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CNBC runs through the key differences between the two.
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A visual representation of a cryptocurrency coin on display in front of the logos for Facebook and Libra. Chesnot Getty Images Facebook has made headlines of late with its plans to create a cryptocurrency. The social media company has been forced to defend the project on Capitol Hill, amid regulatory concerns around data privacy and earnings on the Internet without investments libra option illegal usage, while the G-7 has warned it poses "serious" legal risks.
It's an experiment in monetary systems for the digital age, and has inevitably been compared to popular cryptocurrencies like bitcoin. However, many experts question whether Libra can even be called a cryptocurrency. Other than the fact that they both come with a white paper and are referred to as cryptocurrencies, Libra and bitcoin are actually very different.
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Here's a rundown of the key differences between the two. Different technology One of the biggest differences lies in the underlying technology behind both currencies. With bitcoin, transactions are recorded anonymously on a public ledger known as the blockchain. It's essentially a database maintained by a network of computers, on which transactions are secured in such a way that makes it virtually impossible to tamper with.
But unlike bitcoin, Libra's blockchain is permissioned — at least for now — meaning that transactions can only be added to it by a group of trusted parties. That's where the Libra Association, a Switzerland-based consortium of companies including Visa and Ubercomes in. Morgan Chairman Jacob Frenkel as an advisor.
It's different to bitcoin's network, which can be accessed and maintained by anyone with decent enough hardware and access to the internet. It's commonly used today as a form of investment, with the term "HODL" being a common slang phrase in the industry to describe buying and staying invested in the cryptocurrency for the long term.
It's frequently been referred to as " digital gold.
The currency is tied to a basket of government-backed currencies and other assets, to avoid the volatile swings often seen in cryptocurrencies like bitcoin and ether. Referred to by many in the industry as a "stablecoin," Libra is aimed at maintaining a stable value.
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David Marcus, the Facebook executive leading the blockchain initiative, has previously said it will work "more like a traditional currency" than a cryptocurrency. Libra is permissioned, more centralized, governed by supply and demand and pegged to fiat currencies.
This white paper, originally published by the Libra Association in June and then re-issued as a stand-alone update in Aprilreplaces previous versions published by the Association. Supporting technical papers published by the Libra Association in Junehave either been edited or retired.
Bitcoin on the other hand has a fixed supply. The total number of bitcoins that will ever be minted is "hard-capped" at 21 million.
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But some worry the company's blockchain project could be lumped in with other digital assets by regulators. That would be problematic given the difference between Libra and a digital currency like bitcoin.
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Whereas bitcoin rules out the need for financial intermediaries, Libra's model is reliant on the entities which form the Libra Association, Coin Center's Van Valkenburgh said.
The Libra Association currently consists of 28 founding members, according to the Libra white paper, and is hoping to reach members by the time the currency launches.
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The token is slated for launch in the first half of Though bitcoin's network involves so-called "miners" who record transactions, it wouldn't make sense to regulated them as they aren't trusted custodians of user funds, Van Valkenburgh said. Cryptocurrency exchanges and wallets on the other hand do require regulatory oversight, he added.
Michael Pettis Facebook seems to think its new digital currency Libra will be used mainly for purchasing goods and services and for current account transactions. But it will probably be used mainly for capital account transactions. Do we really want to eliminate frictional costs on the capital account? June 27, Comments 23 People typically think of money as something that exists mainly to facilitate the buying and selling of goods and services, or current account transactions. But in fact, one of the major uses, if not the major one, is to facilitate debt, investment, and other capital flows, including across national boundaries.
Facebook's Marcus was grilled on whether Libra could be considered a financial security, which he said could not be the case. But Marcus said it could possibly be considered a commodity.
Cryptocurrencies are "replacements for sovereign currencies" like the dollar and the euro, he said. Regardless, if Facebook and its partners do manage to overcome the regulatory hurdles that have accompanied Libra, the currency "will undoubtedly have an enormous impact on the global economy — possibly eclipsing that of bitcoin," CryptoCompare's Hayter said.
For Andy Bryant, chief operating officer of cryptocurrency exchange bitFlyer's European business, Libra could start to convince people there are "other ways" of storing value than using fiat currencies like the U. Related Tags.