Within and around the Cryptocurrency world there are so many new innovations and currencies etc coming out that it is hard to keep up with them and even harder to pick what will be a winner or loser and there can be plenty of losers. There is so much to research in this field and now and again one comes across something that jumps out as a possible winner and my selection is Cointext.
Cointext- The concept
The idea here is to send Bitcoin cash by SMS with a mobile phone using simple text commands. Yes sounds easy doesn’t it or you might say far-fetched but the staff at Cointext are pretty confident in their assumptions and have now sent their product out for private beta testing in a few English-speaking countries including the US and UK. I will let Cointext themselves explain it a bit further.
Most wallets require downloading an app to a smartphone, or registering at an exchange, storing passphrases or private keys securely, setting up two-factor authentication, and a host of other challenges for newbies.
CoinText doesn’t require any of that. All you have to do is text the word CASH to CoinText’s phone number for your region and CoinText’s faucet sends BCH to your phone. Even if you use a feature phone.
Beta users in the United States, Canada, United Kingdom and Australia will receive $1 in free BCH to test the wallet. They can add to those funds by texting deposit to CoinText. A very interesting Concept if I say so.
New users will automatically get a Bitcoin Cash wallet assigned to their phone when someone sends them BCH through CoinText, or when they text a valid command to CoinText’s phone number. CoinText never holds funds and all transactions are settled directly on chain. This has been tried before but at that time the commands were thought to be too complicated and Cointext claim they have simplified the process and in my opinion if their Beta testing proves to be a positive experience one could be on a future winner here.
If you want to check your balance well you do it like you normally would on a phone by simply texting BALANCE to Coin Text. To add funds you text DEPOSIT and to send funds to any phone in the world text SEND then a space, the dollar amount and finally the phone number of the recipient, and it is the same process to withdraw.
Because it is done by text then it allows both smartphones and dumbphones to transact BCH without internet. Again a nifty little idea very simple yet very ingenious as well but an idea that will only work and grow in popularity if they can live up to what they claim to be able to do, in my opinion though definitely an idea to keep a close eye on.
So if you are one of the BETA Testers out there using Coin Text then please leave a comment and give us some feedback on early results and experiences you are having with it as we would all love to know how it is going?
Another interesting little fact that one should take into consideration here is that the potential for Smartphone growth is still massive for one simple reason and that is believed it or not that over 60% of the worlds’ population still DOES NOT own one! I will let you chew on that for a moment. You can see where Iam coming from there I am sure.
There will be other uses for Coin text including Solutions for Merchants, Charities,ATMs and SMS AND GAMING so it is not a one trick pony and to me has excellent potential depending on results of Beta Testing. It is important for us all to look beyond Bitcoin and look at the technology behind it and it will only continue to develop and expand and intrude into our daily world remember the future is coming but some of it is here already and I am putting my two pence worth behind Cointext.
I really want to hear your opinions on this so leave a comment and discuss this subject as we are all stronger together.
Cheers Gerry gocryptosales.com