Facebook, which has entered our lives as the most popular social media is now trying to insert its feet into our pockets. You must be wondering how? Well, the cryptocurrency DIEM which was earlier known as LIBRA is a kind of virtual currency of Facebook that can too not be touched and felt. It is somewhat like Visa and Mastercard payments networks which have entered into our lives to provide some assistance and convenience in these worldwide digital shifts. The other question that would be popping up is ‘INTERNET BANKING’, and how it is different from cryptocurrency? The difference is that the money that you are spending through internet banking is the saved money in your accounts which is controlled and that you can convert in a physical form by withdrawing from the banks. But such is not the case with cryptocurrency, you can do the transaction online but you cannot get this currency in physical form.
The best that the digital economy has to offer is the cryptographically protected payments that build people’s trust in the digital economy. The DIEM is also one such currency that proposed to be releasing in this year that is 2021. It is the best currency to invest in if you are scared to invest in currencies like bitcoin, dogecoin, or Ethereum while starting your journey in the digital currency world. This will be a controlled currency that will enable a worldwide payment system without physical money with nominal charges per transaction. Before investing in bitcoin do some research and read Is cryptocurrency a new concept?
The currency is all set to launch anytime in 2021. Earlier it was said to be launched in 2020 but is being delayed because it is waiting to get legitimate approval from the regulatory authorities of the United States. Such regulation is being fetched so that no later inconvenience is caused to the public after its release worldwide. There is an organization that will look after its work that was earlier called Libra Association but now has been given a new name as DIEM ASSOCIATION. This association will comprise 27 members that will look after all the workings and will direct to take all measures whether precautionary or developmental.
The digital wallet would be called NOVI. This wallet will also enable the usage of blockchain technology that will save your data from online frauds and would make online dealing more trustworthy.
This cryptocurrency provides enormous benefits. The benefits will be stated as follows:
- It will be centrally controlled,
- It would operate just like your physical wallet
- Usage of blockchain codes
- It would provide more convenience in your lives
- A proper account of all transactions
- Transparency in worldwide transactions
- Immune from online frauds
Hence, the above-mentioned topic would have given you a brief knowledge about fakebook’s digital cryptocurrency DIEM which is a new name given to it. It is just like the other cryptocurrencies of the world but the only difference is there is ‘control’. It will be controlled by particular authorities of countries it will be released in. There will be an association prescribing its members the dos and don’ts.
If you are a new investor who is just stepping into the digital currency world, then this is going to be your starting destination. It will provide you with a beneficial result that you will be looking for as a new investor. I hope it made you familiar with fakebook’s digital currency that may release anytime soon. Wish you a wonderful time investing, have the profits that you are looking for good luck!