Bitcoin Against Libra: What Is the Difference Between These Two Cryptocurrencies?

Libra is the name of a stablecoin to be released to the market by the big company Facebook. There are many main and basic differences between Bitcoin and Libra. From the application method to the technology behind each, there are clear differences between them; however, some are always comparing them. The following addresses the differences between Bitcoin and Libra.

The Technology of Bitcoin and Libra Is Different 

One of the main difference between Libra and Bitcoin is in the technology applied in them. For the Bitcoin, the transactions get actualized through being registered in a network called Blockchain anonymously. Blockchain is a network composed of various computers wherein all the people and users present are aware of and survey registering transactions. 
Libra, too, employs a ledger technology in Blockchain. But on the contrary to Bitcoin, it is just possible to add transactions to its network by specific groups of reliable people in the network. Here come the companies like Uber and Visa. These companies are among the partners and investors of Libra which will play a role in furthering the transactions. Each one of these companies and investors have brought about $10 million of investment for this projects. In fact, Libra doesn’t continue working in a decentralized network like Blockchain.
Libra works in a centralized network that the above-mentioned companies supervise their activities beside Facebook. But it is different about Bitcoin. All are considered absolutely free and decentralized in Blockchain in a way that everyone can start activity in this infrastructure through accessing to internet and necessary hardware and software.

The Applications of Bitcoin and Libra Are Different

Bitcoin lets the people have monetary trade needless to any intermediary like going to the banks. These trades are considered a type of new investment which is called “HODL” during which the people remain in the industry of cryptocurrencies through buying and selling cryptocurrencies in the long run. The cryptocurrencies which are traded here are called "digital gold".
The main objective of Libra is using it in international payments and transactions and a portfolio of actual currencies will be used as the back of these cryptocurrencies. Libra will not be influenced by the value volatilities Bitcoin faces and it is dependent on supply and demand; that is, its value depends on supply and demand too. The same issue can increase the surveillance and ability to control its price. 
One the other hand, the number of existing Bitcoins in the world is 21 million and fixed. As a result, it doesn’t have any relationship with the market demand and the curve of supply and demand cannot be effective on its value. 

What is the Future of These Two Cryptocurrencies?

No specific idea and viewpoint can be proposed about the future of mentioned cryptocurrencies. But what is obvious is that they will not be removed from the world of economy and trade. Undoubtedly, the development and growth of mentioned cryptocurrencies will cause creating novel approaches in the world of economy and communications. If these cryptocurrencies can enter the world of regulations too and find appropriate justifications for themselves, their speed and development will get fantastic.  
 

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