Libra sets out to be a genuinely stable cryptocurrency adopted by masses. With a potential user base of 2.3 billion across the globe, Libra will become the biggest cryptocurrency at launch. This is only if Facebook & The Libra Association can jump through the regulatory hoops to launch it.
Here are the top 5 uses for Libra:
1) Cross-border peer to peer money transfer
Most of the peer to peer money transfer services are regional. You cannot use Venmo to send money to somebody outside of the United States. There are very few services that let you transfer money across borders, but they are expensive.
2) Low-cost merchant services
Most of the merchants are at the mercy of payment processors. These payment processors charge over 3% per transaction. For some merchants who sell products at razor-thin margins, this is a massive chunk of their potential profits.
When Bitcoin was released with was trading at pennies per coin. Right now Bitcoin is worth more than $11,000. If you bought 100 bitcoins for $0.01 each in May 2010, you would have $1,188,230 in June 2019. As Libra become more widely used, its price could surge in the same way as bitcoin did.
4) Making anonymous payment
One of the may benefit of cryptocurrency is that the transactions remain anonymous. Any world government does not control the Libra Association. It is an independent body that regulates the cryptocurrency. You would be able to make a transaction that shady governments cannot track and use it against you.
The main aim of Libra is to help people who unbanked. These people could unbacked for many reasons, including not having proper documentation, restrictions by the government, not trusting banks, and unpredictable banking fees. Libra, together with the wallet Calibra, can act as a bank to store peoples wealth. Libra is currently free to use, and they can access it from their phones.