How to Buy Libra Coin? Avoid Getting Fooled by Scams!

how to buy libra coin

So, in June 2019, Facebook announced the release of its cryptocurrency, called Libra. Since then, search engines have flooded with the query ‘how to buy Libra coin’.

Please note that this announcement came at a time when pretty much every major organization is trying to utilize different blockchain use cases, and some have even rolled out their native coins. Therefore, from the time of Libra’s announcement,

But, before we start exploring that, it is important to understand the project first and see how it offers a unique solution.

What is Libra?

Image result for libra coin

Well, there is a completely new blockchain running at its core. But, in this article, we will talk about the cryptocurrency only – Libra!

To begin with, Facebook is creating a digital asset to get rid of centralization and allow the general public to make use of this coin. Here, it is important to notice that the aim is not to thwart every existing fiat and introduce an utterly isolated solution. In fact, they plan to make the current currencies and fintech systems more connectable’ with Libra.

Moreover, since a major purpose of creating Libra is to allow ordinary customers to make online transactions easily, Facebook has laid keen emphasis to ensure that the value is ‘somewhat’ maintained (we will learn about it towards the end).

How Do They Facilitate Efficient Transactions?

Firstly, we have to understand that offering efficiency is an inherent property of blockchain technology. Therefore, all cryptocurrencies are several times more efficient than fiat.

Let’s explore a use case to understand it better.

Suppose you are a digital marketer. How would you run a marketing campaign on Facebook? Well, to start with, you would have to wake up in the morning, visit a bank and get your account opened. Once you receive all the account documents, you would have to visit the bank again and demand a credit card, for which they will charge you an annual fee and will take a couple more days before sending another courier. Once all of these procedures are done, only then you will be able to run an advertisement on Facebook.

So, on one hand, we have this tiring and highly inefficient procedure while at the other, we have Libra. With its sheer help, you just have to open a Facebook account, buy Libra coins and start spending on running your marketing campaign without wasting even a single day!

Moreover, since Libra is a cryptocurrency, the operational cost will be next to nothing and even the transaction cost will be fractional from what you are currently paying.

The Libra Association

Since Facebook is introducing a payment solution, it has also established a decentralized organization (headquartered in Switzerland) to govern the payment processes on the network. Please note that Facebook plans to nest at least 100 members in this organization by 2020 and they have already made significant progress by onboarding Visa, Paypal, Uber, Mastercard, and several other reputable companies.

Buying Libra

Well, now that you have understood the basics of Libra, let’s just answer the most trending google search (i.e. how to buy Libra coin). However, it is important to note that as of today, Libra is not publicly available for purchase as the first version of the project will be introduced in 2020. Therefore, this section of the article deals with some of the obvious platforms that will (most probably) list Libra as soon as it becomes available.

Calibra.com

So, this is the official wallet for storing your Libra coins and therefore, the feasibility and cross-platform compatibility is quite commendable. Once the coins are available, you will be able to buy and store them on Calibra.

Secondly, it is also worth noticing that Calibra will be integrated on all of the platforms owned by Facebook, including Messenger and WhatsApp. Therefore, you would be able to send the money in a few clicks!

If, for instance, you are talking to a client on Messenger and you both decide a budget mutually, there won’t be any need to go for 3rd party solutions as Calibra will be integrated within the regular Messenger app, thus making the whole experience seem like a breeze!

Some Anticipations…Where to buy Libra Coin

Oh, wait! That’s not the name of a fancy exchange!

We just want to reemphasize here that the cryptocurrency is not yet released and the actual platforms that start listing it as one of the assets are still unknown and for confirmation, we have to wait until 2020.

However, since Libra won’t be an ordinary coin and there is already a great hype in the industry, I think that Facebook itself and the following exchanges will list the coin on their platforms without any delay:

  1. Coinbase
  2. Bybit
  3. Binance
  4. eToro
  5. Kraken
  6. Bittrex
  7. Bitstamp

Here, it is worth mentioning that Binance is reportedly in talks with respect to Libra listing. However, they have not yet made any official statement as to when it might happen. But, it should be noted that Binance’s CEO said that they neither like or dislike any coin and the only listing criteria at their platform is the liquidity of an asset. Fortunately, Libra is expected to have significant liquidity and the demand is also expected to surge as soon as it is launched.

Moreover, we also expect that ByBit would be among the pioneers for listing Libra and the reasons are pretty much the same as mentioned above for Binance.

The Pros of Libra

Pros of Libra coin

See, before we move on, it is important for you to understand that Libra will be released as a stable coin. Therefore, its value is not expected to show extreme volatility and it will only fluctuate in a very narrow range.

No Geographical Boundaries

It is worth noticing that in today’s economy, the mightiest currency is the one with the ability to go beyond borders. Unfortunately, due to some understandable reasons, none of the fiats has that kind of ability.

So, this is where Libra comes into play. Even if you look at their official website, it’s pretty evident that Libra is marketing itself as the currency for unbanked people as it has the potential to be used in any part of the World.

Scalable

See, Libra is not just supposed to act as a payment method for Facebook or a handful of other social media giants. In fact, they plan to incorporate plenty of services and products, connected with Libra, so you could use the digital coin in your daily lives as well.

Secure

So, it is worth noticing that Libra is not built on an existing protocol. It implies that firstly, Facebook spent a significant amount of time creating their own blockchain, primarily to elevate the security standards and then they built the digital coin on top of it.

Apart from being highly secure, the Libra blockchain also improves the following aspects:

  1. Flexibility – implying that the entire ecosystem can power their fin-tech use cases for now and can evolve in the future to serve many more scenarios as well
  2. Scalability – (already discussed above)

Stable

Basically, Libra is pegged to the government-issued fiat (e.g. USD). It does not only increase the trust factor among the general public but also acts as a vital tool to curb volatility.

For instance, when you convert Libra coin to your native currency (other than the one to which it’s pegged), the value might always be different due to rate conversions. However, since it happens to be a stable coin, it is always going to be equivalent to, let’s say, 1 USD.

Here, it is very important to notice that since Libra is against centralization and it’s one of the things they are trying to address, the digital asset will not be pegged to a single fiat currency. In fact, Libra’s price will depend on the net reserves of the underlying currencies it’s linked with.

Mobile

This is where Libra takes a par from most of its competitors. See, while a huge number of ventures are quite restricted in terms of supported smartphones, Libra has removed this threshold. So, the basic requirement is to have any smartphone and data connectivity.

Fast

Once again, it happens to be an inherent property of blockchain, but Libra has improvised its efficiency as well. They have the sheer ability to facilitate hundreds and thousands of transactions per second. That’s exactly what we need.

Conclusion

So, it is pretty evident that Libra is certainly going to be the digital currency of the future and if you are also curious as to how to buy Libra coin, then you must keep one thing is in mind. Unlike most of the mainstream cryptos, this one is pegged to the government-issued fiat as well. Therefore, it is highly improbable that you would be able to earn by taking advantage of sudden and unexplained market fluctuations.

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