Can Facebook users trust Libra cryptocurrency?

Facebook is a platform for so many opportunities. People use this platform for entertainments, job hunts, daily dose of news, to make new friends and so much more. Facebook is a single platform with such a huge variety of opportunities for each and every person according to their own desires and requirements. If you look at it, Facebook is considered a single platform by appearance but if you look closely it contains so much variety of options for its users. Facebook always focuses on making its platform a single place which can attract as many users from various fields as much possible.

The cryptocurrency on Facebook

Recently, Facebook launched its own wallet to ease its users with the worries of option unavailability for credits cards, etc. Facebook released a cryptocurrency named Libra for its users with whom they can do all sorts of purchases and can easily send money from one peer to another without worrying about anything else at all.

Libra wallet

Libra wallet is similar to other old payment methods where people can buy points from their credit cards and later on use these points to purchase products. Here in Libra wallet, they use the digital money Libra to do all financial transactions.

People lack trust in social media

Over the past years, with Facebook promoting opportunities for its users but it also became a platform for spam, frauds, hat speech, privacy disasters, and various malicious attacks on users. With this type of history, people lost trust in this platform. People do not trust this social media for their financial purposes.

Research analysis by Jefferies

The financial services company Jefferies, as reported by TheBlockCrypto, researched on this new Libra cryptocurrency and found that the social media users in the U.S. are unlikely to use it. According to their survey in which more than 600 people participated, four in five respondents said they were “unlikely” or “very unlikely” to buy the cryptocurrency from Facebook.

45% stated their lack of trust in the social media platform and more than 40% indicated that they already use other mobile payment wallets so very unlikely to switch to Libra wallet.

Can Libra wallet replace other mobile payment methods?

It is very rare that Libra will succeed, without any unique feature or strong network effects we do not expect Libra to replace any existing forms of cashless payments and at least not for now.

Only 14-15% of people are interested enough to use Libra and only for some paid services or to send money to friends and family.

Photo: Chesnot via Getty Images

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