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Lite.IM, an integrated cryptographic portfolio with three different messaging channels, has announced it is adding Bitcoin support. Since its release in August, the portfolio has offered support for Litecoin, Ethereum and its native token, ZTX, and now the largest currency finally arrives on the platform.
Needless to say, Bitcoin support is a vital part of any multi-currency portfolio, and its addition could significantly increase the popularity of Lite.IM. The project revealed the addition of money at the start of this week on Twitter:
Ready for another holiday gift? 🎁
Now you can use Facebook Messenger, Telegram and SMS to send, receive and manage … BITCOIN!
Begins with $ BTC $ LTC $ ETH is $ ZTX now 👇
Telegram: https://t.co/wgMtDKEfl5
FB Messenger: https://t.co/NXJdKlhagY
SMS (US / CN): 760-548-3460 pic.twitter.com/UbJpdUgmPS– Lite.IM (@liteim_official) December 28, 2018
How Lite.IM works
Lite.IM is essentially a cryptographic portfolio that allows you to make transactions via Facebook Messenger, Telegram or SMS. To use the wallet, simply send commands to a chatbot, which performs transactions on behalf of the user. The chatbot can send crypto, receive encryption and view the balance and transaction history.
This approach requires that Lite.IM stores some data centrally: it manages your private keys on your behalf, which is a security risk. However, encrypt these keys with a password that only you have access to. There are safer ways to store encryption, but if you rely heavily on messaging tools, Lite.IM can be quite cost-effective.
Suggested reading : Discover our recommended Litecoin wallets.
Crypto and social networks
Lately, many social networks and chat apps have made an effort to add cryptocurrency support. Thanks to their existing user bases, these platforms often have an advantage when it comes to creating a cryptographic product. Platforms like LINE, Kik and Ask.fm have introduced all cryptographic portfolios or tools in the past, although sometimes they are only compatible with a native token.
The mainstream social networks have been more reluctant to add cryptocurrency support, and this hesitation has given projects such as Lite.IM the opportunity to provide their own solution. That said, Facebook has taken steps to enter the encrypted world, and recent news suggests that the company will publish an encrypted payment platform in the near future.
Although Lite.IM is much less popular than anything that Facebook can theoretically publish, it raises an interesting possibility. In theory, a large company could release a successful cryptographic portfolio for Facebook before Facebook. However, the potential of these tools is limited: a Lite.IM-style text wallet is probably less user-friendly than any official Facebook product.
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