Bitcoin Forum

when many large industries accept crypto, such as Facebook, Twitter, Samaung, Whatsapp.  but other applications like WeChat choose to ban users from crypto trading.  I see WeChat's decision will have a negative impact on the value of their quantity.  because the world today is very enthusiastic about the crypto world.you can see this source https://www.coindesk.com/messaging-giant-wechat-bans-merchant-users-from-crypto-trading

merchants who were accepting bitcoin must be introduced to the decentralized marketplace since they are already using a decentralized currency there is no reason to still continue to use centralized platforms anymore.
there already are good projects such as OpenBazaar (https://openbazaar.org/) available for their ease of use too.

WeChat is politically an extension of the Chinese government and because of that reality it has no choice but to bow down to the wishes of the government for it to shun cryptocurrency of any form and type. This is an exercise of the governmental power and influence over all business within the boundary and even beyond of China. Will this affect WeChat user base? The way I see it is not affecting since their users are mostly in agreement with the government and for now any opposition is silenced for good. In addition, this can never affect the cryptocurrency market in general as we are all moving away from the China factor since 2017.

I think it's not a big fact. Once a day facebook banned crypto related add but now what are they doing. You can see already, everyone can see that. so relax, just wait and see.

Well, it seems that China is starting to move-away from crypto. There is nothing new about this we have seen China come-in and out of crypto for several times now. It's normal for wechat to ban crypto since wechat is operated in China, and the government is against crypto. Nonetheless, the market will not be affected by it, there are still a lot of social-media and messaging app crypto enthusiasts can use.

I often think about large messengering services incorporating Crypto currencies into their products and with the latest Whatsapp hack, I think it might be risky to expose Bitcoin to millions of people, if the 3rd party service gets hacked.

Satoshi's vision was not for people to use centralized services to act as a intermediary service for Bitcoin payments, so every time these services fail, Bitcoin gets the negative publicity. <Now, just imagine what will happen if one App like this gets hacked, after they added Bitcoin payments via their service.>  ::)

Wechat implemented crypto payment initially but they are cancelling because of fear of getting ban from china . We chat is one of the major platform in China even most of the payment goes through wechat in china . They are afraid about their government.

The Chinese government are clearly unable to make up their minds regarding regulating or banning crypto and they keep switching their opinions with time. Absolutely pathetic if you ask me.

They are clearly afraid that BTC could pose a problem to their centralized power structure and they impose their harsh rules towards apps like Wechat etc.

Wechat is one among the most used social networking app. It has got a big userbase and fearing regulatory compliance it could have stopped the usage of cryptocurrency. This is not gonna make any negative impact upon the growth of bitcoin. Just think of kik which has got its own token named kin.

Perhaps it won't as WeChat is widely use in China since Facebook and other messaging apps are banned so it's either stay the same way.
And besides crypto specifically bitcoin will still viable even without this news nor hype from reputed companies.

Seriously, no worries.

It always amazed me how double the standard is. For example, China is the largest mining center for Bitcoin, but at the same time they want to prohibit the use of cryptocurrency via Wechat. Isn't that weird?

right, Wechat is a company developed in China where China itself bans its people using bitcoin. So don't be surprised if this platform prohibits users from using crypto. But this will be a time bomb for Wechat itself, when all its users use crypto in the future.

This is all due to the combination of traditional views on life and the desire to be ahead of other countries in modern technology. I don’t know how their restrictions actually work, but there is a chance that more users from there will start using other social networks, telegram maybe, and not just Wechat, which is still the most popular there.

Though Facebook, Twitter are working for their own coins, they are still aggressively blocking other crypto tradings.
We chat, being a Chinese company is more aggressive when it comes to watching over and censoring it's users.

Yes, that's surely going to be a negative impact on their reputation. Not just WeChat even WhatsApp and Facebook made the same decision maybe they just follow their Footpath. It's quite possible that we do not want any kind of debate on controversial topics to be added to the platform. Let us see if they change their decision in the upcoming future or else they are going to miss a lot of opportunities for the platform to develop. You can simply just open anything related to cryptocurrency and make money out there.

Now there is already a whole social network taklimakan for those who are interested in cryptocurrency and trade. Maybe a little while about it’s been heard, but as an option, go immediately to communicate there with people from anywhere in the world. It is very strange to limit people when there is a tendency towards globalization and tokenisation of society.

