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The development of secure digital identity authentication is one of the driving forces behind the progress of the digital age. Now, Facebook has decided to delve into the game with its cryptocurrency wallet, NOVI.
It’s not the social media giant’s first incursion in crypto. However, its previous attempt, Libra, was more of a fiasco. So, will NOVI do any better? And how does it work? In this article, we’ll answer these questions and many more.
What is NOVI?
NOVI is a new digital wallet from Facebook. The company developed it to streamline payments across its social media platform. This way, users can pay for almost any product or service. For instance, they can even use it to reserve Airbnb and Uber services.
The NOVI wallet should help the mainstream adoption of crypto payments. Furthermore, it should give non-crypto users a peek into the promising world of blockchain technology.
It features an onboarding process that allows users to automatically connect their bank account or credit card to their NOVI. This practice eliminates some of the complexities around purchasing cryptocurrencies.
The wallet also makes spending cryptocurrency easier by providing discounts at participating retailers when paying via NOVI. From there, users can take advantage of NOVI’s tokenized balance sheet. This feature provides greater transparency into how NOVI manages people’s funds.
Users also have access to various other features. For example, they can schedule regular bill payments, peer-to-peer transfers, and more on one convenient dashboard. If you plan on using NOVI on your phone, you’ll need to download the wallet from your respective app store.
Is the Facebook Crypto Wallet Available At The Moment?
While NOVI will be available to users in dozens of countries, not everyone will use it immediately. For instance, the wallet will only be available on iOS and Android devices. So, if you have a laptop or desktop computer running Windows or macOS, you won’t be able to use NOVI. That is until Facebook releases a web version of the wallet.
However, even when a web version is available, you’ll still need a phone with NFC capabilities. Only this way, you’ll be able to connect your wallet to an NFC-enabled point-of-sale terminal. That means that for now, NOVI works best for quick payments from Android smartphones and iPhones.
So far, developers aren’t exactly lining up to create supporting apps for NOVI. That would make them compete directly with Facebook. Also, not many terminals that accept NOVI exist yet. As always, Facebook rushes into rolling out features without mapping their entire processes for everyday users.
How Can I Buy Novi?
You can invest in NOVI by purchasing the app’s native token, Novi. However, you will have to do so soon using other cryptocurrencies on popular crypto exchanges.
Where Does My Money Go When I Invest In NOVI?
When you buy NOVI, your funds will reach a multi-signature (multisig) wallet. This means that your money will sit in an account under the control of more than one person or company. Simply put, your funds are under the protection of several security layers.
A multisig wallet prevents anyone from taking out all of your funds at once. For instance, withdrawals require signatures from all its custodians. Otherwise, they don’t receive the green light. Therefore, it makes hacking very difficult and puts off criminals.
Can I Get My Money Back After Investing?
Yes, you can get your money back anytime. NOVI does not impose additional fees or hidden payment traps. Also, you can sell your tokens for fiat currency. For instance, within 14 days of purchase, it is possible to receive 100% of your investment back. Furthermore, this wallet does not limit withdrawal or deposits, and withdrawals are always free of charge.
Lastly, the exchange offers multiple options, including BTC, ETH, LTC, among others. This means that you can deposit fiat into their wallet via credit card, bank transfer, or another payment method. Next, you can quickly buy one of those cryptocurrencies from the NOVI website.
NOVI could become a convenient way to save on everyday purchases. Also, it may become an alternative to traditional savings accounts. Nevertheless, like any crypto-based project, it comes with opportunities and risks. Only time will tell how these will inflict on its popularity and mass adoption.