The long-awaited integration of WhatsApp and Bitcoin is finally here. However, some security concerns need to be addressed before wide-scale adoption.
Wuabit is a cryptocurrency wallet that is accessible via chat. They recently announced the completion of their Messaging Bot that would successfully integrate with the largest messaging App in the world, WhatsApp.
A Wuabit spokesman told the Express: “We have nearly completed the wallet core service starting with BTC.”
The Bot will be added as a ‘contact’ on the WhatsApp list. Messages to the Waubit Bot will be sent in order to execute the transfer of cryptocurrency.
Waubit on WhatsApp
The Wuabit Assistant bot will recognize the messages sent via the messaging app. For example, ‘Send 0.1 BTC to John’ will be accepted by the bot, and 0.1 BTC will be transferred from the Wuabit Wallet of the sender to the Wuabit BTC wallet of the receiver. Wuabit will also allow accessing current and future blockchain services from any chat app at market prices to smart-contracts.
The details of the Mobile Wallet App has not been released yet. The Public beta version of the App is expected to go live next month in April 2019.
The transaction through the third party would require the same Wallet Application on both the devices. However, Bitcoin payments must involve only the public addresses of the receiver, and the public and private address of the sender. Hence, it essentially creates a singular channel of payment using Bitcoin but fails to facilitate full-scale Bitcoin payments.
Nevertheless, with time public addresses it could be included directly in the message to execute Bitcoin (BTC) or cryptocurrency transactions.
Feasibility and Security Concerns
Even before the Waubit BTC bot,