You may have heard about Cryptocurrency, sparking-looking currency coins that are living in your virtual wallet and seemingly advertised and interpreted as an upgrade to traditional currencies. You would like to purchase some cryptocurrencies and use them yourself but are restrained by the belief that virtual coins are relatively expensive to obtain, or you have to register to several verifications and documentation to obtain one.
Cryptocurrency accessibility has been made accessible due to its availability on probably one of the most used applications, messaging applications. As a result, Messaging applications have become a general necessity in our digital world. Reflecting on this fact, many large messaging platforms like WhatsApp, Facebook Messenger, iMessage, telegram, etc., have made specific considerations regarding adding Cryptocurrency as their payment feature.
Now let us analyze what possible steps from the above discussed have been taken in this decision and what possible benefits messaging app platforms and Cryptocurrency can have. This convergence is certainly worth investigating and analyzing.
Adaptation of Cryptocurrency by messaging apps
One of the most prominent examples of Cryptocurrency is Kik, a Canadian messaging application available for mobile users that have initially raised over $120 million worth of its called Kin, available for Kik users. It is made on the Ethereum blockchain, a trustable currency commodity. It has a real-time market price of $0.000086 with a 24-hour trade volume of $5.5 million.
Another recent example of this trend is the telegram. While the cryptocurrencies are not out yet and the raisings are unknown, reports estimated a fund of 2 to 5 billion dollars. There are several other examples, but many of them aren’t official, and the implementation of Cryptocurrency is not straightforward.
Benefits of implementing Cryptocurrency into messaging apps
As we can easily understand that the reason for these messaging platforms to undergo these changes is obviously because of their massive user base. Launching cryptocurrency services on messaging platforms offer a more significant economic response than any other mode. It is because messaging people find messaging apps more convenient and trustable because they use them in their day-to-day life.
The platforms also monetize the respective cryptocurrencies, and their reputations and user base increases as a messaging platform increases as they provide offers and giveaways to their users. It is also beneficial for large cryptocurrencies platforms such as Bitcoin. However, they do not get enough user volume like retailers and merchants because they cannot approach every social level.
Implementing cryptocurrencies into messaging apps will create a much larger trade base for them and much more acceptance in the global market because messaging is a necessity nowadays, and a more robust user medium is using it.
The Future of Cryptocurrency in Messaging Applications
With all the positive aspects and benefits of Cryptocurrency, messaging platforms and the economy as a whole will share with their corporative work. It is undoubtedly clear that cooperative work will be very effective and demanded in the future. However, there is uncertainty about how cryptocurrencies and messaging applications will go together.
A possible prediction is that messaging applications will undergo decentralization because of the property of virtual coins and become a payment-chatting combination that will be rare but exciting. The proposal of Cryptocurrency to be a part of a chatting platform may sound off-chart practically, but it is very effective economically.
Another outcome of using Cryptocurrency with messaging apps is that these apps will become pay-to-use. To use it, you may have to own a minimum amount of their Cryptocurrency, which might be inconvenient, but it will be beneficial to stop spam accounts and messages. Finally, as people will own cryptocurrencies, they will probably support their respective platforms resulting in an increased customer volume in the virtual coin market.
Cryptocurrencies alongside messaging applications might not sound as sketchy as other reforms and also be inconvenient to implement at the start. Still, it is sure to provide a lot of economically favourable results. As such, cryptocurrencies might become the next Christmas gift, you will be sharing with your friends and family members while having a lovely chat with them on one of the messaging platforms. After all, that is why cryptocurrencies and messaging apps are best.