Sending funds everywhere, in a blink of an eye, with little to no costs is the race of the decade and seems that cryptocurrency is the main ingredient for that. From what I remember, Bitcoin was designed for this matter, but not many are using it in this regard.
Some unbanked peeps in El Salvador are maybe using Bitcoin as a currency, but for most of the crypto holders, Bitcoin is still like that shiny piece of gold that you wouldn't trade/spend for anything...
Seems that Facebook, cough Meta, has been working hard on making it possible to send funds across the world by using their messaging app, whatsapp. The Novi digital wallet, created by the social media giant Meta (formerly Facebook), will allow its users to send and receive stablecoin via its popular messaging app, WhatsApp
How convenient is that! But no thanks, I don't use whatsapp, I haven't used it for about three years and won't go back to using it ever. I love telegram and signal and will keep on using these until better options come to the market.
“Starting today, a limited number of people in the US will be able to send and receive money using Novi on WhatsApp, making sending money to family and friends as easy as sending a message.”
-Head of Novi Stephane Kasriel
The currency to be used will be Paxos Standard and it seems that “payments will appear directly in people’s chat”. I suppose you're gonna have to somehow buy the USDP by using some credit or debit card and although Facebook(Meta) praise themselves to not sneak on you, I doubt that. Wouldn't trust these guys at all...
The main reason why I ditched whatsapp was that it was at some point branded as made "by facebook" and I don't trust anything coming from facebook. The company is working though on making funds transfers across the world as simple as texting and for this regard it beats crypto transfers, but I doubt privacy will be "untainted" while using whatsapp for this matter, in comparison to using actual cryptocurrency.
Ledger, which is best known for its hardware wallets, is introducing a crypto debit card called the Crypto Life card which sounds a bit better than whatsapp, but you know what? BINANCE and CRYPTO.COM have already done that...
The way we do banking is going to be totally redesigned in the next few years and fintech will play an important role to that. Cryptocurrency is gradually introduced to the world as a spending currency and that's good imo. It's important though that the pillars of privacy, when it comes to using it as such, will not be burned in the process.
What do you say, would you use whatsapp to send funds across the world or would you use crypto to do that? Crypto.com has the option to directly send funds to contacts using the app as well, thus what whastapp has done is not such a novelty.
Thanks for attention,
Posted Using LeoFinance Beta
