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Calibra is a free mobile cryptocurrency wallet currently being developed by Facebook. Its creation comes as a result of the social media giant’s efforts to expand into the cryptocurrency sphere. Facebook is a founding member of Project Libra, a highly controversial organisation that hopes to provide financial services to millions across the world. This organisation already has its own cryptocurrency called Libra. The Calibra wallet is a natural companion to this digital currency, allowing Facebook to connect Project Libra with its millions of Messenger and WhatsApp users.
Information on Calibra is still sparse, and although it is expected to be released in 2020, various legislative barriers might cause additional delays. This Calibra review will provide you with the latest information available on Facebook’s cryptocurrency wallet. The team at Cryptimi will endeavour to update this review as soon as new information becomes available, however, we do recommend you visit the official website to get the latest news and details.
Calibra is different from most cryptocurrency wallets as it is being created in order to further encourage the mainstream adoption of digital coins. Backed by Project Libra, the Calibra wallet wants to increase the number of digital payments, by increasing convenience and reducing fees. According to Facebook, one of the reasons behind its creation is to provide access to digital currency to the unbanked. This, the company believes, will improve their standard of living by giving them access to the global economy.
How does Calibra currently compare to other top rated crypto wallets?
Unlike the majority of cryptocurrency wallets, Calibra will only be supporting Libra. This means that Project Libra will need to ensure that there are one or more exchanges where fiat currency or cryptocurrencies can be converted to Calibra’s sole coin. Details of such an exchange are still limited, however, it looks like it will be possible to convert traditional currencies, such as EUR or USD into Libra directly from Calibra.
This revelation means that Calibra can eventually develop into an exchange wallet that works independently of any other centralised exchange.
Libra is a cryptocurrency developed by Project Libra to serve as a global payments currency. Like Bitcoin, Libra is built upon Blockchain technology, specifically, the Libra Blockchain. This allows it to be scalable and secure, with its algorithm being opensource. Unlike Bitcoin and most Altcoins, Libra will be a stablecoin, which means that its price won’t be as volatile and unpredictable. This will allow it to be a more secure form of payment, similar to traditional currencies.
The Libra Foundation hopes to achieve this by securing Libra with the Libra Reserve, a collection of assets that serve as collateral for every coin created. This system was originally used for most currencies, which were oftentimes backed by gold and other precious metals, giving the currency intrinsic value.
Since Calibra is a mobile wallet, it does not come with any hardware. Once the wallet becomes available in your territory you can download it for free and start using it after having verified your account.
Calibra can exist in three forms:
Facebook aims to capitalise on its millions of users worldwide to spread Calibra as quickly as possible once it is released. Initially, the wallet will be used to facilitate payments between two individuals. This means that you should be able to send money to a Messenger or WhatsApp contact as easily as you would send a message. Individuals who do not wish to use either messaging app can opt to download the standalone application and send funds to each other in this way.
Once Calibra is officially launched, it will be primarily available for peer-to-peer payments, not businesses. However, it should be possible for a small merchant to create QR codes which the client could use to connect and pay a bill.
Calibra will be a regulated cryptocurrency wallet, and this means that all users will need to verify their identity before being able to use it. Once you download the app, you will need to provide a government identification document which contains both your name and residency address. This should help reduce the possibility of fraud and will ensure that whoever you are sending money to has been confirmed as genuine.
Once you have set up your Calibra account you will need to get hold of Libra. One way is to have one of your Messenger or WhatsApp contacts send you some. Initially, however, you will most likely need to exchange one currency for Libra, either using the wallet’s exchange feature directly or through a separate cryptocurrency exchange.
With Libra in your account, you will be able to send it to your contacts or to use it for small payments. Although the process for this has not been defined, it will likely be as simple as a “Send Libra” button. All you will need to provide is your contact’s name or mobile number and the amount of Libra you intend to send. To make a payment, you would probably be able to select the camera option which would take a snapshot of the merchant’s QR code.
Information on fees is still limited, however, it looks like Calibra will charge users a minimal transaction fee. Whilst in some instances on the Calibra website there is a reference to zero fees, in other sections, it looks like although transaction fees will be low, there will be. In addition, currency conversion fees will also be charged, just like when converting any currency into another.
