How much is Libra coin has been the question on the internet in recent months.
Libra is like cash that lives inside your phone. How do you buy Facebook’s cryptocurrency?
You cash in your local currency like dollars and get nearly the same number of Libra coins, which are represented by this wavy three-line emoji instead of the $ symbol. But first you’ll have to verify your identity with a photo.
You’ll then be able to spend your Libra, shopping online or potentially pay for Ubers or your subscription for Spotify.
You’ll also be able to send and request money from friends like you would with Venmo or PayPal. It’s as easy to send Libra as it is a message.
You won’t have to attach your real name and identity to any of your payments, but they will be public. Facebook knows it’s a little bit creepy and you probably don’t want it spying on what you buy. So Facebook set up a new company also called Calibra that will keep all your financial data separate from your Facebook profile. That means it can’t use your transaction data to target you with ads, re-order your News Feed or sell your info to marketers.
Eventually, Facebook hopes you’ll use Libra to pay your bills and purchase coffee or to buy your public transit ticket. At any time, you can cash out of Libra and get your local currency back in your bank account, or handed to you at a local grocery store.
With all this said, libra coin will practically be equal to your local currency.