How cryptocurrencies can replace other pay options

phys.org | 1/24/2018 | Staff
bungienet (Posted by) Level 3
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Cryptocurrencies live in a volatile, roller-coaster world, which Facebook is seeking to change with its new Libra digital money.

The new digital currency will be overseen by a nonprofit association and backed with real assets to serve as a reliable, stable form of globally accepted money that lives essentially on smartphones.

Cryptocurrencies

How do cryptocurrencies work?

To use currencies like Libra, people will need to install software referred to as a digital wallet.

Wallets - Calibra - Facebook - Subsidiary - Apple-

Several digital wallets are available, but one called Calibra is being built by a Facebook subsidiary for Apple- and Android-powered smartphones and integrated with the social network's Messenger and WhatsApp mobile services.

This system "lets everyone store their money securely in their phone," Calibra vice president of product Kevin Weil told AFP.

Wallet - User - Bank - Accounts - Credit

A digital wallet chosen by the user is linked to bank accounts or credit cards for transfers or online transactions.

"The same way you can pick any browser to go on the internet, you can pick any digital wallet," Weil said.

Advantages

What are the advantages?

Libra was released as an open ecosystem, so any business or service may accept it for payments. Financial institutions could also offer credit or loans in Libra.

Imagine - Life - Savings - House - Go

"Imagine storing your life savings in your house; it is safer to take it with you on the go on your phone," Weil said.

Calibra, for example, could be...
(Excerpt) Read more at: phys.org
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