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Kate

Could Libra be a competition to bitcoin ?

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Libra is close to being released by closer i mean like around 8 months with all the technical things and all and it had become a huge hit amongst crypto enthusiasts and a lot of people have known about it. And the word thing is a friend of mine asked ne about Libra coin and i said yeah i know it and when i asked him about bitcoin he was like what is that ?

And it struck to me could Libra actually like kill bitcoin because a person (the friend) who knows nothing about crypto knows about Libra and not bitcoin and i was thinking will Libra be a good competitor to bitcoin when it is released or nah ?

What are your guys thoughts ? Share them !

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I don't see cryptos as competing against each other. For example, I don't see see USD and GBP competing. Some people own one or the other becasue of where they live, as an investment etc. I think the same applies to crypto.

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Centralized shitcoins cannot be compared to decentralized ones. Libra is backed by the mainstream conglomerates of the world and soon their users will become crazy about it forgetting that they are giving away their own privacy in the name of coins which are ultimately worthless.

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38 minutes ago, UltraChief said:

Centralized shitcoins cannot be compared to decentralized ones. Libra is backed by the mainstream conglomerates of the world and soon their users will become crazy about it forgetting that they are giving away their own privacy in the name of coins which are ultimately worthless.

Yeah true but look it at this way they are saying that many major companies will accept them as a form of payment on their site so that tips it on the side on Libra by a little. 

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3 minutes ago, Kate said:

Yeah true but look it at this way they are saying that many major companies will accept them as a form of payment on their site so that tips it on the side on Libra by a little. 

I have heard the same old story for every other shitcoin out there. End of the day all are the same. Everyone is ready to suck the money of investors. Paying off your own privacy is thing that people dont care about today or are least interested in.

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Well , i'm not sure that libra can compete with Bitcoin , they're not playing in the same category , libra is centralized and BTC is decentralized added to that crypto community want to keep their privacy , they don't trust much Facebook. However , Libra has many chances to become mainstream , so to create a huge exchange volume ....

Edited by MrNice23

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To compete with Bitcoin is hardly. I think this is not the coin that can compete with Bitcoin. Bitcoin is too strong and is not going to give up their positions. It seems to me that they themselves spread these rumors.

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Well Doug Polk just made a video about a comparison on both currencies:

Just check it out and let me know what you think ;)

He basically said the same things i said some days ago here on the Forum.

Edited by DreamStage

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The presence of "Libra" Cryptocurrency is a new competitor for Bitcoin. Libra money from Facebook will be stored in a "Calibra" Virtual wallet and can be used for transactions between fellow users, shopping online and offline.
Unlike other crypto currencies, for Libra the value is pegged to a number of real assets. In contrast to Bitcoin and other cryptocurrency whose values fluctuate because there is no guarantee.

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Libra can never have anything on bitcoin. Libra will definitely be the opposite of bitcoin because of its creator and owner doesn't have any respect for privacy. He loves when he intrudes into people's privacy and uses the information he gets for his own benefits and monetary gain. 

Libra will be able to traced and tracked and it will be able to be controlled and all these is against the dream of Satoshi. It is the exact opposite of the dream of satoshi, so why would people want to accept that type of coin? And it will now make people use it than bitcoin?

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It all depends if Libra will be seen as a crypto and for example added to coinmarketcap...

If so, it will automatically 'compete' and will be top 10 for sure. If it's seen as some sort of PayPal money, then probably not

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In my opinion, it is not a good idea to compare them. Bitcoin is the highest-priced currency and is the big father of cryptocurrencies. It is impossible for Libera to be a rival to Bitcoin, especially since more expensive currencies like Ethereum cannot compete with Bitcoin. We see that all currencies are affected by the bitcoin price and thus will remain a separate currency and will not Be a competition

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Posted (edited)

It is impossible to be a competitor because the price difference between the two currencies is very large and Bitcoin is the cryptocurrency that controls the prices of all currencies, so the comparison between them is not fair.

Edited by Tom moli

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I pretty much think so when you look at the way it has been presented then you realize it has come a long way so its important we are able to really understand what is happening, and there are so many who have realized that Libra, that is backed by face book , could be a hit and are working so hard to distance themselves, and am sure this would work well if it is released.

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very possible because everyone knows if mark the owner of facebook has a user that is half the users in the world, he is the highest leader among any president, so this is frightened and maybe bitcoin can be defeated by popularity but not for the price

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I believe that bitcoin will continue to appreciate, mainly due to the pandemic. Digital currencies are on the rise.

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