A lot of cryptocurrencies have been developed with time for easy payments on certain Meta platforms. Some of these currencies have gone on to make waves all around the world while some are still on the drawing board. One of such cryptocurrencies is the Diem Coin and you may just be hearing about it. Which category does this coin fall into, the launched or the ones on the drawing board? What is the coin and what makes it different from the other coins? Who created this coin and why should I care?
All these questions and more will be answered in this article as we demystify the Diem coin with related questions around it.
The Diem Coin is a blockchain-based stable coin permission for payment as proposed by Meta Platforms (an American social media company). This proposal was officially announced in June of 2019 under the name ‘Libra’ which was later changed due to legal challenges. It was scheduled to be launched in 2020 but was later abandoned in early 2022 after some rudimentary experimental codes were released. This was partly due to the opposition generated from regulators in the European Union, the USA, and some other countries as regards monetary sovereignty, privacy, stability of the coin, and others.
Can I Still Buy The Diem Coin?
Due to the issues regarding the launching of the Diem Coin, buying it may be a longer process than with other coins. The Coins can only be bought with another cryptocurrency like Ethereum (ETH) on decentralized exchanges. To buy this ETH or any other cryptocurrency of your choice, you need to get a self-custody wallet.
To obtain a self-custody wallet:
- Download The Wallet: Just head over to your mobile app or browser extension to download the self-custody wallet of your choice.
- Fill in your username: This username will allow other users of that wallet you chose to send cryptocurrencies to you. You can choose to keep your username private, but it would be required to grant you access to your account.
- Store Your Recovery Phrase: This is like a passcode of 12 or more random words that grant you or anyone with the phrase accesses to your wallet. It is best to copy out this phrase where it would not be seen by anyone for security reasons.
- Set Money Aside For ETH Fees: Well, fees will pop up once in a while depending on how complicated the transaction is, how busy the network is, and more. So always keep money aside for these.
- Buy ETH And Transfer It To Your Wallet: This cryptocurrency (or any other of your choice) will be used to purchase the Diem Coin from your wallet.
- Use Your ETH To Buy Diem Coin: After transferring the cryptocurrency you purchased to your wallet, you can go ahead to use it to purchase a Diem coin (if you’re using the mobile app) or convert it to the Diem Coin (if you’re using the wallet’s extension).
Buying a Diem Coin may be worth it later as its price is relatively low at the moment and may rise later. Before buying though, be sure you understand it well enough to make the right decisions.
How Much Is A Diem Coin Worth?
As at the time article was written, a Diem coin is worth $0.105139 per DLB. This is just an estimated price as it may vary from location to location and from time to time.
Conclusion
Cryptocurrencies are more or less the future of payments and have come to stay. It is important therefore that we all key into this new economy and invest in coins like Diem. This coin has been explained in brief in this article and it’s best you carry out more research h before deciding to invest in it.
Frequently Asked Questions On Diem Coins
- Who Began Working On The Diem Coin?
In 2017 after the Diem Coin idea was conceived and planned, Morgan Beller began working on the Diem Coin as the only person on board then. Later on, in 2018, Meta Vice President David A. Marcus joined the team after moving from Facebook messenger to the new blockchain.
The official creators of the coin after it was formally announced in June 2019 were Morgan Beller, David Marcus, and Kevin Well, and the first release was scheduled for 2020.
- Can I Mine My Diem Coin?
Sadly, the coin will not rely on cryptocurrency mining. It would be open to only those in the Diem Association for mining and other transactions.
- Why Has Diem Coin Not Been Released Fully Yet?
The coin was said to have not met all of its regulatory concerns as it has not yet obtained approval from the US regulators. Following that, some of the investors like PayPal, eBay, MasterCard, and the rest began to withdraw from the Libra association.
There is still hope the coin will be launched though as Mark Zuckerberg keeps making plans to launch as announced by the Facebook group.
