Chatspin Video Streamer Resorts to Pulling the Crypto Payments Plug after Year-Long Bearish Market
The cryptocurrency industry is just like any market. When the money flows in, the token prices go up, and when it flows out, the prices drop. Sadly, right now the cryptocurrency market is witnessing a considerable outflow in what is technically a bearish run.
Meanwhile, Chatspin, the popular random video chat app, has taken into account the continuing slump of most coins.
The fast-growing application has announced plans to shelves its initial decision to include cryptocurrencies as a form of payment. The move is a result of the significant loss of value experienced by Bitcoin and other its counterparts within this year.
Disclosure on the abandonment
In a company press release on December 6, Chatspin explains their new position not to jump on the crypto bandwagon by not implementing their initial decision to increase crypto to their payment methods.
Initially, Chatspin considered the idea of crypto payments due to the popularity of the digital asset earlier this year.
Chat Press Manager explains their new position by saying, “Just a few months ago, the idea of accepting Bitcoin, Litecoin and other cryptocurrencies as forms of payments seemed like a no-brainer. But having closely followed the cryptocurrency markets, we can see no value to accepting these digital coins and feel the risk far outweighs the reward.”
Bear market affecting adoption?
The first half of 2018 saw an exponential focus on blockchain technology by most companies seeking to flourish in cryptocurrency. While companies were quick to jump on the trend by offering Bitcoin and other coins as a means of transaction, the continuing price slump is increasing the uncertainty with firms.
This is the state right now. Crypto is experiencing liquidation, and with the price slumping, most coins will have no potential application to boost their adoption and circulation. Remember cryptocurrency ventures or payments require the trading of tokens, and without this, the individuals and firms will not be able to pay for business development or transactions. Such a vicious circle of liquidation eventually drives the prices down.
Despite this, Chatspin is still resilient in its growth across multiple devices and attributes the recent user upsurge to the introduction of new features to its video app.
On December 4, Chatspin introduced its location and gender filters to ensure secure and personalized chatting between the users. The company also offers AR filters that are available on the app's desktop version. Also, the update saw the introduction of premium filters for users willing to pay the subscription option for video streaming services. Initially, the cryptocurrency adoption in Chatspin targeted the premium features option, but the services will be available for subscribing through credit and debit cards.
The CHATSPIN App
Chatspin is a video chat app that allows free random chats between strangers from around the world. The streaming app prides itself on providing a casual video conversation without the need for registration.
Users also get free chat features that allow them to take advantage of their webcam and meet thousands of people on the platform.