Episode 6: What’s Up With Facebook’s Libra Coin?

Hey guys.

Jason King here from Kingsland University School of Blockchain. KingslandUniversity.com.

And I’m counting down the top 100 questions about blockchain technology that have been asked to us.
Today’s question is very relevant because it’s fairly new. What’s up with Facebook’s Libra coin? It’s a really great question and it’s kind of huge news for the cryptocurrency and blockchain space as a whole. Facebook has announced that they’re launching, later this month, what’s called a stable coin. Which is a blockchain-based cryptocurrency that’s pegged at a specific price. Currently Facebook being a little cagey about what it’s going to be pegged to, if it’s going to be pegged to the U.S. dollar. I think that they’re saying it’s gonna be pegged to a basket of different federal currencies from all around the world. But what’s really amazing about this is for the first time, probably billions of people are going to start using cryptocurrency every day. So, if you think about all of the money that Facebook gets from advertising and payments and things like that. They’re probably going to start leaning pretty heavily on their own currency to be used. So, that’s going to be onboarding ramp for probably a billion plus people, which is wonderful. It’s also going to allow for developers and merchants to do a lot of interesting stuff with their payments that they weren’t able to do before with things like Visa and Mastercard. It’s going to allow for things like micro payments. Just small transactions that don’t work very well on a credit card or through paypal. 

You can literally pay someone like a micro-cent like a half of a cent for something. Which is something that you can’t really do with a credit card when you’re paying, you know, 3.4% plus 50 cents per transaction. So, I’m really excited for it. Yeah, Facebook is kind of this big behemoth. But anyone that’s driving that much traffic into the blockchain world, gotta love it.

I’m Jason King from KingslandUniversity.com.

Thanks.

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