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4 Major Concerns Regarding the WhatsApp Cryptocurrency Bot

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Getting more people excited about Bitcoin and other cryptocurrencies remains an ongoing problem. The average person on the street may know Bitcoin, but they see it as a speculative tool. In terms of using it to transfer value around the globe, new initiatives need to be launched. WhatsApp users can now experiment with cryptocurrency transactions courtesy of Lite.im. An interesting development, albeit one not necessarily officially endorsed by Facebook or WhatsApp.

Not an Official WhatsApp Service

Contrary to what some news sources may want people to believe, WhatsApp has not decided to integrate support for Bitcoin and altcoins on its own. While that might be a development for the future, it seems more likely Facebook’s own digital currency will be integrated first. That is, assuming that project will ever come to fruition in a convincing manner. There are still a lot of unknown factors associated with Facebook’s exact plans. As such, one should not expect WhatsApp to openly support the likes of Bitcoin and other similar currencies.

That does not mean the new venture by Zulu Republic will be shut down either. For quite some time now, networks such as WhatsApp and Telegram have allowed cryptocurrency-related activities to take place as long as no major complaints arise. It seems unlikely this WhatsApp bot will be shut down in the near future, but one never knows how parent company Facebook truly feels about Bitcoin and similar markets. A very interesting period lies ahead in many different ways, albeit the outcome has yet to be determined.

Only Bitcoin and Litecoin Supported

It is not entirely abnormal to see a very limited number of cryptocurrencies supported by the Lite.im WhatsApp bot. By opting for both Bitcoin and Litecoin, the team is sending a clear message to the rest of the markets out there. Bitcoin clearly has a branding and marketing lead over any of the alternative markets. However, Litecoin is similar to Bitcoin in some ways, yet a much cheaper and faster option most of the time. It will be interesting to see which of these coins will prove to be more popular.

Contrary to what some may expect, there is a plan on the table to integrate support for other currencies down the line. There is upcoming support for Ethereum and ZTX, which will mark an interesting milestone for this particular project. Whether or not further currencies, assets, or tokens will be supported is rather unclear at this time. There are plenty of currencies users would like to see on WhatsApp, albeit opting for the most prominent ones is a solid approach.

English and Spanish Languages Available

For a venture which is seemingly designed to cater to the tens of millions of people who use WhatsApp on a regular basis, there is still a lot of work to be done. As of right now, there is only support for English and Spanish users. Although these are two of the most spoken languages around the globe, one has to keep in mind a lot of major markets may be left out. That in itself can hinder the chances of success of this venture, albeit it is still too early to draw any real conclusions.

Whether or not more languages will be supported in the future, remains to be determined. One has to keep in mind there are dozens of different markets to top, assuming the proper language support can be integrated. English and Spanish are solid choices for now, as it will be the Lite.im team an idea as to whether or not this service is worth exploring further.

Will Anyone Really use it?

That is perhaps the biggest question which cannot be answered at this time. Since this is not a service officially endorsed by WhatsApp, it seems unlikely the team will do anything to actively promote the use of Bitcoin and Litecoin on its platform. It will be up to individual cryptocurrency users to make this integration a success in the future, albeit it is evident this type of solution will be primarily used by cryptocurrency enthusiasts.

To get the rest of the world excited about this option, a lot of targeted marketing will need to be done. Additionally, any success stories associated with using this service can be used to spread the word. One also has to wonder if WhatsApp would effectively benefit from cryptocurrency transaction support in one way or another.  There does not appear to be any real demand for such a service in 2019, although one never knows what the future may bring.


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Image(s): Shutterstock.com

The post 4 Major Concerns Regarding the WhatsApp Cryptocurrency Bot appeared first on The Merkle Hash.


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