Coinapult Launches Bitcoin by SMS Service: “Use the Currency of the Internet without the Internet”

Coinapult has launched its bitcoin-by-SMS feature, allowing users to send bitcoins with a regular cellphone. Smartphones, data plans and internet access

Coinapult has launched its bitcoin-by-SMS feature, allowing users to send bitcoins with a regular cellphone. Smartphones, data plans and internet access are not required, with Coinapult branding the feature: “Use the currency of the internet without the internet.”

According to its website, the company offers a Bitcoin wallet with enterprise-grade security. Its “lock” offering shelters bitcoin holders from price volatility by locking holdings “to stable assets like Gold or USD.”

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The latest launch can help bring Bitcoin and, by extension, financial flexibility to billions of the world’s un-banked–in a sense, more so than with a mobile app. It can be analogized to M-Pesa, a service launched by Vodafone allowing users to transfer money via SMS on mobile networks. Commenters on the announcement debated how bitcoin-by-SMS and M-Peso stack up when it comes to security, particularly from man-in-the-middle (MITM) attacks.

Other Bitcoin businesses offering such functionality include Coinkite and Coinpip.

Two months ago, the company secured $775,000 in venture funding from investors, including FirstMark Capital.

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