By Kasanya Chavula
The knowledge of the world is constantly evolving and this can be seen with the emergence of the crypto currency. Over the last few years the term crypto currency has flooded the internet and in the recent weeks Facebook has joined the fray by introducing an open source crypto currency called Libra.
To a lay man this all seems like fancy words being thrown around by people that are more acquainted with the coding world. This has brought on little skeptics on board like with every new product some want to jump into it without any questions asked while others have a million and one questions to ask before they can venture into it
In this article we shall attempt to understand the direction of the world in relation to crypto currency and why the fight seems to be so broadcasted over the Libra.
With every fight one must be prepared to be hit and also if you have good strategy hit back. When Bitcoin was launched on to the market many people jumped on board, while others were skeptical about this new venture. And like any new venture some benefit to the tones of millions and others crashed as the coin dropped in value.
Experts have voiced out several concerns about crypto currencies such as the security of them. While other currencies are backed by precious metals, crypto currencies are not and just as they appear they can disappear without a trace.
The fight for crypto currency is one that will go on and Facebook by introducing the Libra has taken the initiative that no one thought of. The fight to contain Facebook is not about the Libra and people losing money it is the fear that one organization will control the entire world, ushering an order designed by Facebook.
On the other hand the generous part of it all is that Facebook have decided to open source the program, making it the most powerful currency on the globe and with the reach that Facebook has means that they have literally taken over the banking sector. On one hand it seems like a monopoly on Facebook, but they have literally empowered every software engineer out there to modify and create a crypto coin and not just so but a crypto bank.
The fight as of who will control the virtual banking sector is not one that will end here but will continue for generations to come. Facebook has simply walked into a door that opened with the introduction of the credit card, debit card and master cards. So the Libra is simply the first of its kind and the banks should find a way of incorporating it into their systems rather than fight it.