Cryptocurrency News Today – Today on our cryptocurrency latest update, we will consider how Bitcoin has been in the limelight for a while now competing strongly against Ethereum, Litecoin, and Ripple’s XRP. With the news of the newly launched Facebook Libra cryptocurrency, many people are seeing Bitcoin in another light. How will Libra affect Bitcoin, XRP and Ethereum.
Cryptocurrency News Update – Facebook’s Libra gains Massive Recognition a Month After White Paper Launch, Litecoin and Ripple’s XRP
The price of bitcoin has been on the rise over the months because of the speculations of the Facebook introduction of libra cryptocurrency. This is minus the few times that it entered a downtrend. The currency is a project of the Libra Association which Facebook co-founded. The association is meant to serve as a monetary authority for cryptocurrency. The Libra currency plan, which was at top gear, has been reversed back by the global cryptocurrency regulators who are to meet and discuss their concerns about the cryptocurrency.
Despite the wavering trust in the launching company -Facebook, due to the Cambridge Analytica scandal in March 2018, where Over 50 million Facebook users had their private data compromised, the data was said to have been used to influence elections around the world. The company still kept to their plans. It was amidst this scandal that the plans for Libra currency started.
Bitcoin (BTC) Price Today – BTC / USD
The US President Donald Trump may have given the cryptocurrency the publicity it needs in his tweet which kicked against the currency. He said it will have “little standing or dependability.”
The interest of the people has since been piqued, more people are getting familiar with Libra than Ethereum, Litecoin and Ripple’s XRP.
Recent research carried out by U.S. brokerage eToro found out that Bitcoin is the largest cryptocurrency since its release in January 2009 has 58% of recognition by the U.S. adults. Ethereum, the second-largest cryptocurrency has gained 12% recognition since inception. While Facebook libra has 16% of recognition in just a month of launching. Litecoin and Ripple’s XRP can be said to still be living in the shadows of the bigger currencies, as they are still less known by the public.
In a recent interview by the US managing director of eToro, Guy Hirsch, he said, “We believe that crypto and the blockchain technology that underpins it will be essential to tomorrow’s economy. By introducing the concept to a new audience, libra could play a vital role in the evolution of decentralized and more democratized finance.”
Bitcoin News Today – Cryptocurrency News Today – Facebook’s Libra – Wavering Trust In Facebook’s Libra
In a recent survey seeking people’s opinion about the newly launched Facebook Libr. It is safe to say many people are not willing to trust Facebook to handle such vital information and payment, many cited the data-sharing scandal as a reason for this opinion. 17% of the respondents are willing to trust Facebook enough with their money, while over 54% are not ready to take such risks yet.
This has not in any way hindered Facebook libra from making wave to the public, the mission of the Libra is to reinvent money and transform the global economy so people around the world can live a better life.
Do you think Libra can displace Ethereum, Litecoin and XRP? Share your thoughts in the comment section below.