Rumors are starting to circulate that Facebook’s very own cryptocurrency dubbed Libra will be available from January 2021.
Libra has faced a ton of criticism since it was announced back in 2019, and numerous tech personalities have also proven that they don’t get Libra.
But, will Libra be any good and will the best cryptocurrency casinos be listing it any time soon? Let’s find out!
What is Libra?
Libra is a stablecoin that was brought to the table by Facebook, and it would have a number of other big companies join the board and act as validators.
It’s super centralized and your Libra tokens can be taken away at any moment’s notice, meaning it’s not ideal for those freedom loving citizens out there.
It will be tied at a 1:1 ratio with the US dollar, preventing any wild price swings that we see with other cryptocurrencies.
Unfortunately, this means you won’t make any profits from it and if inflation hits the US dollar once Biden takes office, Libra too will become worth a lot less when compared to other currencies, both fiat and cryptographic.
In short, Libra is just another US dollar stablecoin, except this is controlled by Mark Zuckerberg’s Facebook and a few other tech conglomerates.
Will Any Crypto Casinos List Libra?
If Libra does manage to go live in January, there might be a lot of demand for it at various cryptocurrency casinos.
But, the short answer is that reputable cryptocurrency casinos will likely not add it with any haste at all.
It has no advantage in terms of transaction time, confidentiality or security over other another stablecoin out there.
The only reason that an online casino would list Libra as a currency that players can play in is purely for the PR effect.
It holds no benefit over other existing stablecoins that have a far greater market cap and are used by millions of crypto traders on a daily basis.
If cryptocurrency casinos were to list another stablecoin, it would likely be in a fiat denomination that a vast number of players already use.
For example, we could see crypto casinos move to accept Euro pegged stablecoins, such as Stasis for their EU player base.
Avoid Libra Like the Plague
Libra has changed a LOT since it was brought to the table back in 2019, with a lot of its ideas being heavily watered down.
But, that doesn’t mean that we can finally trust Facebook with our money, and why should we?
Over the years, Facebook has leaked user data, sold user data and even allowed companies to run questionnaires on its platform, allowing them to psychoanalyze you.
These people can’t be trusted with your data, so why would you trust them with your money?
It will have little use outside of Facebook, meaning if you do buy some, you could be lumped with it for a while before you can use it.
So, our best advice for now is to avoid it like the plague once it goes live.