How To Buy Facebook Libra In Australia
Written by: Marcus P.
Facebook is known for coming up with revolutionary products, and it recently decided to venture into the cryptocurrency industry.
A few years back, this tech giant announced that they would be launching the Libra coin, a cryptocurrency with the intrinsic value of money.
For a company that is known for implementing projects swiftly, Facebook took its time with this coin.
If you’d like to learn how to buy Libra coin in Australia, here’s a quick guide for you!
Facebook has always kept up with the latest technology, now it has dipped its toes into the cryptocurrency opportunity. Although Facebook was a little late to the party, only announcing their interest in cryptocurrency back in 2018. In this article, we discuss how the Facebook Libra works, and show how you can buy it in Australia.
After reading this article you will be educated enough to know exactly how to buy Libra coin in Australia!
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What is Facebook libra? A Quick History of The libra Coin
The cryptocurrency industry is rapidly growing primarily because people are always looking for new ways to diversify their portfolios and innovative ways of investing money.
Facebook has always been a leader in digital technologies, which is why it’s no surprise that they jumped on the cryptocurrency wave to launch the Libra coin.
This digital currency was aimed at competing with other cryptocurrencies like bitcoin and hopes to give users a way of spending money without going through traditional financial systems.
Like most of the other altcoins & stable coins, Libra is associated with various international currencies, a factor that increases its stability.
Most of the other coins are subject to significant discrepancies & complications, primarily due to price fluctuations, and Libra has been designed to tackle such challenges.
Sending this digital coin over facebook subsidiary apps like Messenger and Whatsapp is free, and you can use ATMs to swap Libra for fiat currency.
With facebook’s vast reach, Libra will likely become a cryptocurrency game-changer.
Who Created The libra Coin?
It’s important to note that even though Facebook initiated the Libra coin, they don’t own it.
It’s owned by an independent group known as The Libra Association, which was backed by Facebook to launch this cryptocurrency.
The seeds of the Libra coin were sowed in 2018, when Facebook’s founder, Mark Zuckerberg, hinted that they might be getting into the cryptocurrency sphere.
Zuckerberg started showing interest in digital coins through blogs and Facebook posts that were meant to tease the public of their upcoming project.
Facebook then created a blockchain division headed by David Marcus, which later officially announced in December 2018 that they planned on launching a new cryptocurrency.
It was later announced in June 2019 that the coin would be released within the first 6 months of 2021.
Facebook also stated that the new cryptocurrency would operate under Calibra, a Facebook subsidiary.
How does Facebook Libra work?
Facebook has been facing a lot of ethical concerns regarding user information & data privacy, but this didn’t stop them from forming the Libra coin. Zuckerberg believes that they can adopt encryption or cryptocurrency transactions to counter privacy violations.
Like most digital assets, Libra is based on a decentralized structure and allows people to send money through social platforms like Whatapp conveniently.
It’s like a hybrid between Paypal and stable coins; only it has distinct differences. For instance, Libra is mainly aimed at people who love anonymity and don’t have bank accounts.
Unlike bitcoin, this digital coin is tied to other fiat currencies, and while this would mean that its price is always constant, this isn’t the case.
Libra’s value can be impacted by market conditions but is safe from the volatile nature of the cryptocurrency industry. Simply put, the libra coin isn’t a digital asset that you can HODL, expecting its value to increase; it’s more like forex trading, where you exchange AUD for USD.
Where To Buy The Facebook libra Coin in Australia
There are 2 main ways on how to buy Libra coin;
1. Facebook Apps
Since Libra is a product of Facebook, it’s no surprise that you can purchase the coin through Messenger and Whatsapp. Non-facebook users can also buy this cryptocurrency, but they have to use Novi Wallet. This online wallet was designed by Facebook and is specifically intended for Libra’s payment system.
The best part about Novi Wallet is that there are no hidden fees which means that if you send 100 Libra to another user, they will receive all 10 digital coins.
Currently, this wallet is still unavailable, but you can sign up on the website so that you can receive a notification as soon as the app is launched, but this article shows you how to buy Facebook Libra before it is available to the public.
Here’s a step by step guide on how you can use the Novi wallet to trade Libra once it’s released;
- Download the wallet.
- Verify your identity because Novi will be compliant with both AML (Anti-Money Laundering) and KYC (Know Your Customer) rules.
- Deposit funds into your wallet using fiat currency.
- You don’t need to hold your funds because the transition from fiat currency to Libra is instant.
For Facebook users, Novi wallet will be automatically integrated into the network, so you’ll have a place to store your coins once you purchase them. Purchasing the coin through Facebook is pretty straightforward;
- Log in to your account.
- Open your wallet through messenger or WhatsApp.
