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Facebook’s Coin: What Would It Be Used For

Facebook’s long talked cryptocurrency has finally been announced as libra coin (a better name could have been used though)

Our main concern at cryptofrica is what the Facebook libra coin would be useful for as there are over 2000 legitimate coins and many are doing the same thing/ are for the same usage at the moment and it is quite alarming, why are blockchain startups replicating the same projects with different coin names.

What Would The Facebook Coin Be Used For

There are speculations that the Facebook libra coin would be used for the following purposes

  1. Libra coin would be a stable coin paired to the us dollar, and used across the Facebook ecosysttem
  2. The libra coin would act as a payment tool across Facebook market place, shops on pages, Instagram, Facebook messenger and WhatsApp
  3. Facebook’s libra coin would be used to tip content creators, send money socially via messenger app and WhatsApp
  4. Facebook employees would be able to recieve their salaries as libra coin
  5. Libra coin would be purchasable across atms ( we cant say if this option would be available in Africa though as Facebook has alot of features limited to the western world)

According to TechCrunch, the Facebook linra coin would release its white paper on the 18th of June, 2019. We would keep you updated as we get more information