Recently, Facebook announced the introduction of the 'Libra', a new crypto-currency that is intended to make e-commerce more simple. This is not the first time that a currency has been developed with third-world nations in mind as powerful companies and organisations race to capture such an immensely untapped technology market that will be online within merely a few decades. Such an example is the partnership between the Bill and Melinda Gates foundation and Ripple (XRP) to bring populations online, who do not have access to modern banking.
However, never before has a crypto-currency been independently promoted by a more influential party as Facebook. This will bring the concept and idea of crypto-currency to the entire world as more than half of the global population that have access to the internet, also have Facebook accounts. Adoption of decentralisation has never been, and will never be stronger than right now.
Despite this, many incredibly large parties have endorsed, used, and supported countless crypto-currencies in the past and the question everyone is asking is, "How this will affect Bitcoin or the rest of the Crypto-currency market?"
The very existence of the Libra should make the world wonder why Facebook felt the need for a new currency. Is the US Dollar not good enough for Facebook? The relationship between the strength of crypto-currencies is strongly affected by the failures of government-backed currencies and the announcement of the Libra has already stirred collective government voices of disapproval. The ground beneath Fiat currency is feeling earthquake tremors.
Simply put, the addition of Facebook's 'Libra' crypto-currency will only bring more attention, confidence, and trust to the decentralised asset movement.
I agree with you. The problem with the Libra is that it's NOT decentralized. It's owned by Zuck and subject to his political whims and ambitions. I agree that the Libra will bring awareness to crypto and that's a great thing for Bitcoin. Also, the Libra will draw some regulator attention away from Bitcoin. The only thing central banks are scared of more than bitcoin, is a crypto like Libra that has centralized control that can be wielded with power utilizing their influence in the social media space.
Net:Net - good for bitcoin for awareness and a distraction for regulators. Once the masses realize the use cases of crypto (which the Libra will help do), then we only need to teach them one more thing - the benefits of actual decentralization and freedom all political powers (which the Libra doesn't have). THEN the masses will fully appreciate, and begin to use, the almighty Bitcoin.
Net:Net - good for bitcoin for awareness and a distraction for regulators. Once the masses realize the use cases of crypto (which the Libra will help do), then we only need to teach them one more thing - the benefits of actual decentralization and freedom all political powers (which the Libra doesn't have). THEN the masses will fully appreciate, and begin to use, the almighty Bitcoin.