What is cryptocurrency?
Cryptocurrency is a type of digital currency. It's called "cryptocurrency" because it uses a very secure form of cryptography to verify transactions. Cryptocurrencies are built on blockchain technology, and the value of a cryptocurrency depends on the type of blockchain it is built on.
What is blockchain?
Blockchain is a technology that can safely store transaction records on a peer-to-peer network instead of storing them in a single location. Independent servers around the world, called nodes, make up the network that operates the blockchain.
Is Libra a cryptocurrency?
Yes. Libra is a new cryptocurrency designed to have a stable and reliable value and be widely accepted around the world.
Is Libra available now?
Not yet! Over the coming months, the association will be working to develop and grow the Libra network. If you are an organization interested in joining the Libra Association, you can learn more here. And if you are a developer, an open-source testnet (an early version of the Libra Blockchain) is available, and you can provide feedback on the code here.
Is Libra real money?
Yes. Libra can be used just like any other currency. Anyone with Libra can convert their Libra into a local currency based on the exchange rate, just like exchanging one currency for another when traveling.
What is the difference between Libra and existing local currencies?
You will be able to use Libra in the same way you use your local currency today, but Libra isn't tied to any one country. Libra is a global currency that can be used across borders. It is designed to be used by people and businesses around the world.
What is the difference between Libra and other cryptocurrencies?
Unlike many cryptocurrencies whose values fluctuate based on speculation, Libra is backed by a reserve of assets. This is similar to how other currencies have been introduced in the past — to help instill trust in a new currency and gain widespread adoption, it was guaranteed that a country's notes could be traded in for real assets, like gold. Instead of backing Libra with gold, it will be backed by a collection of established financial assets.
Is Libra safe?
Safety and security are Libra's highest priorities. Security is built into the very design of the Libra Blockchain to prevent malicious activity. You can read more about security here.
How can I get Libra?
You will be able to buy Libra through exchanges that list Libra or through the applications that will be built on the Libra Blockchain, including digital wallets and other financial products and services.
Is Libra legal?
Libra is legal and can be used in all countries where the use of cryptocurrencies is permitted.
What is the Libra Reserve?
The Libra Reserve was created to preserve the value of the Libra currency. Each Libra coin will be backed by a collection of stable assets held in the reserve. Read more about where the money for the reserve is coming from, the assets that will back each Libra coin, and how the reserve will change over time.