- Saahithi Madhuvarsu
Don't Trust Facebook (Mar 19 2020)
Did you ever hear of a company that could possibly summon a world of danger? Well, here it is!
We are sure you have used Facebook. It is a very much used but also very much distrusted company. Either way, you probably really love it. What if we told you that this company could create possibilities of illegal exchange? Guess what, it’s true!! Facebook invented a system called Libra. Libra is a cryptocurrency or a digital currency. So let us make a pretend situation: Say that a famous artist put one of his paintings for sale, and you wanted to buy it, but he lived in China, where the currency was different from where you lived in the USA. Generally, you would have to go through a currency exchange which would be very time-consuming. But, Libra is a worldwide currency that can be used by anyone. That’s great, isn't it? I am sure you would be like ‘Oh! This changed the world!’. But, please continue reading to find out exactly why we titled this “Don’t Trust Facebook”.
Libra uses a system called Blockchain. Blockchain is the one who is doing the electronic transfer of money. The problem is, everything in Blockchain is encrypted and no one will be able to know who is selling what to who. It could be hackers selling classified government information, it could be terrorists selling weapons, it could be criminals selling drugs, for all we know! Bad people could be taking advantage of Blockchain!
Sure there are a bunch of what-ifs to people who actually trust Libra and Facebook. But, for the people who don’t, and according to us are doing the right by not trusting it, not only people doing illegal exchanges- but many currency exchange companies could be losing a large number of users as well as big divisions of their business. Yes, there are many reasons we should like Blockchain, but for us, there are too many cons to focus on the pros. FYI, this is only to protect you and the modern-day world.
Also, the majority of people are against Libra. They have no trust in Facebook and as a result, also have no trust in what it has made.
So, what is your choice? Will you trust the cryptocurrency Libra, that could cause chaos or will you join the protesters, who are protecting the advanced world!