RATE Group | How Facebook’s cryptocurrency is different
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How Facebook’s cryptocurrency is different

19 Jul How Facebook’s cryptocurrency is different

Posted at 05:04h in Cryptocurrency News by

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A visual representation of a cryptocurrency coin on display in front of the logos for Facebook and Libra.

Chesnot | Getty Images

Facebook has made headlines of late with its plans to create a cryptocurrency.

The social media company has been forced to defend the project on Capitol Hill, amid regulatory concerns around data privacy and potential illegal usage, while the G-7 has warned it poses “serious” legal risks.

It’s an experiment in monetary systems for the digital age, and has inevitably been compared to popular cryptocurrencies like bitcoin. However, many experts question whether Libra can even be called a cryptocurrency.

Other than the fact that they both come with a white paper and are referred to as cryptocurrencies, Libra and bitcoin are actually very different. Here’s a rundown of the key differences between the two.

Different technology

One of the biggest differences lies in the underlying technology behind both currencies.

With bitcoin, transactions are recorded anonymously…

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