So far, not all countries are ready to admit the obvious things that blockchain technology will be everywhere. Sometimes it is from a lack of understanding of processes, sometimes from a desire to control everything. But for me, cryptocurrency is a way to make people equal

Even the leading universities in Britain and Canada open courses on blockchain technology training. And here people are blocked from communicating and engaging in such an interesting business as trading. Not too nice.

The biggest user in WeChat is people from Chinese, so if WeChat were banning the users from cryptocurrency, they would lose benefits that their people can get.
They need to realize what impact the banning action on the cryptocurrency to themselves so they can consider canceling the banning itself.
And if that really happens, then I still sure there are many other countries which could give their supports to cryptocurrency because they were accepting cryptocurrency for their people.
And maybe for the Chinese country, that will be a downside for them as they cannot get the benefits from the cryptocurrency and people will lose the opportunity to get a better life.

I believe under China policy assets and monetary transactions through online is embraced, due to ease of data collection that's why WeChat is so good with their wallets and stuff. But crypto is another realm as they can be transacted cross border easily users somehow trade through WeChat wallets to buy/sell bitcoins but mask through something at least

Indeed will make WeChat less frequent to be used by new people / new bitcoin users.
It's just the way people feel, if limited they will avoid the limitless at all costs and try to go for a more open, liberty place.
They would rather had to think their approach and see how much WeChat could be using Cryptocurrencies.

Wechat has the Chinese government completely inserted up its anus. It's one of the government's prime control and surveillance tools. I would amazed if it wasn't doing anything other than this.

It sounds like it's now basically indispensable for daily life there and no doubt they'll make its necessity even deeper. That's an ideal platform to deter crypto usage.

The more removed China is from crypto the better. Nothing good has come from its involvement.

Bitcoin and cryptos challenge one of the main features of weChat. A16 has a great article about how they dominate China street commerce.

https://a16z.com/2015/08/06/wechat-china-mobile-first/

I agree with you, a decentralized system is very efficient and very safe.  platforms that still use centralized systems will have low quantities in the future.  I thought.  WeChat must have perceptions like Facebook and Whatsapp.  they can introduce crypto in their application.

yes.  WeChat's popularity is inferior to the popularity of Facebook and WhatsApp.  I think that WeChat is not ready because the quality and quantity of WeChat is very low in the public eye.  so their main focus is not the crypto trade.  but publishing WeChat to increase its popularity.

I assume that you really hate every Chinese contribution to the crypto world.  yes.  the Chinese government has a decision to limit crypto trading activities.  but.  prohibiting crypto trading in an application is not a good idea.  I believe.  if crypto becomes an uptrend in the future.  Each social media platform will adopt crypto trading to attract every user.

You bet.

Wechat is not a social media platform. It's a government control platform using social media as the tool to do it. What the government wants and doesn't want Wechat obeys.

It will be worse for WeChat as there is a high number of groups of people that discuss crypto related themes on these platforms. There are ico, trading, investment, speculation, news groups. However, customers are not losing anything, as there are other options available. It will be bad only and exclusively for WeChat.
From all these large industries I think the only bitcoin friendly one is Samsung.

I think it's really unfortunate a centralized company decided to write crypto off entirely. I can't wait until we have a decentralized app like wechat. i know Elixxir is one project in particular trying to do that

Because Wechat is a well-known application or paid service in China. The reason they prohibit the existence of cryptocurrency because they do not want the involvement of trade using virtual currency as illegal transactions or money laundering. And another reason is because China does have strict regulations related to crypto.

This is totally right since wechat is the Chinese whatsapp then it will be against bitcoin if china gob decides it, but at the same time, it's absurd, idk how the ban will work, but what will happen if two normal guys want to chat about bitcoin? will that conversation be illegal two? idk, this is absurd, humans need freedom.

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wechat is the most important messaging app in China, i believe it is used by so many people, if the merchants who work with the crypto will be banned from this platform i think they will migrate en masse to other apps ,telegram would be great in my opinion...

Since August last year, WeChat and Alibaba’s payment affiliate Ant Financial have both taken efforts to monitor and suspend user accounts that are suspected of being involved in crypto trading.
Maybe they don't know that it is 2019 already? ;D

I feel the banning of crypto by Wechat is based on some ulterior motive of the platform. I wouldn't be surprised if they eventually decided to created their own cryptocurrency for use within their platform, after all, Facebook has done something similar. Let's keep our fingers crossed.

