Blockchain payments solution provider CoinText is making inroads in Turkey and Argentina as high inflation is turning locals to cryptocurrencies in search of a more stable store of value and means to transact. The company on Tuesday introduced its wallet service in the two countries, which makes executing Bitcoin Cash (BCH) transactions as easy as sending an SMS.
The firm’s SMS interfaces can be used to transact the cryptocurrency, which was forked from Bitcoin in mid-2017, using simple text commands. CoinText expands the horizon for users without smartphones and even for those using old Nokia flip phones. Unlike conventional crypto wallets, CoinText’s service doesn’t require users to register at an exchange, store passphrases, or private keys.
CoinText’s service was also seeing strong adoption in other countries with dynamics different to Turkey and Argentina. Last week, CoinText.io has launched its service in Hong Kong, Israel, and the Palestinian territories.
Overall, many investors are turning to cryptocurrencies as a way to store value, as the exchange rate of fiat currencies in many countries is spiraling out of control.
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Now Available in 27 Countries
The Argentine and Turkish economies have been mired by a sharp increase in inflation. The central banks in both nations tried to keep inflation in check through rate hikes, but to no avail. The Argentine peso, for example, lost half of its value this year against the US dollar, while the lira shed 40 percent.
CoinText’s wallet runs with basic and simple commands like Balance, Deposit, Send, and Withdraw. The wallet doesn’t store any data about transactions in the system as the server only processes operations through an algorithm which settles transactions directly on-chain.
The service is designed to enable customers to send, receive and store money via a basic mobile phone, which caters to billions of underbanked people around the world.
With the latest additions, the service is now available in 27 countries.
Commenting on the news, CoinText founder and CTO Vin Armani, said: “Bitcoin is better money. Many Turks and Argentinians already understand this due to high inflation. We are excited to provide tools to help them use cryptocurrency. Before CoinText, you had to download a software wallet or join an exchange to get your first cryptocurrency. And to onboard your friends, you had to convince them to do the same process. Now you can just text money to their phone.”