Long-time blockchain technologists say Facebook's Libra digital currency will introduce billions to cryptocurrencies, but the company's problems with trust and privacy remain an obstacle.
promises to introduce billions of new users to the world of digital coins, but there are several concerns over how the social network's checkered past when it comes to trust and privacy could impact the new currency.
Many in the blockchain space say they believe Libra will leverage Facebook's more than 2.7 billion monthly users to finally bring cryptocurrencies into the mainstream. "Facebook and WhatsApp are huge in developing nations like Africa and India," said Tony Perkins, editor of Cryptonite, a media company focused on blockchain. By providing users the ability to transfer funds to one another and to merchants at a low cost, Libra "will bring billions of people into the modern economy. This is huge, and represents a gigantic economic opportunity like we have never seen.
Others also highlighted that Facebook's checkered past with privacy and trust while inherently be an obstacle for the company to overcome.
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