Signal is using MobileCoin, a cryptocurrency that was founded in 2017 and is based on Stellar blockchain technology. It is made especially for mobile devices. According to Moxie Marlinspike, the creator of Signal, MOB is optimized in such a way that it does not require space as well as can do transactions in seconds. The seamless user experience makes this payment feature different from its competitors.
The seamless user experience is not the only highlight of MobileCoin. The biggest highlight is the privacy it offers. This also makes Signal Payments differ from other payment options. The payment feature on WhatsApp requires your bank account. All the payments are linked to your bank account, which is not much secure if you compare it to Signal Payments. As Signal Payments use MobileCoin, it allows you to keep anonymity. Only the sender and receiver will be able to track and see the payments made from MobileCoin.
However, it is not perfect.
There are also some drawbacks that come with MobileCoin. First of all, MobileCoin is not accepted worldwide. It is not available in the US nor you can buy goods and services with this altcoin. Also, how does one cash out if it is not accepted worldwide? It will take a lot of time before this happens until then people will prefer using Venmo and other services. The good news is that there are plans to fix this big issue with the payment solution. In the future, there might be an option to cash out in USD and other currencies.
For now, Signal Payments will only be available in the UK for Android & iOS users. It is only accessible on the Beta build of the app. Signal is trying to win the race by offering more and more privacy-focused features. Recently, Mark Zuckerberg’s phone number was leaked, and it was found out that he is on Signal. Well, privacy is a big deal for everyone. Let us know your opinions of Signal payments in the comments section below.
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