WeChat is probably the most used app in China, and there is clearly a definitive reason why. WeChat, from what I know it to be, is the everything app. While with Facebook, Twitter, YouTube, OnlyFans, or any other related social media/content sharing app, your usage of such an app is quite limited. What you can do on WeChat pretty much encompasses all the social interactions and chores the modern person engages in on a daily basis.
You can use the app for chatting, have video calls, link your bank accounts and pay for certain goods with it, share your location, and so on. It kind of has everything every other social media app has, plus the feature to store money, or better said, link a bank account or more to your account and use it to pay for goods online and offline.
Threads of @leofinance are aiming at becoming an everything app as well, and despite having a long road ahead to achieve that, I have high hopes that one day Leofinance will be able to deliver something similar to what WeChat is. Meanwhile, X (Twitter) might get there, replicating what WeChat is sooner than we might imagine.
When Elon Musk bought Twitter for a bit over $40 billion dollars, he didn't do it so that he could have his own social media platform and play the role of an online god in restoring the long-lost freedom of speech on the platform. Elon Musk bought the app with the thought in his mind of turning it into an everything app, and he's going to deliver that. He has the funds and the will to do that.
I don't take everything he says for granted; the man is a joker sometimes, but massive updates will come to Twitter, and some of them will excite cryptocurrency investors more than the simple users of Twitter. To some extent, Twitter is what it is right now due to Crypto Twitter (CT). Personally, I wouldn't still be using Twitter if it wasn't for Crypto Twitter.
Elon Musk had the plan of "taking over the financial world" a long time ago when he launched X.com, but that plan soon turned into nothing more than a merger with PayPal, resulting in a money transfer and payments network that is quite widely used across the globe, but one that is not special in any way at all.
Now, when Elon bought Twitter, I bet he had X.com in mind and the failed plans that he had with X.com which could come to fruition through Twitter. Elon hasn't invented everything yet; he copied most of his businesses, but he is nevertheless a good businessman.
Musk is a fan of Dogecoin, the meme cryptocurrency that was designed as a joke. However, Elon's sympathy for Dogecoin goes beyond its "name and humor" as the blockchain wearing the funny name is robust as hell and quite a good alternative to Bitcoin, for example, when it comes to transferring value across the world. We can't say that Dogecoin can challenge Bitcoin as a store of value, but it can clearly challenge it when it comes to speed and insanely low transfer fees.
Dogecoin confirmation times lead to processing around 33 transactions per second, which is much faster than Bitcoin's average of 7 TPS. I know I'll get a lot of hate from maxis and DOGE haters on this one, but let's not forget that above everything, blockchain is math, and sometimes the fastest and cheapest math is the most likely to be used. If that makes any sense for you native English speakers out there.
The Rhode Island Currency Transmitter License was approved for X on August 28th, according to data displayed on NMLS. This license is required to provide virtual asset-related services on behalf of users. It will enable the social media platform to store, transfer, and exchange digital assets for its massive user base.
What does that mean? Well, to my understanding, it means that X can implement a crypto exchange on the platform, set up a rewards-based social media system similar to Hive, and use cryptocurrency (probably DOGE). It also means that we might have some sorts of wallets available for Twitter on which we can store crypto, use them for payments or blockchain transfers.
Elon Musk has already stated that he is not going to develop any cryptocurrency for Twitter, but that does not mean he is not going to embed any within the Twitter app; otherwise, he wouldn't go for that license he just got approval for. I don't expect cryptocurrencies to be the main sauce of the payments feature of Twitter in the future, but cryptocurrency is here to stay, and it will gradually be integrated into the current financial system.
Smartphones are probably the most used gadgets at the moment, and you can literally do almost anything with a smartphone; thus, the bet to make an everything app out of Twitter sure makes a lot of sense.
Back in early 2020, Elon Musk tweeted a meme that said "the Doge standard is taking over the financial system." Recently, he changed his location on Twitter to XD (D as the Doge sign) and said that Dogecoin is superior to Bitcoin when it comes to transaction speed and fees, while also claiming to be aiming at making Twitter eat up something like half of the global financial system.
That's a bold statement, and I doubt it will happen, but pay attention to Twitter and watch out for the Doges of war. The most entertaining outcome (Doge) could be the most likely (Doge somehow getting implemented into Twitter). The internet is on steroids since crypto and AI, and its capacity to handle such steroids is immense. I don't know about you, but I'm allocating some portion of my portfolio to DOGE. What do you think?
Thanks for your attention,
Adrian