In July 2019, Facebook announced its official cryptocurrency, Libra, aimed to serve different purposes and transform the global economy. Although Libra encountered a lot of resistance when it was first announced, it turned out to be widely accepted by many users worldwide today.
Currently, many people around the world are interested in investing in Libra without even knowing so well about the coin and the main concept behind its creation. This article will show you all you need to know about Libra and how you can buy the Libra coin.
What is the Libra cryptocurrency?
When Libra was first announced, the project’s ambition was to become the world’s single digital currency, which meant it had to beat every other cryptocurrency or virtual currency to the mid. With its vision, Libra gained backing and funding from reputable companies around the world.
Members of an organization supporting the Libra project include Shopify, Spotify, Uber, Union Square Ventures, and even Coinbase. The project aimed to compete with the official currencies of all the countries in the world but had the motive to allow billions of people to participate in the financial system even without owning bank accounts.
Later in 2020, Libra was renamed “Diem” following legal challenges regarding its name and logo. If you are interested in buying the Libra cryptocurrency, you are in the right place. Here, you’ll see the various methods to purchase this currency.
How to buy Libra Cryptocurrency
There are three different ways in which you can buy the Libra coin. They include:
- Facebook apps
- Novi wallet
- Cryptocurrency exchanges
Although this process seems a little complicated, you’ll understand very well if you follow the steps carefully.
Sign in to Facebook: If you don’t already have a Facebook account, now might be the best time to do so. If you already have a Facebook profile, you can move on to the next step.
Install Facebook Messenger: Facebook allows users to buy Libra cryptocurrency from its application like Facebook Messenger or WhatsApp. You should sign in to any using your Facebook login details.
Open the Novi Wallet: You don’t have to install the Novi wallet separately if you’re following this procedure. Facebook will allow you to access the Novi wallet from Messenger or WhatsApp. Enter your credit card or bank account data to buy the Libra coin.
Buy Libra coin with fiat currency: With USD, GBP, or EUR, you can purchase Libra cryptocurrency via Facebook.
If you do not own a Facebook profile, you can still buy the Libra coin using the Novi wallet. The Novi wallet is a new digital wallet dedicated to the Libra project. With the wallet, it is easier for you to send and receive Libra coins in the fastest way possible.
Another advantage of using the Novi wallet is that there are no hidden charges. If you send 50 tokens to a friend, the friend will receive the exact 50 tokens without any charge or gas fee. To buy Libra cryptocurrency on the Novi wallet, follow the procedure below;
Download the Novi wallet: You can easily install the wallet either from Google Play or the Apple store to get started.
Sign up: Before you can proceed and start buying Libra coins, you will have to open a personal account on the platform.
Verify your identity: To continue using the Novi wallet, you must submit the data required for personal identification. It could be a government-issued ID document or something acceptable. Novi implements Anti Money Laundering (AML) and Know Your Customer (KYC) policies; thus, customer identification is necessary here.
Deposit the wallet: Buying Libra cryptocurrency in the Novi wallet is simple. All you have to do is transfer funds to the wallet, and it gets automatically converted into Libra coins.
After buying the Libra coins and holding them in your Novi wallet, you can easily make purchases or even transfer them to other users. To do this, you must choose the receiver, enter the number of Libra coins you wish to send, and confirm the transaction.
Kindly keep in mind that transactions that have been confirmed can not be reversed. Before sending Libra tokens to someone else, you should confirm the transaction details, so you don’t lose your funds to such a mistake.
Buying on cryptocurrency exchanges
Another easy way to buy the Libra coin is through cryptocurrency exchanges. Although not all exchanges have this cryptocurrency for users to buy or sell, Coinbase is one of the few that do, most likely because it supports the Libra project.
You can easily get the Libra coin on US’s biggest cryptocurrency exchange, Coinbase, and keep it for as long as you want or sell it to someone else. To buy Libra coin on Coinbase, follow the simple steps below;
Open a Coinbase account: You can buy any cryptocurrency on Coinbase without a profile. If you already have a Coinbase account, then there is no need to create another one.
Verify your identity: Just like every other centralized exchange, Coinbase makes sure its users verify their identity before purchasing any cryptocurrency on the platform. Coinbase will ask for any government-issued ID like International Passport, Driver’s License, State Issued ID, to name a few.
Make a deposit: There are several payment methods on the Coinbase platform, and you can use whichever suits you best. Firstly, you need to deposit to buy the Libra cryptocurrency.
Buy the Libra coin: Search for the Libra coin on Coinbase and proceed to place the order. If you already have the funds in your Coinbase account, the process will be automatic, but you will need to deposit if there are insufficient funds to process your order.
What you should know while buying Libra
Buying Libra on Facebook and the Novi wallet is relatively easy, and most people do not have problems with that. You must follow the procedure described in the article carefully and have your coins in your wallet in no time.
However, if you are buying on cryptocurrency exchanges like Coinbase, you might want to be extra careful. As reputable as Coinbase is, it still gets hacked, with some users losing many of their funds. To avoid this, you should withdraw your tokens to a personal wallet immediately after purchase.
Leaving your assets on a cryptocurrency exchange, no matter its reputation can lead to losing them permanently in case of an attack. This advice does not apply only to a small number of digital currencies but to large amounts too. They should be withdrawn to a personal wallet outside the exchange.
Although Libra just got launched a few years, it has grown to be one of the biggest things in the cryptocurrency space. Even before its launch, Libra had started seeing massive support from so many potential users around the world. People saw the vision and wanted to be a part of it.
However, the adoption of a cryptocurrency project is not enough to judge if you should invest in it or not. There are so many other factors that will determine if a project will succeed or not. The use cases of the project, for example, say a lot about its future and life.
Libra has many use cases, and we can tell from this that it is a great project. Also, it gains massive adoption by the day as it interests many people. I bet you also don’t want to miss out on this, but I advise that you only invest what you are capable of losing. If you can’t afford the loss, you shouldn’t go for it.
Meanwhile, if you are still interested in investing in this cryptocurrency, you should get started with it. I have discussed the different ways in which you can buy the Libra coin easily.
After purchasing the coin, remember to withdraw it from a personal wallet instead of leaving it lying on a cryptocurrency exchange like Coinbase.