The introduction of Bitcoin, Ethereum, Litecoin and a host of other digital currencies made quite an impact on the online gaming industry, but the 2020 release of Facebook’s cryptocurrency, Libra, is likely to once again change the way that real-money gamblers deposit and wager on their favorite online casino games. From the simplicity that will keep Libra user-friendly to the long-anticipated mainstreaming of electronic currency, Libra is already set to change the game for online casino enthusiasts and virtually every market that welcomes it.
While Facebook has been simplified to the point that almost anyone can easily learn to use it, the network remains attractive to those users with a bit more in the way of technological know-how. This is important because the same principle will likely apply to Libra; in fact, it almost has to, considering the fact that many users are unlikely to have experience with any cryptocurrency. By making the digital currency and the wallet that will be used to distribute it, called Calibra, as simple as possible, Facebook is ensuring that a large share of the social network’s 2.3 billion users will be able to access Libra.
Although Libra will be available within the WhatsApp and Facebook Messenger apps, it will also appear as a standalone program that allows users to take advantage of the technology without actually having to do so through a social network. Presumably available to both Android and iOS users, Libra has the potential to generate even more users than does Facebook on its own. Because Libra is already being advertised by Facebook, the currency is likely to gain the trust of users faster than did Bitcoin, Ethereum and other digital payment options. From widespread awareness of its existence to what will certainly become one of the most user-friendly electronic currencies available, Facebook has an extremely high chance of making Libra a huge success.
The ever-increasing number of depositing players registering for real-money wagering at online casinos could make up a respectable portion of Libra’s regular users. Some gaming establishments have already joined the crypto-age, and adding Libra to the mix may increase the number of individuals accessing such websites. Bitcoin and other digital currencies are often favorites of online casino gamblers because they offer a higher level of security than do more traditional payment methods like credit or debit cards. While not the first social network, Facebook has undoubtedly become the most widely used; this makes it extremely likely that the company’s digital currency will also see much higher levels of use than other currencies.
It is entirely possible that Facebook’s entrance into what has been called the “digital asset economy” will not only change web-based transactions, but change the way global payments are handled overall; for instance, Libra could be the gate that opens into an era of using electronic currency at the grocery store, the gas station and at the dentist’s office. The fact that Libra will be new has little meaning when the use of Facebook is already so prolific. Current speculation suggests that Libra could literally change culture on a global level. Leading Facebook’s newly established division for Calibra is David Marcus, who said, “We felt it was time to try something new, and this is the beginning of a long journey in launching this new network. Libra is really designed from the ground up to be a great medium of exchange, a very high-quality form of digital money that you can use for everyday payments.”
Although Facebook and its upcoming electronic currency, Libra, have already garnered a significant amount of both positive and negative attention from the media, the opinion of the general public is still unformed. However, if the widespread success of Facebook is any indication, Libra could leave an even larger mark than the social media network.