Cryptocurrency has been around for almost 10 years now but it took off just a few years ago. One of the main supporters of bitcoins was Twitter CEO Jack Dorsey, who openly endorsed the use of bitcoin. According to a study, in 2019, bitcoin has seen 200% increase in price which means that people are benefiting from it, but the question is if the use of cryptocurrency will replace the actual currency soon. The answer to this question is, not really.
Cryptocurrency might seem a good option right now, but the currency is costing more with every passing day because of the maintenance cost. Also, people are now becoming more aware of the environmental issues, which raises a lot of questions on the environmental disadvantages of using cryptocurrency. According to a study, most of the cryptocurrencies required so much electricity that it is enough for a whole country and the heat generated from the systems is too much that it requires its own cooling system, making it a very expensive alternative for traditional currency.
This is the reason CEO, Dorsey said that it is not a functional currency unless it becomes mainstream and easily accessible for everyone. Although not so functional, Dorsey still believes that bitcoin is better than Libra. The reason behind this is the fact that when a currency is open, it is secure whereas, when a company handles it, the equilibrium shifts because this creates a monopoly. He also explained that bitcoin is like gold, it is an investment but the currency is something different and unless the currency is not easily accessible it cannot be functional.
Facebook in this term has tried hard to make Libra as easily accessible as possible, in an effort to win over the finance industry and win over the regulation, Facebook has joined hands with 27 other giants including the famous online cab-hailing app, Uber and payment company MasterCard. The only issue with Libra is, it is run by Facebook, the company that users no longer trust. There is a likely chance that even after winning over regulations and joining hands with bigger companies, Libra might not be able to make it as big as bitcoin.
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