Facebook finally revealed details about its cryptocurrency, Libra. This new digital currency for everyday consumers aims to grant access to anyone, even to those who don’t have bank accounts but have the need to send and receive money. Libra will be using coins stored in digital wallets available in Messenger, WhatsApp, as well as a stand-alone app. Libra will also allow you to transfer money overseas with minimal transaction fees, which will be active next year.
This new cryptocurrency could undoubtedly change the way we transfer money, but it has its share of risks. Potential users are warned to be weary of this new cryptocurrency for fear that it could expose them to theft and various security breaches. Canstar financial services chief executive Steve Mickenbecker suggests against the early use of Libra, as it seems like it could serve as a back door for hackers. This came from the announcement that the Libra network is “open source” which means that any developer could access its coding and be able to build their own applications in the network.
With the release of this new digital currency next year, it is always important to be aware of any cyber threats, whether you choose to use this currency or not. Always keep your online banking and information safe from threats with Trend Micro Premium Security. It protects you against ransomware, secures your privacy on social media and most importantly, your online banking information. For all-round protection for your whole family, Trend Micro offers Home Network Security which protects all the smart devices found in your home.