“You’re using a cryptocurrency with state-of-the-art encryption, but from your perspective, it feels like Venmo.”
–JOSH GOLDBARD, MOBILECOIN
Signal is the cross-platform instant messaging service provider that was launched in 2010. This centralized encrypted messaging app broke the records when it gained sudden popularity, becoming one of the significant names in today’s world. And with the new year, it is updating new features that will blow your mind, like launching Cryptocurrency payments through the app.
Though there are numerous messaging app available, from WhatsApp to Facebook, but when it comes to privacy, there is no rival to Signals. Using end-to-end encryption it had created a safe space for us to work without any worries as there are no adverts and no trackers, and the company isn’t tied to any other company. That is why when Signal in 2021 announced about adding a payments feature that’ll allow cryptocurrency as a payment method– everyone became curious. And now, finally, Signal has created a buzz globally by launching a new Crypto payment option. To do so, it has incorporated support from the cryptocurrency MobileCoin, a form of digital cash designed to work efficiently on all mobile devices.
Signal’s new payment feature, unlike any other app, now supports transactions through cryptocurrency MobileCoin. While still within all the privacy protocols, Signal users can make MobileCoin cryptocurrency to send and receive crypto payments. Let’s see how to make these crypto payments on our Phones.
What Is The New Feature Of Signal?
Signal, an encrypted messaging platform, is known globally for its end-to-end messaging service. Now the App has introduced a new feature offering the ability to send advanced digital payments through their smartphones. While other rival apps have payment features in their service provider, what distinguishes Signal is that its new feature allows users to make cryptocurrency transactions like MobileCoin for its payment option.
Is Cryptocurrency Payment Transactions Safe To Use On Signal App | Is MobileCoin Safe?
Before making use of Signal’s payment feature, you must be wondering whether it is safe or not? Whether it is safe to use cryptocurrency payments? Is your data protected in Cryptocurrency payments?
Well, you don’t have to sweat; it is totally safe to make Cryptocurrency payments on Signal App.
Unlike Bitcoin, whose public blockchain can allow powerful forms of tracking, MobileCoin is safer. To avoid that blockchain-based tracing of user finances, MobileCoin deploys techniques that have been pioneered in older “privacy coins” such as Monero and Zcash.
Moxie Marlinspike, the creator and CEO of Signal, describes the new payments feature as an attempt to extend Signal’s privacy protections to payments with the same seamless experience that Signal has offered for encrypted conversations.
“I would like to get to a world where not only can you feel that when you talk to your therapist over Signal, but also when you pay your therapist for the session over Signal.”
Also, know about 5 Best Telegram Channels for Crypto Trading Signal in 2022
How to Make These Crypto Payments on our Phones
Before you begin, make sure of two things necessary for Signal transactions to carry out-
- The crypto payments feature for Signal is only available for the app version 5.27.8 or later (on Android) and version 5.26.3 or later (on iOS devices).
- For a transaction to move forward, users need to activate the payment feature from the Settings.
You can activate payments on Signal App by going to – Settings >Payments > Activate Payments > Accept and Agree to Terms.
After these two conditions are fulfilled, you can easily move forward with your cryptocurrency payment transactions.
How To Make Payments On Signal Via CryptoCurrency MobileCoin?
You can easily make cryptocurrency payment on Signal following these steps-
1. Open Signal App and go to Signal Settings > Payments > Send Payment option.
2. Now choose the contact with whom you want to have your transaction.
3. Enter the desired amount you want.
4. Add a note along with it
5. Select the Checkmark
6. Tap on pay
7. Tap on Confirm payment
Ps– Only click Confirm when you are sure about the payment and have critically checked all the credentials. Once payment is made, it cannot be undone or stopped. Users cannot cancel any payment even if it is still under the transaction.
Whatsapp rival Signal has all the plans to steal WhatsApp users by giving a tough competition to its payment feature. Raising the level from just a messaging app, it wants to provide an advanced way to send MobileCoin cryptos through the globe that no one other than the sender and recipient can observe or track. This feature has fascinated many users into trying this creative way of digital payment.
I hope you received all the information regarding Signal’s new feature that allows Payments via cryptocurrency.
At your service,