- Enter your preferred payment method.
- Buy the coins.
2. Crypto exchanges
Currently, Libra isn’t publicly available, which is why it’s not listed on any exchange site. However, once it’s available to the public, popular exchanges like Swyftx will definitely add it to their list of cryptocurrencies.
If you’d like to trade other digital coins in the meantime or are anticipating that you’ll buy Libra once it’s available, here’s a step-by-step guide on how to go about it on Australia’s best exchange based on our reviews is Swyftx (read the full review).
1. Create an account: whether you’re just starting out or are an active cryptocurrency investor, Swyftx is one of the most reliable platforms in Australia.
The sign-up process only takes a couple of minutes and is quite simple. You just have to provide your email address and set up a strong password.
A verification link will be sent to your registered email address, after which you can log into your account. It’s recommended that you set up 2-factor authentication as soon as you create your account to add an extra layer of security.
2. Verify your identity: Swyftx is registered under AUSTRAC and has to comply with KYC rules. This is why you have to verify your identity before you start trading.
The verification process is, however, very quick and only takes less than 10 minutes. First, you have to verify your identity by uploading an official ID document, email address, and phone number. This can easily be done by navigating to:
Left navigation bar> profile> verification.
3. Fund your account: depositing funds in your account is very easy because Swyftx allows the most common Australian payment methods, including PayID and BPAY. The deposits are instant, and you can deposit in AUD.
4. Start buying coins: navigate to the trade section of your account and look through the coins listed on Swyftx. There are more than 260, including popular coins and lesser-known altcoins. Once you identify the coin that you’d like to trade, enter the amount of AUD that you’d like to spend on them and then make a purchase.
The best part about signing up on swyftx is that you receive a sign-up bonus of $20 worth of free bitcoin. It also comes with a demo account that you can use to sharpen your trading skills before Libra is listed on the site.
It’s advisable that you store your digital coins in an external wallet if you don’t plan on trading regularly. Active traders can, however, keep their cryptocurrency on the SWyftx platform.
Who Can Use The Libra Coin?
Mark Zuckerberg highlighted that the Facebook libra coin was meant to take power from centralized financial systems and give it back to the masses.
Due to Facebook’s massive number of users, the coin is also likely to attract people from all nationalities, even those in developing nations.
The libra coin will eliminate the high card-processing fees by eliminating third parties in the transactions.
These charges are sometimes as high as 3% of the transaction fee and are often collected by payment processors and the government.
With this cost eliminated, merchants and online trades are likely to embrace this digital currency.
What Are the Pros and Cons of the Facebook Libra Coin?
How much is the libra coin?
Since this coin is yet to be released, its actual price is unavailable. It’s, however, expected to be cheaper than other altcoins, owing to its newness in the industry. Libra will also be more affordable compared to other money transfer services, and transactions will only be a tiny fraction of a cent.
Businesses that adopt this cryptocurrency will incur fewer transition charges than they do with credit cards.
When the Facebook libra coin is launched, it will probably start trading at low prices, but its value will stabilize once mass adoption is achieved.
What Is The Difference Between Buying and Trading The Libra Coin?
When you purchase the libra coin, you can trade it as you please or even hold it. On the other hand, trading the coins doesn’t require you to own Libra. You can easily take long and short positions without being in possession of the cryptocurrency.
Buying the coins also allows you to use it for transactional purposes as you would fiat currency and comes with low-level risks.
What Are The Future Plans For Facebook Libra?
One of Zuckerberg’s long-term plans for the libra coin is to grow it into a major competitor of payment platforms such as Apple Pay and WeChat.
For this to happen, Facebook has to comply with available privacy clauses and anti-money laundering guidelines. However, if Libra is executed properly, it could revolutionize how stablecoins are viewed.
The long-term advantages of this coin are a major game-changer, but the success of Libra is highly dependent on its successful implementation and adoption.
Should You Invest In The Libra Coin?
When Libra was first announced, it was intended to be a global financial ecosystem, but it has since been scaled down.
Unlike buying cryptocurrencies like Bitcoin and Ethereum, there’s still a lot of controversy surrounding this coin. It also hasn’t been launched yet, so all claims of its profitability are highly speculative.
There’s a high chance that when Libra is released, there will be a massive audience for it, which will increase its price. You should, however, be cautious before investing in this coin.
Hopefully, this article has useful information on how to buy Facebook Libra when it is available. In the meantime, you can educate yourself on buying Bitcoin and Ethereum the most popular cryptocurrencies below.
Warren is the co-founder of CoinCryption. He has a passion for cryptocurrency and has been involved in this space for more than 7 years. His other love is digital marketing and has over 15 years of experience.