Plenty of major companies like Subway, AT&T, Expedia, Dish Network, and Microsoft have recently decided to accept cryptocurrency. These are large corporations that have the resources to experiment with relatively new technology.
But should the average business, or small business, accept cryptocurrency?
A high population of the world has heard of or are familiar with Bitcoin. But that doesn’t mean they’re ready to use it. Only a few percentages own it. An even smaller number use cryptocurrency.
There are more than 40 million cryptocurrency wallets out there. Cryptocurrency usage has soared in places such as San Francisco, New York, and Tampa — and in places like Canada (the first country to regulate the digital currency), the Netherlands, Slovenia, Israel, Switzerland, and countries with volatile currencies, like Zimbabwe and Venezuela.
To give you a perspective, there are almost 300 million active users of PayPal worldwide and about 1 billion Visa and 900 million MasterCard credit cards in circulation. Cryptocurrency has to catch up when compared to these other digital ways to pay.
It is widely thought that if small businesses make the necessary investments in cryptocurrency infrastructure, then cryptocurrency usage will rise enormously. But there are plenty of pros and cons for businesses to consider before they take that leap.
Libra is a cryptocurrency designed using blockchain technology. It is built by the most popular social media giant Facebook. The main motive behind developing Libra is to emancipate millions of underbanked and unbanked people by offering them similar financial opportunities.
Libra will give their users the best transaction experience with unimaginable speed on minimal or no charges. Users can transfer money from their home to any part of the world. Libra is compatible with mobile and all you need is a basic data connection.
Blockchain technology is a decentralized programmable database that helps in backing the more constant currency and has the capability to act as a medium for transacting money to millions of people all over the world.
Libra is a self-reliant association formed to control and regulate the flow of Libra, it is an organization aiming to offer basic financial infrastructure and to introduce a universal currency to empower millions of people. Libra Association is a compilation of validator nodes, such as academic entities, international corporations, and social impact partners.
An allocated system of the Libra blockchain looks after the transactions and ownership of Libra. While transacting Libra, there is a slight chance of attacks on the system and here Blockchain helps in defending this kind of attack using LibraBFT.
A secured and well-written software will help you in protecting the Libra Blockchain. Move a new programming language that is used in developing Libra. It is a safe and responsive programming language for Libra Blockchain. It is an applied bytecode language used to implement smart transactions and contracts.
People have different views on cryptocurrencies, but Libra can be trusted easily as it is backed by a reserve that includes stable liquid assets, which helps in keeping the value of Libra stable.