Bitcoin Cash [BCH] saw its philosophy as electronic money get another boost to its adoption as CoinText.io, a service to transact the currency using SMS messaging, launched in Turkey and Argentina. Moreover, as these countries are hit with debilitating inflation problems, the introduction of a method to transact value with a low barrier of entry will push adoption of the currency.
The Founder and CTO of CoinText, Vin Armani, said in a statement that many in these two countries recognize the power of Bitcoin as “better money”. He went on to say that he was excited to provide tools to enable the flame of the revolution against corrupt monetary policy to keep burning.
The native fiats of these countries have experienced a decline of close to half or more of their value against the dollar in the last year alone, leading many to turn to alternate methods of transacting value for everyday activities. This also means that citizens do not have a high amount of disposable income required to set up a service for transacting cryptocurrencies.
It is also important to note that these countries do not have widespread Internet, leading the solution to come in the form of SMS. The service enables the sending of money to mobile phone numbers or BCH addresses, with no requirement for Internet, apps, accounts or passwords. The function of this service on SMS also means that phones from the late 2000s can also be used, as they have functionality for the technology.
The CTO stated:
“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.”
The service utilizes simple commands such as BALANCE and RECEIVE sent as text messages, which will display their balance and wallet address. Moreover, users can send funds to foreign numbers in addition to domestic numbers, such as SEND $1 PHONENUMBER. This is secured using 2 Factor Authentication
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