Mobi wallet allows users to seamlessly send, receive, store, and exchange +100 currencies while enabling users to spend Bitcoin and withdraw it for cash. Could this be the killer app for Bitcoin?
BTCC Launches Mobi
BTCC, the leading Bitcoin exchange in China, has announced today the launch of Mobi, a Multicurrency Bitcoin Wallet. Through the addition of multiple features like sending via twitter or mobile number and the possibility to convert from and to over a hundred currencies and commodities, Mobi aims to make Bitcoin easier to use and possibility take it to the mainstream. Bobby Lee, BTCC’s CEO has even classified Mobi as the “killer app for bitcoin”, stating:
Mobi will take bitcoin mainstream, with mobile number accounts, Twitter payments, 100+ currencies, and a Visa debit card. Mobi is the killer app for bitcoin.
Over the years, we have witnessed multiple “Bitcoin killer apps” being announced and launched. The problem, however, is that Bitcoin is still be considered by many to be an “underground” payment mechanism, far from the mainstream adoption its community so actively pursues. This leads us to believe there is no Bitcoin killer app and there never will be.
No matter how good an app is, there will always be an evolution to it. And no matter how many services it provides, there will always be a new service required. Instead, we assume that the “Bitcoin killer app” is Bitcoin itself and the sum of its infrastructure and community. Apps and tools complete each other and allow for a healthy ecosystem of decentralized services.
Nevertheless, Mobi does step up the Bitcoin game and makes it simple for new users to navigate the world of crypto with ease and security. Mobi also makes the tedious process of introducing your friends to Bitcoin a much simpler one and allows users to enjoy the benefits of Bitcoin while using familiar currencies like USD or EUR. Lee said:
Mobi eliminates friction in money transfer, making money truly global. With Mobi, you can send any money to anyone anywhere.
The Mobi wallet is available for Android and iOS and supports up to 15 languages. When downloading the wallet, it will be linked to the mobile number with which you downloaded the app.
Users can choose which currency to work with and can convert between 100+ currencies, including the United States dollar, the British pound, the Japanese yen, the euro, gold, silver, and Bitcoin.
Using a private blockchain, Mobi allows users to send funds to any of the 2 billion other smartphone users out there without the need for them to actually create a wallet. This private blockchain approach is similar to what is seen for on-exchange transfers. It makes sending Bitcoin faster and cheaper but users are not actually sending Bitcoin and are instead sending other tokens that can later be redeemed for Bitcoin. The app also allows the user to use on-chain transactions for Bitcoin transfers.
This makes the process of sending Bitcoin much easier as one is only required to look through his contact list to send Bitcoin, rather than actually saving multiple public keys for transfers. It also allows you to quickly introduce Bitcoin to a friend by sending BTC to his number and having him download the app. Furthermore, Mobi also allows customers to send BTC to any of Twitter’s 319 million users, although it’s also worth noting that other applications like iPayYou also provide this service.
Users can also request an optional Visa debit card which is linked to their Mobi account and allows them to withdraw cash in any currency at ATMs worldwide or spend their funds at any retail points of sale that support Visa. The debit card automatically deducts funds from customers’ wallet balance.
Bitcoin Killer App?
We can see that, with Mobi, users can easily send, receive, store, exchange, spend Bitcoin, while also allowing cash withdrawals through their optional debit card. If used along with BTCC exchange services, new users will rarely have a use for any other service.
While this is a great achievement, there are still multiple problems to be fixed. For one, the fact that the exchange operates on a private blockchain to send users’ funds still requires users to place a certain amount of trust in BTCC. Also, advanced functions like multi-signature wallets are not available.
Furthermore, when dealing with Mobi, users may also be exchanging their privacy for convenience as so often happens on the internet. Users will have their mobile number or Twitter account connected to a certain wallet diminishing the pseudonymity provided by Bitcoin’s protocol.
In general, Mobi is sure to make the lifes of many Bitcoinists out there much easier but still has some down sides to it.
What do you think of Mobi? Is it really the “Bitcoin killer app”? Let us know your thoughts below!
Images courtesy of Mobi.me, AdobeStock