Lite.IM, a messenger based crypto-backed free payment gateway

Although cryptocurrencies like Bitcoin are allowing millions of users to own virtual currencies, buying and using the cryptocurrency is often not as easy as it seems – which discourages many people and makes the cryptocurrency less suited for mass adoption.

On October 21, 2019, Lite.IM which is a Switzerland-based non-custodian wallet has launched a crypto-backed financial hub. With this feature, users can now receive payments in cryptocurrency without having to provide KYC (Know Your Customer) information in Europe.

Another Switzerland-based cryptocurrency and Bitcoin exchange firm Bity has also announced the collaboration of its exchange API with Messenger based cryptocurrency wallet, Lite.IM. Ever since Lite.IM’s announcement of enabling purchases of cryptocurrency directly in Facebook Messenger, Telegram, or by SMS with a credit/debit card, the organization’s aim has been towards cryptocurrency adoption.

What Can We Expect From This Launch?

This whole launch has been about users to be in full control of their money and operate their accounts on their own terms leading to a more decentralized environment.

Users can now have full access to all the free services provided and everyone can take full advantage of all the benefits without having to fret about any commission or exchange fees. This is a positive step by Lite.IM as they piggyback on popular messaging platforms like Facebook Messenger, which has more than a billion users.

Being exposed to a wide market, Lite.IM is designed to help individuals have the experience of a truly decentralized environment and the signup process is as simple as one could imagine. Anyone from an individual to a business can get started within minutes using their IBAN (International Bank Account Number). The whole process of signing up is user-friendly and doesn’t include any unnecessary fees. After the verification process, users can send their invoice via Messenger, Telegram or SMS.

This is really exciting for many crypto enthusiasts because Telegram is ubiquitous in this industry. Being able to transfer cryptocurrencies, for example, Litecoin via Telegram is an amazing feature. This is probably the best User Experience enhancement any cryptocurrency project has ever made.

Bity’s integration of exchange API with Lite.IM allows users to buy and sell Bitcoin and Ether for Euros or Swiss Francs up to 5000 CHF (~4550 Euro) per day without providing any documentation. The best way to receive payment would be in Bitcoin that can be later deposited in the receiver’s account in Euros.

Operating in a regulated Swiss market gives them certainty and legal support for their trade. For this, the users do not need a Swiss bank account or anything close to that. They can still transact via the popular messengers with the assurance of its legality.

They also have a strict privacy policy whereby they do not store any user’s Facebook chats or messages from the Instant Messaging. Regardless of the messaging service, the user’s private keys are secured with highly advanced RSA encryption.

Lite.im solves one of the major problems that come in the way of cryptocurrency being adopted by the masses. This model has attracted many individuals and businesses and all of them are enjoying the complete benefits of all the services being provided. While their user base has grown to over 800,000, it is the freelancing community, a growing segment of Digital Nomads and the SMBs (Small and Medium-sized businesses) that stand to benefit the most.

Conclusion

The complex nature of cryptocurrency exchange platforms and the hidden commissions and fees that the users aren’t aware of have made cryptocurrencies only less attractive. Despite their advantages, users have been alienated because of these hassles.

Lite.IM has solved a deep-rooted problem and has made people see newer and much more decentralized side of the cryptocurrency realm.

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