Facebook’s Libra V Bitcoin – Which one is the future of Internet?
What’s the future of Blockchain technology? Throughout history, humans were building trust in business transactions with different options. We have invented contracts, agreements, the judicial system, and banking systems to ensure confidence in a business transaction. What happened one decade ago?
Bitcoin came into the play and changed the whole situation. Now, two parties can agree on business transactions online without judicial system, banking, or paper agreements. It’s a new age of money transaction and interest from people is high. Bitcoin and its blockchain technology are named as the future of the internet. Every industry is trying to focus on BTC payments now. For example, real money casino online in Australia already evolved to Bitcoin payments. Facebook, one of the most prominent companies in the world, decided to sell new coins and compete with Bitcoin.
Price of Bitcoin and future of BTC Blockchain
By the end of September, things changed in BTC industry. Someone who was a latecomer in BTC would lose a lot because the price dropped by $2000. Whole summer BTC price stood still and had a sweet spot above $10 000. In just 48 hours, the Bitcoin price dropped to $8000, and BTC investors have lost trust threshold (10k).
At the same time, Ethereum is battling for $180 value. Currently, ETH is just $175 and the founder of ETH, Vitalik Buterin, predicts price high at $190.
Tremendous stress for BTC and ETH investors
When Mark Zuckerberg announced Facebook coin, Libra, BTC, and ETH, investors got scared. They have a legit reason to be scared because according to Mark Zuckerberg, the Facebook team is going to put all in the blockchain industry. Facebook’s Libra could be problematic for other Blockchain systems. BTC and ETH prices could go lower, and people see that Libra may dominate the market.
Leaked audio recording of Mark from an internal meeting
The VERGE published the leaked audio recording of Mark’s internal meeting with the Facebook team. Zuckerberg said that Libra would dominate the industry, but they have to be patient. Mark noted that Libra’s goal is to stand up in a new financial order and evolve with the help of society.
The financing world is a highly regulated space, and Mark wants to get trust from every side. Libra has to gain confidence from regular investors, legislative institutions, and people who can use it as a processing system.
