What you should know about Diem? An insider’s report
In this year, we might get to see another cryptocurrency, Diem, although its launch date has not been fixed. You can learn about this currency first, in this blog. Facebook always wanted to establish itself in the cryptocurrency market. It was evident from its ambitious project, Libra. However, that project was abandoned, and instead, a new currency was adopted, Diem. In the digital currency industry latest news in UK, we will talk about a new cryptocurrency, Diem. Diem, a version of Stablecoin, which can be used to purchase products, just like regular money. Backed by Diem Association, this currency is set to launch this month. However, neither Facebook nor the Diem Association, has released any specific launch date. Initially, it will be launched in some selected places, however, it is not clear which ones. Like most cryptocurrencies, Diem will have Blockchain working at its background. So, it will have all the characteristics of a cryptocurrency, it will be secure, fast, private, and valuable. Of course, it cannot eliminate fiat currency and other cryptocurrencies overnight. However, it is said that this currency can change the dynamics of the cryptocurrency market. The news has caused a stir in the cryptocurrency community, some accepted this concept, while others didn't. Some government agencies think that it can cause security issues, and they may not permit Facebook to launch this currency in their lands. However, others are optimistic and want to give this currency a chance. Currently, 1 Diem equals 1 US dollar, and people can use it to purchase all sorts of things. The price of this currency may vary, depending on the situation. We all know Facebook is used by billions of people, and Diem offers a superior payment option. There might be lesser transaction and processing fees, and it may consume less time (in the case of international transactions). But there is a bigger purpose here. Several people still don’t have bank accounts and are unable to use traditional banking services.
Diem is aimed to assist those people and help them make transactions and save money alongside. All they have to do is to use a smartphone with an internet connection, and have an account on Facebook. It is said that this currency will be available across other platforms as well. Similar to other cryptocurrencies, Diem comes with its wallet, Novi. Using this wallet, one can purchase Diem, store it, and convert it back to fiat currencies, whenever required. Like a bank account, people can deposit and withdraw money from here. The good news is; people don’t need a social media account to access and use it. The bad news; it is still not developed, and it does not have any community presence. This means you will get limited support if you run into some problems. Also, each wallet has some processing fees, and the Diem Association is yet to disclose Nori’s fees. Is there any matter of concern? Experts say, yes, there is, but not on the cryptocurrency front. Social media was targeted on multiple occasions, and the crypto market has suffered immensely due to that. So, we have to take this currency with a grain of salt at the moment. With that, we end this blog on the digital currency industry latest news in UK.