These companies are solving the biggest problem faced by all cryptocurrencies — Adoption. And the solution is brilliant!
The biggest problem faced by all cryptocurrencies is adoption.
In January 2009, Bitcoin was created. It’s initial users were only a handful of cryptocurrency enthusiasts.
Today one of the largest exchanges Coinbase already has over 13 million users. It’s estimated there are over 22 million bitcoin wallets and already an estimated 5% of American’s already hold Bitcoin.
Although this growth is impressive, we still have yet to see widespread worldwide adoption of cryptocurrency as a means of payment.
This is about to change.
Why we have yet to see worldwide adoption:
At it’s core, cryptocurrency is a medium of exchange but lacks an important component — practical and convenient use.
It’s only when cryptocurrencies replace traditional payment methods that we will start to see worldwide adoption.
This will only take place when transacting in cryptocurrency is seen as more convenient than transacting in tradition online methods.
We are already seeing mobile messaging payments in China as the preferred payment method when compared to online payment by over 78%.
The next step in this evolution is the use of cryptocurrency as the medium of exchange for mobile payments.
The Problem with Existing Cryptocurrencies:
For the longest time, cryptocurrencies worked under the assumption of building a cryptocurrency to satisfy a market need with the hope that users will naturally and organically adopt cryptocurrency as the medium of exchange.
If you build it, he will come
— Field of Dreams
This approach has worked well for bringing in innovators and early adopters to the cryptocurrency market but has done little in the way of bringing in the majority of users into the market.
To cross the chasm and bring in majority of users into this space, a new approach would need to be created.
Crossing the Chasm:
Social networks over the last few years now have the largest user based ever recorded in history. With literally billions of active users on popular social and messaging networks such as Facebook, WhatsApp, SnapChat and Wechat.
Looking to China for the Latest Trends
As of 2018, WeChat has over 1 billion active users. WeChat is a Chinese multi-purpose messaging, social media and mobile payment app.
What makes WeChat unique is the widespread adoption by the users of it’s mobile payment app.
The Chinese mobile payments market is exploding where over 74% of payments are made on the app instead of cash or debit cards. Additionally, this platform is expected to grow over 68% in the next two years.
The North American and European markets have yet to see comparable adoption simply because mobile payments aren’t integrated into any of the popular North American or European messaging apps. Many analysts suggest it’s just a matter of time before it does.
That is, until now.
Enter: The Largest ICO in History
In February of 2018, Telegram launched launched a private ICO raising $850 million from 81 investors and later the month held a second private sale from 94 investors, raising a total of $1.7 billion in March between the two sales.
Telegram also stated in their SEC filing that they may also be pursuing subsequent offerings beyond these first two sales which could potentially breaking the $2 billion mark for this ICO.
Why such huge interest in Telegram?
Telegram has over 200 million users and growing at a rate of over 350,000 new users daily.
Telegram + Cryptocurrency Mobile Payment = Killer App
It’s not just Telegram…
The telegram ICO gives an idea of the interest and scale of widespread use and adoption of cryptocurrency as a payment mechanism within messaging apps.
It’s not just Telegram that is adopting cryptocurrency as a payment mechanism. Zuckerberg has confirmed his commitment to studying the potential of cryptocurrency within Facebook and Facebook alone could drive mass adoption of cryptocurrency as a common payment method.
With Telegram, Facebook and many other popular messaging looking to cryptocurrency as a payment method — this may very well be the catalyst for worldwide adoption.
Are YOU Ready for Worldwide Adoption?
In China, Messaging apps have proven to be fertile grounds for mobile payment processing with over 75% of payments taking place via messaging apps (when compared to online payments).
Mobile Messaging + Cryptocurrency = Worldwide Adoption
These messaging apps have the ability to solve the biggest problem currently facing massive worldwide adoption.
It will be at least a few years before we will know if cryptocurrency payment within mobile messaging apps will be the right catalyst for worldwide adoption.
For now, we do know that some of the largest investors in the world are betting on this and if the trend in China is any indication, it’s likely going to result in worldwide adoption of cryptocurrency as major player in online payments.
Emerging Opportunities for Investors & Entrepreneurs
With mobile messaging apps, chat-bots and soon cryptocurrency as a payment method, a whole new market is opening up for intrepid investors and entrepreneurs.
We are able to peak into into a world where potentially entire ecosystems will exist within messaging apps and with this new shift in adoption and technology, immense investment and business opportunities exist for those willing to enter this untapped marketplace.
Are you ready to profit from this new marketplace?