I got banned by wechat just for mentioning the word crypto. I just hope more people adopt Elixxir as a wechat alternative that is actually private and decentralized

Is this serious? You got banned just by mentioning the word? This is really a douche move they're doing right now. You can't just ban people just because they mention a certain word. I mean, what if they mention the name to state that crypto is bad. Won't it be a statement that they support? I know for a fact that WeChat has its kind of digital currency. But, what's the use if they get rid of the competitors? Are they that scared to get beaten up by the crypto? This could actually be a good opportunity for them to see how electronic currency will prosper in society. But instead, they decided to get rid of it from their field of business.

I'm not surprised, it's a chinese service.

That's really sad.. I can't imagine what will happen with the ads in LocalBTC for Yuan, recently I was searching to buy some BTC using wechat. it had really great prices it's really sad that the govt of China always want to protect their interest.

The Chinese are really shooting themselves in the foot on this crypto thing just because they want to protect their Yuan currency. It's even more amusing to note that the same Chinese had the highest number of miners (in the last). With the ongoing trade war with the US, it's only a matter of time before they realize how badly the Yuan is hurt.

It's all political games and protection of their sovereignty. The Chinese government wants to control every aspect of their own citizens and that includes the communication platforms where they congregate and share ideas. Andreas predict that WeChat would follow Facebook's example with "Libra", but they will release their own token, which would only be traded within China. <This would also be linked to the Yuan to strengthen their economy and to prevent capital flight.>

You might even see a Chinese government coin being released soon, because it gives them a more powerful tool to track people's financial transactions. <More traceable than the Yuan>  >:(

I think maybe because China's politics affects this issue, it will take a long time for Wechat to expand with cryptocurrency.

China is in essence an extreme version of what could happen if governments reign supreme. This is another reason why we would want a decentralized WhatsApp alternative like the one Elixxir is building 

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Never heard of WeChat. Bitcoin is a global crypto currency. Just one firm/institution/company cannot define the future of crypto currencies. Like I said, never heard of WeChat and guess most of the people here are also clueless about WeChat. I can assure you, this won't hurt the price of crypto currencies. Even if it does, the impact will be temporary.

There will be decentralized alternatives that those who are interested in crypto will move onto. I know Elixxir is going to have a messaging dapp similar to wechat and there might be others in the works

More to go, what we have got at present relating to the cryptocurrency network and the social networking applications have got varied usage. Just because few service providers were against the usage of cryptocurrency into their platform doesn't mean it is a bad thing for Cryptocurrency. They might get their native tokens used on their applications same as that kik has got. So, with cryptocurrency it is always the time which make things better.

Wechat has an electronic payment system if you are privileged enough to own an account in a Chinese bank.

Of course, crypto is in direct competition to their "service", so its like they are Chinese Paypal of sorts.

Other IMs have adopted their own custom made altcoins, but its more or less the same thing: competitive technologies that aim to do the same: Electronic payments.

And then there is their government stance. Chinese companies have to comply, period. You are not allowed to criticize the Chinese government using the platform wechat either, you'll get banned for it. They probably just added the crypto words to their flag detection system.

Chinese companies are avoiding Cryptocurrency because their government has not legalized Cryptocurrency. From that point of view, WeChat avoids Cryptocurrency. This is just my guess.

There are still tons of platforms which can be use by Crypto Enthusiasts. We should respect their decision and in fact, it's their lost anyway. When then see the effect of having crypto in other platforms and how people will use this religiously, then I think they will open again their application.

Since the dawn of time with WeChat you can make payments with digital money of centralized entities, which does not correspond to cryptocurrencies based on blockchains. It's logical that this APP is against the crypto world.

The wechat attitude to Bitcoin and other cryptocurrencies is not new to crypto enthusiasts as businesses such as facebook once kicked against Bitcoin but today they have become strong advocate of digital currencies. Wechat will not be different, soon they will begin their support for Bitcoin. Whether they like it or not, Bitcoin is here to stay

I think the administrator of the app was not favor for bitcoin so they would not agree by the use of payment and do advertisement by the cryptocurrency. That was okay because that was only one unlike other popular apps who agreed on the use of crypto.

actually it is not entirely clear that transactions can only be made with centralized altcoins, which do not seem very useful to me, then it seems also that only Chinese users (from China ip/phone numbers) can open new accounts...

WeChat in my country is not very popular, even if they do not allow users to trade crypto would have less impact on crypto forward for community cryptocurrency already very large and also the name of cryptocurrency will never disappear if WeChat forbids even the act of WeChat this will be detrimental to their own because they do not make changes that make the user comfortable.

