Crypto Payments Are Coming On WhatsApp To Kick Off Mass Mainstream Bitcoin Adoption
Crypto Payments Coming On WhatsApp And Kick Off Mass Mainstream Adoption
Wuabit, a cryptocurrency wallet that is accessible in WhatsApp through a chat interface is going to release its public beta next month. As per the reports of Britain's Express, this ‘software agent’ is powered by specialized AI. This means users would have to simply type in the command such as send 0.01 BTC to X (recipient name) and Wuabit will send the cash.
“We are near completing the wallet core service starting with BTC,” said a spokesperson of the company. “By using WhatsApp/SMS/Telegram you can access that wallet easily.”
One of the most popular messaging platforms, WhatsApp boasts of a reported 1.5 million users worldwide that will give it a huge user base and a significant kick to the cryptocurrency adoption, that too into the mainstream.
“Crypto payments via WhatsApp can introduce greater numbers of new users who only know how to chat to this complicated space. Usability is key in user adoption and a great enabler.”
Back in late 2018, the company had shared that after wallet, they will add more services like exchanges, payments etc. Manuel Polo, the founder and CTO of Wuabit said they will rely on phone PIN of the user and will have two-factor authentication available as well. He further shared that the backend servers won’t store the private keys and about all the funds will be stored in an offline cold wallet.
Mainstream Adoption In The Works
Simplicity is no doubt the key aspect of this wallet as the complex nature of cryptos has been one of the main components hindering the mainstream growth of cryptos. As it states on Wuabit website, AI, an important element of the app will make chatting with a Wuabit assistant as easy as chatting with a friend.
While the public awareness about bitcoin and cryptocurrencies worldwide has grown exponentially, especially after the bull market of 2017 that saw Bitcoin at $20,000, it is still neither widely understood or used.
Lack of understanding has been the primary factor that's keeping the mainstream audience away from this space. Now, with the integration of blockchain and crypto in mainstream apps like Whatsapp in a simple manner could drive the public to the crypto.
Recently, Samsung launched its latest model Galaxy S10 that comes with a crypto wallet that is currently compatible with Ether and ERC20 based tokens. The wallet also supports four Dapps, crypto gaming platform Enjin, merchant payments service CoinDuck, crypto collectibles platform, CryptoKitties, and Beauty community Cosmee. The flagship product of Samsung will expose cryptocurrencies to the millions of regular people.