CoinText Now Allows Users to Transact Bitcoin Cash via SMS
CoinText will expand the horizon for users without smartphones.
Blockchain payments solution provider CoinText has introduced a new wallet that makes executing Bitcoin Cash (BCH) transactions as easy as sending an SMS.
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CoinText’s SMS interfaces can be used to transact the cryptocurrency that was forked from Bitcoin in mid-2017 using simple text commands without Internet, smartphones, apps, accounts or passwords.
Through this new beta-testing feature, CoinText will expand the horizon for users without smartphones. All beta users were given $1 worth of free BCH to test the wallet in the United States, Canada, United Kingdom and Australia.
Technology: Help Test The Future With @CoinText.
Public beta testing commences in March, go to https://t.co/6ZLvpjXOgN to register. https://t.co/6ZLvpjXOgN pic.twitter.com/QfrVpNJ2VF
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— Bitcoin Cash (BCH) News (@BTCNewsUpdates) February 12, 2018
The current bitcoin wallet landscape relies mostly on QR codes and mobile apps. But users now can just select the recipient’s contact from their phone’s contact list, enter the amount in BCH, and hit send. Unlike conventional crypto wallets, CoinText’s service doesn’t require users to register at an exchange, store passphrases or private keys.
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 safely and securely to send, receive and store money via a basic mobile phone, which caters to billions of underbanked people around the world.
According to CoinText’s lead developer, Vin Armani: “Being able to transact an international currency like Bitcoin Cash over text message with any phone in the world will uncap the vast economic potential for the unbanked. Settling transactions directly on-chain allows us to build so many simple useful tools. This SMS wallet is just the start.”
This approach for sure can work with small amounts of $$$, but the amounts must be smaller than the cost of the potential attack. So…not sure if I would use it, anyway.