in Libra at least two-thirds of the members must reach an agreement then only a change can be made. 

Another con is privacy and anonymity, as for the use of cryptocurrency no user identification is requested, however, the same does not happen with the digital wallet. 

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