WhatsApp users can now send and receive Bitcoin and Litecoin on the popular messaging solution from Facebook with Lite.Im bot.
This integration represents one of the latest steps in simplifying the transaction process for Bitcoin and its integration into the mainstream.
The announcement arrived to the blockchain media via a tweet from Zulu Republic according to which sending and receiving Bitcoin and Litecoin on WhatsApp has become a lot easier now with Lite.Im.
How many steps need to be completed before one can send and receive some of the most popular digital currencies in the world on WhatsApp?
Lite.Im makes it all simple as users only need to add the bot to their WhatsApp and then follow the steps. In addition, users can take advantage of a referral program to encourage participation of friends and family members.
Why is it important to allow individuals send digital currencies over WhatsApp?
For people living in US and Europe and who are more accustomed to using credit and debit cards or online services, sending money over WhatsApp may not seem like a big deal. But if we consider other parts of the world that are not connected to financial services and may have a hard time sending and receiving money – especially from relatives living and working abroad – then we can see why it’s important to have a fast, secure and low-cost service.
How exactly will these WhatsApp integrated apps start competing with each other when we know that the long expected Facebook cryptocurrency should emerge in 2020?
Will Facebook block competition on its Facebook, Instagram, WhatsApp and Messenger platforms that serve more than 2 billion people all over the world? We have to consider that possibility since Facebook did block any crypto and blockchain related ads in the not so distant past.
But should they be allowed to do this and create a global monopoly over financial services using blockchain technology? Since Bitcoin has been created to be a decentralized means of payment, we are indeed curious to see how Facebook will approach the space and if this event will represent the start of mass adoption.