Facebook’s Libra Cryptocurrency Could Be Great, if Not for Facebook

evolution of that early goal, now with grander ambitions. Facebook wants to completely reshape how people make online payments. By detaching from currencies like the U.S. dollar, Libra could bring instant, low-cost digital payments and transfers to anyone with a phone.

On paper, this is the ubiquitous, global cryptocurrency that fans of the technology have dreamed of since the dawn of Bitcoin. Thanks to Facebook, the year of cryptocurrencies going mainstream may finally arrive.

But this is Facebook, so as you can imagine, there are some issues here.

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First: Why Libra matters

Bitcoin, cryptocurrency, and blockchain are now a part of the modern vocabulary, but they’ve really yet to demonstrate vast consumer appeal.

Few people are paying for their coffee with a Bitcoin-backed card or sending money to relatives on the blockchain, because it’s all too complex. to be more than 2.3 billion active users — so Libra is almost certainly set up for overnight success where every digital currency before it failed.

There are currently around blockchain wallet users worldwide — about 1% of Facebook’s total active user base, though presumably there’s some overlap. On day one, in 2020, Libra will be available in two of the most popular messaging apps, which are available on every smartphone: WhatsApp and Messenger. That’s far more potential users than have ever even heard of Bitcoin.

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There are two parts to all of this that are important to understand: First, the digital “currency” itself, Libra, and second, a separate product, which is the digital wallet that holds Libra for you, similar to a Venmo account or even an old-fashioned bank.

Libra is different from other cryptocurrencies in an essential way — the fact that it’s a cryptocurrency in the first place is shielded from the user. Sending or receiving Libra appears to be no more difficult than converting money from U.S. dollars to Euros, and the user doesn’t need to bother knowing about the inner workings of blockchain technology to actually use it. The currency is right there, in Messenger and WhatsApp, and you don’t need to worry about configuration, wallet storage, or anything else. Simplicity will be the appeal: You might want Libra — “Facebook Money” for all intents and purposes — when you travel abroad to buy from local vendors who could accept it on their smartphone, for example.

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On paper, this might all remind you of a service like Venmo — and in a way, it’s conceptually similar. The key difference is that Venmo was always intended for sending money to friends in the U.S., while Libra will be. The goal is for it to be used for paying your bills, Spotify subscription, or even physical goods in stores — you won’t need to withdraw it to your bank account.

It’s different than other “traditional” cryptocurrencies. Bitcoin, Ethereum, Ripple, and a plethora of other digital currencies failed to gain mass appeal because their creators focused on technical details rather than marketing an idea to consumers. No one cares about terms like “fiat-backed,” “contracts,” or “forking” — ubiquitous on the websites of most any blockchain product.

And unlike Bitcoin, funds in Libra are invisibly backed by real-world assets that the company uses to secure its value. That essentially means that for every dollar you put into Libra, the association will “buy” an equivalently-valued asset — a currency or government-issued bond — and then hold that real money in the

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Though you may be unaware, Facebook has been working toward this project for a long time. Earlier attempts at creating a new financial infrastructure, like Facebook Credits, focused on monetizing apps and services that were built on the Facebook platform. At the time, you could buy Facebook Credits, which would then allow you to make purchases in games like FarmVille, for example. Think of it like an in-app currency for the social network and its various appendages — more like gold in Candy Crush than actual money. Ultimately, it failed, in part because there wasn’t a broader use case.

But the idea maintains an appeal. Getting developers to use a Facebook “currency” would grant the company access to the valuable credit card details of millions of users buying virtual products — as well as a valuable cut of the transactions made using its tools.

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