When Facebook was planning about launching virtual currency on its platforms their first choice was Bitcoin . The development team wanted Bitcoin as an payment a way to scale the platform while maintaining its low fees. But what was worse,Facebook was unable to provide the functionality it wanted due to Bitcoin's slow performance expensive fees and technical issues related to Bitcoin's limited block size.
Bill Barhydt, CEO of Bitcoin investment platform Abra, claims that Facebook staffers told him the company wanted to use Bitcoin as a cryptocurrency to power its payment platforms. But the social media giant had “no choice” except to develop its own cryptocurrency, due to Bitcoin’s inability to scale.
The Bitcoin network has become a key component of the digital currency economy. The network allows users to send money as easily as uploading an image to the Internet. Bitcoin's technology allows transactions to occur virtually instantly, and allows users to send money between one party and other.
Barhydt said he had taken part in multiple conversions with Facebook team members, and they told him that their initial goal was not to create a cryptocurrency, but a payment platform, that served their users’ needs.
As time went on, the team noticed that the users needed a cryptocurrency as well, one that would be backed by no-fee, permanent fiat, no-regulation and no-control. So they created Libra there intention was not to create a crypto currency they just wanted payment system for their platforms.