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Since Facebook announced its planned Libra currency June 18, the bitcoin market has gone haywire. The original cryptocurrency surged from $9,000 to $11,000 this past week, as investors perceived Facebook’s crypto initiative as a vote of confidence in blockchain-based assets.
Bitcoin’s price has steadily risen since April, and this week, it surpassed $10,000 for the first time in 15 months—dating back to March 2018.
News of the Libra, and its effect on bitcoin, has understandably piqued the interest of crypto speculators, some of whom may be anticipating a Libra boomlet.
Facebook has finally revealed the details of its cryptocurrency, Libra, which will let you buy things or send money to people with nearly zero fees. You’ll pseudonymously buy or cash out your Libra online or at local exchange points like grocery stores, and spend it using interoperable third-party wallet apps or Facebook’s own Calibra wallet that will be built into WhatsApp, Messenger and its own app. Today Facebook released its white paper explaining Libra and its testnet for working out the kinks of its blockchain system before a public launch in the first half of 2020.
Facebook won’t fully control Libra, but instead get just a single vote in its governance like other founding members of the Libra Association, including Visa, Uber and Andreessen Horowitz, which have invested at least $10 million each into the project’s operations.
Known issue: Error: (#200): Due to some sudden Facebook changes the directions below will no longer work for new Facebook apps. You can now just click the “Log in and get my Access Token” button which is on the plugin’s Settings page to get your own token. If you want to set up your own Facebook app then you can follow these directions instead.
Please note that using a Facebook Access Token is optional when using the Custom Facebook Feed plugin.
To obtain an ‘App’ Access Token from Facebook (which never expires) just follow the steps below.
1) Go to developers.facebook.com and click on Log In in the top right. Log in using your personal Facebook credentials.
Note: The personal Facebook account that you use to register as a developer does not need to be associated in any way with the page or group whose posts you want to display.
Facebook’s new cryptocurrency is called Libra, after the Roman unit of measurement used to mint coins. (Download the white paper here.) For blockchain investors, this is yuge news. Talk about widespread adoption: Facebook’s reach is so vast that Libra may become a new global currency overnight, on par with the dollar and the euro.
It’s a stablecoin. Libra is a stablecoin pegged to the value of several different currencies. (Read our top-rated piece on stablecoins here.) This means its price won’t fluctuate, like bitcoin — but it won’t be tied exclusively to the dollar, either.
It’s a very big, very secret team. Over 50 engineers are working on the project, which is highly confidential, requiring special keycard access to enter the building.
They want to trade it on exchanges. The Facebook team has had discussions with digital exchanges on listing Libra.
There are hundreds of bitcoin and cryptocurrency exchanges from which to choose, which can make it difficult for newcomers to find an exchange that is right for them.
In this guide, you will be introduced to some of the most popular bitcoin and cryptocurrency exchanges that will very likely cover all your digital asset investment needs.
There are over 500 bitcoin and cryptocurrency exchanges available in the market today.
However, not all exchanges are created equal.
It is best to weigh your options, ensuring that you only trade on secure, reputable exchanges that offer an excellent user experience combined with good customer service.
Bitcoin Market Journal offers objective, in-depth review and analysis of what’s going on in the world of new finance.
Facebook will announce a new cryptocurrency this month, according to a report by The Information. Facebook employees who work on the project, called Libra, can choose to be paid in the cryptocurrency token instead of hard cash, the report says. Previous reports have suggested that a global launch would happen next year.
As part of Tuesday’s big reveal of the social network’s ambitious plan to create a global fiat-backed blockchain currency, Facebook said that in addition to Libra, the project will also issue a “Libra investment token.”
Unlike Libra – a currency that will be broadly available to the public – the investment token is a security, according to Facebook.