The global financial landscape is changing. Every day, more and more people start using cryptocurrency. But as the popularity of crypto rises, so does the number of adversaries hunting for unsuspecting victims in hope of stealing the tokens right out of their wallets. In a world where the privacy and security needs of users have evolved, major messaging apps are stuck in the past.
A large portion of the messaging app market is cornered by Meta Platforms (previously Facebook). It owns both WhatsApp, with 2 billion users, and Facebook Messenger, with 1 billion users. WhatsApp drew in much of its base through the promise of security via end-to-end encryption, and Facebook Messenger promises robust privacy through user controls. However, industry experts question either app’s ability to deliver on its claims – Meta Platforms is known for its involvement in a myriad of user data scandals. Given the company’s track record, it’s irresponsible to claim that either of its messaging apps is safe.
The next-popular messaging app is Telegram, with about half a billion users. While Telegram does offer end-to-end encryption for private chats, this alone is not enough protection. Telegram is popular among cryptocurrency enthusiasts, who commonly congregate in large chat groups to discuss various tokens and investment strategies. Anyone that has participated in one of these groups knows that they are heavily polluted by scammers and bots. With real money on the line, this is incredibly dangerous, especially for those who are new to cryptocurrency.
So far, no major messaging app has broken into the cryptocurrency space. Without catering to the cryptocurrency enthusiasts, these apps are turning their backs on the cryptocurrency community that turned two-cent Bitcoin into one of the best-performing assets of all time. Millions, or even billions, of users worldwide could be waiting to sign-up for a messenger that takes cryptocurrency seriously.
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