We cannot push every company to accept cryptocurrency. It is already said that WeChat is dominant in China and maybe they're just afraid that accepting cryptocurrency might affect their business in China. Even if WeChat will ban users from trading crypto, it's not a loss for us and in crypto since there's a lot of big companies out there who accepted crypto. Probably they are just being careful with the country where they're doing well.

I think eventually they will realize that they need crypto also. As then being part of the digital base market, they must or soon realize thay bitcoin is the digital currency they need. There are many chat platforms to choose from and they must be competitive with it as well.

As far as I know, WeChat already uses CNY/RMB and is widely used by merchants in marketplaces as a platform to pay for goods. And such news doesn't surprise us much, since they must have been adhering to the law and memorandum of their government, which also opposes cryptocurrency. China clearly doesn't like decentralized systems after all.

Facebook now has an older audience. People began to show more interest in social media networks such as Instagram or Twitter. They take a little more minimal approach. In this case, Facebook can make another move. Imagine a coin for whatsapp?

WeChat is based in China, and we all know that China doesn't support crypto trading, so the China politics might be reason why WeChat ban users from crypto trading.

Putting Cryptocurrency wallets into mobile phones or social media applications will be a big breakthrough. I think they're waiting for the time they're not rushing for this move. They only made small trials. Now larger firms are stronger than the states.

And also I think that the china disourages their people for using cryptocurrencies that's why their government banned the cryptocurrencies because it will be a hindrance from their own coin. I heard from the news and I read from another thread or forum that the china will release their cryptocurrency coin which is yuan this 2020.

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Well, that’s the decision they have taken for themselves. If they don’t people to be trading cryptocurrencies on their platform there are still a lot of other chatting platforms that you can make use of, WeChat is not the only one there is. And btw, I don’t believe that them banning cryptocurrency trading will bring down their platform, there is possibly why they have done that, maybe you didn’t take your time to check it out.

It might be that they are just doing it to protect their users from cryptocurrency scam. And I won’t lie there are lots of cryptocurrency scammers and I see a lot of them on social platforms like Twitter, so it’s things like this that are running everything.

It has already been implemented for sure, because I see, telegram is now allowing people to use it as a wallet for cryptocurrencies, in addition, putting this to other social media platforms will open up a milestone for achieving more cryptocurrency adoption, and in addition, will affect most of the price to grow up. Though, I see, WeChat is currently not allowing that to happen, that is because China has allot of regulation concerning their currency, including the limitation of it to be widely accepted.

I think Wechat banned cryptocurrency because of Chinese laws. Some of my friends in China say that Wechat is completely controlled by the Chinese government. So I'm not surprised that Wechat banned cryptocurrencies because the Chinese government didn't like the market and used almost every ban on it.

What people need to understand is that  the mass adoption of cryptocurrency and Bitcoin to be precise, do not really need the approval of these big companies and platforms. The nature of cryptocurrency will make it difficult for any centralized company or platform to accept the use and ideology of cryptocurrency and Bitcoin to be precise.  People shouldn't be surprise when centralised companies and platforms make such remarks about cryptocurrency and Bitcoin.

which wechat do I think is correct and quite reasonable.
bitcoin is decentralized while WeChat is central.
The government does not want their country's money out without supervision from the government.

Wechat is the most popular messaging application in China, with a monthly user base of more than 1 billion people. Wechat was originally created as a messaging service, but now this application has turned into an application that has various features, a user can do anything, such as , pay, book flights, or call rides online, even though wechat is accepted in China, and the government is against crypto, for me it is not affected at all, because there are many other social media, and other messaging applications that crypto users can use. ..

Wechat is a large social network and they can control crypto-related content according to the policy of the Chinese government. They cannot prohibit users from using cryptocurrencies, they simply do not provide the function of receiving and sending electronic money.
People around the world are still actively involved in cryptocurrency for its profitability and uniqueness. Prohibiting Wechat from discussing or providing crypto-related services has not affected the market as much as it has been so far.

on the old original Bitcoin protocol

https://www.youtube.com/watch?v=d_jb2U7q-Os

they dont have choice than to aceed to what the government instructs. i hope the decisions will change later because this is typical of the chinese government to ban and unban crypto. merchants can get an alternative to this and migrate their activities to a decentralized place where you no one would ban you thats the essence of all this journey.

Well, this is not surprising as WeChat is politically related so they will keep on disregarding cryptocurrency on it, even though aa lot of companies are now accepting cryptocurrency which results in having more users, we chat still do different thing and by that, they may lose some of their users because nowadays we are now really into cryptocurrency and a lot of people are now looking for some feature related to it.