Is Facebook’s Libra Coin a Viable Bitcoin Alternative?

Or a Wall St. Wolf in Crypto-Sheep’s Clothing?

Alright, let’s face it. Facebook doesn’t exactly have a history of being a trustworthy organization. Time and time again, FB proves itself to have its own best interests at heart. Its products are free because we are the product.

While some may view the social media giant’s new cryptocurrency as a great alternative to bitcoin, others see it as a threat to centralized finance.

For example, the U.S. Congress itself wants to invite Zuck over for a friendly talk. “Mark, buddy, slow your roll on this one. We’ve got a good thing going here, okay?”

Regulators and legislators alike are sounding the alarm. Is it surprising that those comfortably resting in the back pockets of central bankers are shaking in their taxpayer-funded boots? Not in the least.

After all, they’ve got an elaborate, nearly global stranglehold on modern finance. With the exception of three countries — Cuba, North Korea, and Iran —central banks owned by the Rothschild family dictate the monetary terms of every banked citizen in the world.

You see, bitcoin and other cryptocurrencies sprung from a cry for self-sovereignty. Nakamoto’s invention was about much more than a single financial crisis.

Bitcoin’s original intent is to free ordinary citizens from the cloaked financial slavery of the world’s central bankers.

By using select cryptocurrencies, people can calmly and peacefully shout, “no!” and drop out of the manipulated financial system.

And the last thing central banking systems want is for bitcoin and bitcoin alternatives to succeed. Because when you can just print money whenever the mood strikes, why would you ever want to stop?

A Threat to Privacy

On the surface, Facebook wants us to believe that they’re serious about protecting our privacy. But the monopolistic conglomerate gives us no reason to believe their promises.

Facebook will always find a way to sell our data. That’s their bread and butter and how they fund purchases of other companies that may stand in their way, a la Instagram and WhatsApp. Want more? Here are 72 companies gobbled up by FB.

By using Facebook’s new cryptocurrency, you’re freely offering your data to them. Again! But this time, instead of tracking your shopping habits and following you all over the Internet, you’re taking part in their internal financial ecosystem.

However, consumers can enjoy the freedom of digital payments without strengthening the grip Facebook already has on modern society.

No, friends, Facebook doesn’t care about your privacy. On the contrary, they want to invade every aspect of your life, gather voluntary data about you, then turn around and sell that data for a profit.

In fact, here’s an insider account of how Facebook blames its users, in court no less, for destroying their right to privacy.

And what do you get out of your relationship with FB? A free platform for sharing mostly inane details of your life with people who may or may not even like you at all.

But we know that there’s a better way. Financial transactions should always remain private whenever possible, which is why we assembled the CloakCoin project in the first place.

Yes, bitcoin is a fantastic cryptocurrency, and we wouldn’t be here without it. But as a privacy-focused bitcoin alternative, CloakCoin offers a means to exchange value without divulging financial details to anyone.

Wrapping Up

Banks and financial institutions have restrictions on the collection and transmission of customer data. And for good reason!

Facebook already holds — and continues to gather — an alarming mass of personal data. We can only imagine the resources required to store videos and images and chat transcripts and voice recordings of billions of people.

By using CloakCoin as a method of payment, your transactions remain secure and 100% anonymous. There’s no mega-corp looking over your shoulder, spying on your private financial information.

While we appreciate the efforts to uplift millions of underserved citizens, entrusting privacy-invading corporations with our financial data doesn’t seem to be a wise decision.

And, considering its monopolistic partners — Uber, eBay, VISA, Mastercard — Facebook’s Libra coin may very well have long-term plans to become the world’s dominant central bank.

This time around, the financial onslaught is digital. But rather than participating in Facebook’s monetary ecosystem, we encourage you to create one of your own.

Download a CloakCoin wallet, put some CloakCoin in it, and earn 6% annual interest while you’re at it. By doing so, you become your own bank.

And while operating as your own bank, you and only you are privy to your financial details. Bitcoin’s not at all private, and Libra’s privacy features are decidedly lackluster.

And total privacy is a strong reason why CloakCoin is not only a standout bitcoin alternative but also an excellent alternative to Facebook’s Libra.


Jon, aka "BlockchainAuthor," has over a decade of storytelling experience. His fascination for decentralized economies drew him into the world of blockchain and crypto, while his devotion to privacy enticed him to collaborate with the CloakCoin project.

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