Will Facebook's "Libra" cryptocurrency outcompete Bitcoin?

Peter Schiff, the CEO of brokerage firm Euro Pacific Capital, believes Facebook's Libra cryptocurrency will outcompete Bitcoin on stability and fees.

Facebook's new crypto currency "Libra" is bad news for Bitcoin.

Facebook will target the very market Bitcoin is counting on for growth, the unbanked in nations with high inflation.

Libra will be stable, and much easier and cheaper to use as a medium of exchange than Bitcoin.

Whether or not the cryptocurrency will compete with Bitcoin remains a matter of speculation.

On the other hand, one could argue that "Libra" targets an audience never intended to be served by a decentralized currency like Bitcoin.

Bitcoin adoption has traditionally been more widespread among the black and gray markets.

Daily use of Bitcoin remains rare in large parts of the world and merchants interviewed by Mashable who accept Bitcoin report infrequent usage and difficulty adjusting to price volatility.

Could the Winklevoss twins be squaring up for a battle over merchant adoption of cryptocurrency between Bitcoin and Zuckerburg's "Libra?" Documented in the 2010 movie "The Social Network," the infamous lawsuit over who invented Facebook may have sparked a war that is not yet over.

The service makes it possible for people to pay for purchases with companies like Whole Foods, Nordstrom, and Regal Cinemas using Bitcoin, Bitcoin Cash, Ethereum, and Gemini Dollar.