How to buy libra coin?
Facebook owns Libra. The social media giants aspire to taste the financial system by launching their digital currency named Libra coin. But many potential buyers ask how to buy libra coin?
Contrary to a fast-paced organization, Facebook is slowly releasing its promised cryptocurrency. The idea was initiated back in July 2019.
Many reputed names, for instance, Uber, Spotify, and twenty-seven others, joined the idea through the Libra association. Libra was supposed to be the next hit thing in the crypto market.
However, the global economic condition has halted the project as of today. Libra coin is deemed the next big thing in the financial market.
Facebook planned to offer a straightforward, affordable, and easy-to-use digital currency through Libra. The project is backed by affordability, price stabilization, and optimum utilization of blockchain FET.
Let us discuss how to buy Libra cryptocurrency in this guide.
Ways how to buy Libra Coin
Facebook Libra coins are widely-discussed. Many investors are waiting for the project to start. However, challenging global and national currencies is dangerous, especially after the lawsuit against Facebook.
Even though Libra is still only an idea, many investors are calculating their finances to invest in the Libra coin. Despite all this, many investors inquire about how to buy libra coin?
The most common ways of buying Libra coins are:
- Facebook apps
- Novi Wallet
- Cryptocurrency exchange
Let’s have a closer look at each one of them.
Buying Libra through the Facebook App
One of the easiest ways of buying Libra is through Facebook apps like messenger or WhatsApp. These applications integrate with Novi, which is Facebook’s crypto wallet.
The process of buying Libra via Facebook apps is simple. The following steps are needed to buy Libra cryptocurrency.
- Sign up with Facebook: You need to have an active Facebook account. To create a new account, you must provide your name, email, password, and related information like gender and date of birth. After confirming your contact details, you are good to use Facebook.
- Install Whatsapp or Messenger: Download and install Facebook Messenger or Whatsapp from the Google App Store or Apple store. It is a simple process and will not take more than five minutes.
- Open Novi Wallet: Open the Novi wallet through Facebook messenger or Whatsapp. You need to enter debit or credit details to buy Libra cryptocurrency.
- Make a purchase: Once you have a balance in your Novi wallet, you can easily purchase Libra (Diem). You can also use fiat money. Currently, only three main fiat currencies are accepted, including the US Dollar, European Euro, and Britain’s Pound.
Buying Libra through the Novi Wallet
Novi wallet is an alternate source of buying Libra coins for those who do not have a Facebook account. Novi wallet is developed to deal Libra coin trade. Facebook produces it as a one-stop solution for buying and selling Libra cryptocurrency.
Additionally, the Novi wallet does not charge any hidden costs. It means if you send ten Libra to your friend, he will receive the full ten Libra. Thus, effectively making it a cost-effective source.
To use the Novi wallet, you need to follow the below-listed steps.
- Download Novi App: You can easily find, download and install the Novi app from either the Google Playstore or Apple’s App store.
- Sign up: After downloading, you must sign up for the Novi app. It is a simple process.
- ID Verification: You must submit all necessary information like a government-issued ID, driving license, or other similar documents. Customer verification is essential. Novi uses Know Your Customer (KYC) and Anti Money Laundry (ALM) policies.
- Deposit money: Once your Novi ID is approved, you can quickly transfer your fiat money to the Novi wallet. When you transfer money to the Novi wallet, it automatically converts to Libra. It is this simple.
After buying Libra coins, you can use them to make purchases and any other transaction authorized by the Libra coin.
Buying Libra through the Exchange
In addition to Facebook and WhatsApp, you can buy Libra coins from cryptocurrency exchanges. The process is similar to buying any other cryptocurrency.
We are mentioning steps for your ready reference.
- Set up an account: You must open an account with your preferred crypto exchange.
- Verify Identity: Each exchange has its set rules for verification. Mostly they require a valid ID. You can provide a passport or any other national identity card to get your confirmation.
- Make a Deposit: In this step, you must deposit fiat money.
- Buy Libra coin: Select Libra from the home page of your exchange. Transfer funds and buy Libra coins by validating your credentials. You can store your digital currencies with the exchange or transfer them to Facebook’s wallet, the Novi wallet.
Frequently Asked Questions
Is Libra coin worth investing in?
With the backing of the social media giant Facebook or Meta, analysts tip the Libra coin to be an instant hit. If we study the utility of the Libra coin, we can see a promising future for the coin.
Is Libra coin safe?
Facebook uses open-source code to facilitate monitoring any flaws and bugs. In addition, a bug bounty is also in the making, which is meant to tip technocrats who will highlight possible vulnerabilities.
What can I buy with Libra coins?
In addition to Libra coin, Facebook (Meta) is planning to launch the Calibra wallet. Since large companies like Uber and eBay have already invested in Libra coin, you can easily buy almost anything.
Will Libra coin trade as a decentralized cryptocurrency?
No. Unlike other cryptocurrencies, Libra coins will be monitored by the Libra Association. In addition, the Libra Association Council is the governing body and will monitor decisions and policy matters.
What is the new name for the Libra coin?
Before 2020, the project was named “Libra.” However, currently, it is known as Diem.
Conclusion
Because of Facebook’s global reach, Libra coin (currently Diem) seems to have already made it. The main difference between a Libra coin and other cryptocurrencies is that it addresses critical pain points.
Most importantly, the intuitive algorithm developed by Facebook is state-of-the-art in nature. It has already demonstrated great potential. It works on a simple concept as a social-driven trading system. Hence, all users enjoy a professional edge.
However, only time will tell how successful the Libra project is. We hope we have covered all the necessary information regarding how to buy Libra coin. Stay tuned to our website; we strive to bring crypto-related information daily. It is adios for now!