Signal makes its features more appealing to users by adding MobileCoin.
WhatsApp is in great danger. After it released its controversial privacy policy, people are looking for alternatives. And they found it through Signal. Even Mark Zuckerberg uses Signal. Elon Musk also recommends it.
Signal is now the fastest-growing app in the world. It just launched seven years ago. And it’s been adding useful features since then.
Recently, it has found another way to attract more users to use its encrypted messaging app to pay. And the payments feature won’t just let you send money to another person but it also supports cryptocurrency MobileCoin.
Signal MobileCoint Cryptocurrency Payments Feature
It’s still in beta mode and it’s only available in the UK at the current time. Furthermore, it only supports MobileCoin cryptocurrency, which is a form of digital cash designed to be used on smartphones.
By supporting MobileCoin, Signal can’t access your balance, funds, and your full transaction history. Moreover, you can transfer or send funds at any time.
Unlike Bitcoin, MobileCoin is a private cryptocurrency that values privacy.
Although it’s only available in the UK, for now, this experiment means that Signal is serious about bringing privacy-focused cryptocurrency to its millions of users.
This new feature promises to offer the same seamless experience as encrypted conversations. When you send cryptocurrency through Signal, you won’t feel like someone is watching or listening to us.
Privacy coins can circumvent banks. They also protect the identity of the users and the details of their payments.
Although there are more popular private cryptocurrencies, MobileCoin offers the most seamless user experience. It only requires little storage space and it only takes a few seconds to complete the transaction.
This private cryptocurrency started trading as an actual currency that has real value in December 2020.
Signal chose to launch this new payment feature in the UK because you can’t buy this cryptocurrency yet in the US.
However, even if you can receive or transfer MobileCoin, you still need to cash out and convert them to traditional currency. Keep in mind that this cryptocurrency isn’t widely accepted yet in the world.
Furthermore, MobileCoin is more volatile than Bitcoin. There’s a constant price swing that changes the balances in your Signal wallet within the day or hours.
But Signal will add a feature that allows users to convert this cryptocurrency into dollars or another stable currency when they make a payment.
Unfortunately, MobileCoin and other private-focused cryptocurrencies have some flaws. If they offer a completely anonymous way to send and receive money, then people will surely use them for drug sales and money laundering.
Because of these issues, Signal may face new regulatory risks.
Still, this feature is in beta mode. Signal may choose not to implement it as part of its permanent feature. Signal didn’t state when it’ll be available worldwide.
The goal of Signal is to “keep your data in your hands rather than ours.”
With this announcement, we can expect that MobileCoin’s value will go up further.
