Facebook is getting into the cryptocurrency sphere with Libra coin.
Libra crypto is aimed at transforming the global economy, however, encountered massive resistance worldwide.
The Facebook crypto-coin seeks to address volatility and scalability to create a one-of-a-kind digital currency.
Consequently, the team behind it claimed that Libra will have the intrinsic defining features of money.
These include being a store of value, unit of accounting and measuring value – all of which are said to be lacking in other cryptos.
Despite the fact that Libra is not officially launched at the time of publishing, the crypto community still has interest in it.
In this article, we’ll give an answer to how to buy Libra cryptocurrency coin when it comes live.
How to buy Libra coin
Once the coin gets launched, you will have a few steps to buy the Facebook Libra, and here are some of the processes:
- Sign-up to an exchange, Novi wallet or Facebook platform
- Verify your identity through the KYC
- Download the official platform apps respectively
- Open Novi wallet via the chatting apps
- Enter your credit card or bank details
- Buy the cryptocurrency with fiat deposit.
The process is very straightforward when you’re buying through the social media platform.
Where to buy Libra coin
Despite the fact that Libra coin is still a theoretical crypto, the intentions behind it include being an open system.
It means that purchasing Libra will be available through crypto exchanges, and not only via its own applications and wallets.
However, for those interested in how to buy Facebook cryptocurrency, here are some ways to follow, once Libra currency is officially launched.
1. Cryptocurrency exchanges
Currently, no exchange has officially confirmed support for Libra coin, but it’ possible that Binance may list the crypto.
If the coin does get listed on the exchange, you’ll have to follow the necessary steps to buy Libra.
You’ll need to register with Binance, which will require identity verifications, similar to what you would do to buy Bitcoin.
If you want to keep your cryptocurrency safe, you should probably transfer it to your Novi wallet.
Always be hesitant to keep digital assets on exchange, no matter how secure, as a digital wallet provides even more protection.
The Libra Association is a non-profit organization that resides in Switzerland.
This independent association was developed to regulate and manage the technology behind the blockchain.
This is to ensure that validation nodes are behaving properly and that member interaction is smooth and responsive.
Libra Association also serves to promote, develop, and expand the entire Libra network.
Only Libra Association can make or destroy Libra coins, with new coins being created when they are sold to retailers in exchange for fiat currency.
The association consists of many high profile companies, including Mastercard, Uber, Lyft, Visa, Paypal, Stripe, Spotify, ebay, Coinbase, and many, many others.
However, many of the organization’s member have chosen to leave the project prior to its launch.
Among them are eBay, PayPal, Stripe, Mastercard and Visa.
2. Novi wallet
If you’re not on Facebook and you don’t plan on joining, don’t worry, because you still have a way to purchase Libra coin.
Non-Facebook users can use Novi wallet to lay their hands on Libra coin.
The wallet was developed by Facebook, and is intended to give users the ability to receive and send it simply and easily.
Novi wallet is a digital wallet designed specifically for Libra’s payment system.
When you’re ready to start purchasing Libra, you can use the Novi wallet, but you’ll have to download the wallet itself.
Unfortunately, it’s not available yet, but when it does, that’s the first step you need to buy Libra coin.
You can sign up on the Novi website to receive a notification that the app is available.
Novi uses both KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, so identifying yourself is necessary.
The conversion from fiat to Libra is immediate, so there’s no need to hold funds and then exchange them later.
This is the method Novi wallet uses to buy Libra cryptocurrency.
3. Facebook platform
Libra coins can be purchased through Facebook apps, which include WhatsApp that you may be using already.
The network automatically integrates the Novi wallet, so you don’t have to worry about having a place to store the crypto-coin.
Once these processes are connected, you can then buy Libra cryptocurrency with your local currency.
Should I buy Facebook Libra cryptocurrency?
Unlike Bitcoin, there are still questions surrounding Libra, which can give investors pauses before buying the coin.
However, the project scaled down from a global financial ecosystem to a payment platform.
The thing to remember about Libra is that when it does launch, it will immediately have a massive audience.
Is Libra coin project dead?
Libra, as proposed may have been dead, because its successor is now a radically different project called Diem.
Diem is a new project backed by a single currency (the U.S. dollar) and issued in partnership with a bank.
Is Diem launched?
As reported by CNBC, the Diem Association had earlier planned to release a pilot as a single stablecoin to the USD.
This comes after Libra – the previous branding for Diem – was initially set for a 2020 release.
However, after facing a number of hurdles, this has been pushed back to 2021 which also didn’t happen as planned.
Conclusion: Buy Libra coin
In view of the wide reach and popularity of Facebook, the social networking platform, Libra seems to have made it already.
The team behind it has sought to differentiate the project by addressing pain some of the vital pain-points of other cryptos.
Most importantly, the intuitive and advanced algorithm that the platform uses has already demonstrated great potential for success.
It works on a simple yet promising concept as a social-driven system, allowing users at all levels to enjoy an edge.