• Joseph Weiss , at Joseph Weiss is Florida-based financial advisor and freelance writer


• 05.08.2019 10:30 am
cryptocurrency

Libra, Facebook's forthcoming cryptocurrency, was formally announced this summer, and will be released in 2020. It's getting a lot of attention for a few reasons, including the pure fact that it comes from such a major tech company as Facebook, as well as that it appears as if it will actually have monetary backing, which some believe will lead to greater price stability. All in all, it's a rather fascinating development from a standpoint of investment, not to mention tech innovation and general crypto advancement. 

But what a lot of consumers will be wondering is where in the world they'll actually be able to use Libra. This vital question hasn't been answered in exact terms just yet, but the following stores and markets represent some of the spending and use opportunities we expect to see early on, if not, in some cases, immediately upon Libra's release. 

Facebook Marketplace

One of the most logical places to expect to see Libra spending opportunities is in the Facebook Marketplace. This feature of the social media giant already allows users to post items for sale, from baseball cards to used vehicles. Users can advertise their "garage sales" or sell an individual item directly, leaving it up to the buyer to help arrange the transaction (which can often involve an in-person meeting and the exchange of cash). Libra could bring about an easy and more trustworthy way to exchange the currency, and ensure that both parties act as intended. It should appeal to sellers for this reason, and it would give buyers the opportunity to get familiar with using Libra in ordinary financial transactions. 

Founding Partner Companies

Facebook's in-house market won't be the only place you'll be able to spend Libra, even if it may start that way. The social network has partnered with several major companiesin developing Libra, including Lyft and eBay, to name just a few. And while not all of the partnering founders are well suited to facilitating consumer transactions, those that are would seem to be likely candidates for early acceptance of Libra. In fact, it would frankly be bizarre if some of these partners didn't go all the way with their support and start accepting the new cryptocurrency. 

Online Gaming Sites

Aside from the founding partners, other businesses will likely jump on board the Libra bandwagon, with online sportsbooks and casinos likely to be among early adopters. While most modern online casinos, based primarily in Western Europe, rely heavily on credit card processors, and some offer free games to help gamers avoid real-money practice altogether, the main goal of these platforms is to provide financial security and efficiency. And for that reason, some of them have been embracing cryptocurrency. Not only are the fees smaller with crypto options, but security can appeal to gamers, and there's also something to be said for these sites using the idea of cryptos to attract consumers who are actively looking for places to spend digital currency. All of this has led to some existing momentum for cryptos in online gambling, which is why this is an area to watch after Libra is released. 

Peer-to-Peer Transactions

It's not just businesses expected to accept Libra at the outset but also regular Facebook users who exchange money every day. Cryptocurrency users already value the digital medium for its ease of use in peer-to-peer transactions. You can send someone money with relative ease once you get the hang of it, and the costs are minimal. There's also no concern of a major company or middleman interrupting the transaction. Libra should be no different, and in fact, if it's built seamlessly into the Facebook platform, could even become a simplified version of what crypto users currently enjoy when ti comes to peer-to-peer exchanges. It's conceivable that this alone could help to catapult Libra to the upper ranks of the crypto world in very short time. 

The list will undoubtedly grow, and it could be that we'll learn about some companies or businesses willing to trust Libra before it even goes live. For now though these are among the most logical avenues for Facebook's new crypto venture.