Five Facts on the Growth of Digital Currency

Five Facts on the Growth of Digital Currency



this past week Facebook announced it would launch a new digital currency called Libre this form of payment will differ from other digital currencies because it will be backed by government monies and securities Facebook is banking on a sizable portion of its 2.4 billion users signing up as well as a larger portion of the 1.7 billion people across the globe who do not keep money in traditional banks here are 5 facts about Libre and the Greater digital currency landscape dead digital currencies are not legal tender they are not controlled by a central bank and do not exist in physical form rather they are decentralized digital cash systems digital currencies exist in a virtual wallet they were designed to have minimal processing fees and can be transferred via computers smartphones and the Internet as of the last quarter of 2018 there were 32 million blockchain wallets today the most popular digital currencies worldwide include Bitcoin ether 'm and Ripple bitcoin is considered the de facto digital currency and has a market capitalization of roughly 45 billion dollars and approximately 32 million users ether 'm is the second biggest cryptocurrency after bitcoin and has a market capitalization of roughly eighteen billion dollars ripple launched in 2012 has a market capitalization of roughly six billion dollars while cryptocurrencies have become increasingly ubiquitous they have not been uniformly regulated across the world Libra Facebook's new global digital currency differs from Bitcoin in a few key ways Libra is being backed by some of the world's largest corporations including MasterCard uber Visa and PayPal Bitcoin is not officially supported by any these mainstream institutions while there are still hefty fees to trade in Bitcoin Libre is designed to have a low transaction fees and while Libra is backed by a number of currencies and low-risk securities bitcoin is not Facebook is far from the only corporation that is ruled out or is planning to roll out digital currencies in February 20 1980 Morgan announced the JPM coin which is the first cryptocurrency created by a US bank airasia a low-cost carrier based out of Malaysia has launched a cryptocurrency based rewards program and Mitsubishi Japan's biggest bank is launching a blockchain based payment system in 2020

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