Lite.IM is fusing crypto and social media, which will be the crypto space to watch

31 Dec, 2018
by Arthur Sillers
News
Lite.IM is fusing crypto and social media, which will be the crypto space to watch

Earlier this week, blockchain startup Lite.IM announced that it will bring Bitcoin functionality to Telegram, Facebook Messenger, and SMS. If projects like Lite.IM can fuze social media which people intuitively understand with blockchain, it will explode cryptocurrency adoption.

Its becoming clear that social media could offer a platform for cryptocurrency to really come into its own, enabling payments through a network already connected on platforms like Facebook, Instagram, and other social media applications. Social Media Week earlier this year highlighted the fact that Venmo's success came explicitly from the combination of social media infrastructure and convenient payments. For blockchain evangelists, however, Venmo (and Paypal, etc) don't fully realize what can be accomplished in a 21st century digital payment apparatus, and that blockchain is the next step. Blockchain, for its part, has been fettered since its inception by a large barrier to entry (as well as volatility and associations with criminality), which makes it simply unnatractive to many users.
Recently, Lite.im has announced that they are integrating Bitcoin payments with Telegram, SMS, and Facebook Messenger- the user base which accounts for an extremely significant portion of the developed world.
Today, Techcrunch, in a New Years themed prediction of the next year's media technology landscape, predicted 'blockchain enables new ways to monetize content via micropayments and direct creator-to-consumer distribution sans today’s leading middlemen.' Indeed, the social media landscape is levelling (or exploding) the the relationship between creators and content consumers, and blockchain is a project entirely attempting to do the same. For this reason, the first cryptocurrency which can effectively seamlessly integrate itself to an already existing social media network might be the first to find widespread mainstream adoption, for the same reasons that Venmo found success.


Of course Lite.IM has Facebook itself to contend with, which has announced that it is creating its own cryptocurrency. On the other hand, Lite.IM's integration of Bitcoin is not insignificant, with Bitcoin by far being the most used cryptocurrency, and to many people (purists, perhaps, but a large faction of crypto enthusiasts) the only cryptocurrency worth considering.
If Lite.IM can can succesfully make Bitcoin seamless to use, and seamlessly connected to networks which already have a user base, it could be the 'use case' everyones been looking for- which is the use case that Bitcoin was always designed for- non hierarchical payments which cut out the middle man. Until cryptocurrency is as easy as other payments, at the very least, and until it is as reliable (or at least as trusted) as traditional financial networks, the users of crypto will be the minority who are ideologically disposed to it. Crypto infiltrating social media will give access to crypto payments to laymen. While crypto perhaps isn't mature enough as an asset to be stable, reliable, and trusted, endeavors like Lite.IM could be seen as a huge step forward for the adoption of cryptocurrency in the future.

Read more: Pomp on why Facebook is the most important crypto company

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Read more about: Bitcoin (BTC)

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