Fees are an understandable element of Calibra’s sustainability. Without fees, serious questions would be raised about how the wallet can exist. Even though the company which owns the wallet is a subsidiary of Facebook, the social media giant has made it very clear that the two entities are separate, with no transaction data passed between them.
As a cryptocurrency wallet developed by Facebook, Calibra will have to ease the concerns of regulators and users as regards to data protection. To this end, Calibra has issued a Customer Commitment memorandum where it outlines all the steps it will be taking to protect user data and comply with international regulation and consumer protection laws. A link to this memorandum can be found on Calibra’s website in the FAQ section.
An important step towards ensuring a safe environment for Calibra users is verification. This will help ensure that no fraudsters use the wallet for criminal activities. In addition, transactions will also be verified using fraud prevention tools that will be built into the application.
A customer service team will be entrusted with the continual monitoring and safeguarding of transactions and customer data. Similarly to Facebook, users will be able to notify this team of suspicious transactions or other concerns through in-app reporting tools. Calibra has also committed that should a user’s funds be lost due to fraud, the user shall receive a full refund. Further information on this insurance was not available at the time of writing.
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Should you forget your Calibra login password you will most likely be able to access your wallet using a forgot password option. Information regarding possible recovery options is not currently available, however, Calibra will probably follow best practices used on Facebook and other digital wallets.
Should your mobile phone get stolen you will most likely be able to recover your funds on a new mobile phone by entering a pin code or use a similar type of passcode. Calibra’s customer care team might require you to provide the same government ID or credit card used on your original mobile phone.
Whichever recovery options are finally implemented on the Calibra wallet, they are likely to be simple and convenient, in line with Facebook’s recovery tools.
The Calibra wallet has not yet been launched, however, users and regulators have already begun sharing their opinions of what it could ultimately mean for cryptocurrencies. Many in the crypto community are hailing Libra and Calibra as the game-changer since it will make the stablecoin instantly available to Facebook users across the globe.
This will bolster the number of individuals who own and use cryptocurrencies, significantly facilitating their introduction into mainstream economies. What’s more, this can happen virtually overnight, just as soon as the wallet is available.
An equally significant portion of the community is wary of Facebook’s data protection record. Many users on Reddit and worried that although Libra’s code is open source, Calibra’s is not. This means that no one outside of Facebook can be certain what data collected from the wallet will be used for. Such concerns are shared by international regulators who have been investing Project Libra since before it was launched.
It is difficult to compare Calibra to existing wallets since information about Facebook’s wallet is still sparse. The following comparisons are based solely on official information available on Calibra’s website.
Both Calibra and eToro Wallet are mobile wallets developed by global organisations. Whilst Calibra will only support one cryptocurrency, eToro Wallet can accept 126 different coins, including Bitcoin, Ethereum, and Litecoin. With funds stored in a hot wallet, eToro Wallet’s security net has a greater risk of being breached than cold wallets. This is also true for Calibra, which is likely to store user funds online, rather than in an unconnected cold storage device. Both mobile wallets are free to download and are regulated, requiring users to verify their account before use.
Trustology is a user-friendly mobile wallet which supports up to 11 cryptocurrencies, including BTC, ETH, and ZRX. Like Calibra, Trustology can be free to download and use, although there are also premium options which offer, amongst other benefits, insurance. Calibra, on the other hand, will not have any setup or monthly fees and should offer insurance against fraudulent transactions to all its users. Whilst Trustology has been specially designed as a wallet for decentralised application developers, Calibra has been designed as an add-on to Messenger and WhatsApp.
Portability – 5.0
Security – 3.5
Ease of use – 4.5
Cryptocurrency Support – 1.0
When Libra is used in transactions, a small fee will be charged to the sender.
To indirectly invest in Calibra you need to either invest directly in Facebook or buy Libra cryptocurrency.
Calibra users must all be verified before being able to carry out any transactions.
Facebook has stated that Calibra will be a completely separate entity from the social media giant. According to Facebook, the two entities will not share or have access to each other’s user information.
Calibra is a subsidiary of the social media giant.
eToro Wallet is a relatively recent addition to the eToro suite of products and services. Allowing you to send, receive, and trade cryptocurrencies, the wallet is set to become a major player in the market. Highly volatile unregulated investment products. No EU investor protection.
The Trustology wallet is an innovative custodial service which combines the best features of hot and cold storage devices, offering you a secure solution to manage your cryptocurrencies.