Good news has made its way to the two countries currently experiencing dire economic conditions—Turkey and Argentina. On Oct. 15, crypto platform CoinText has started offering its SMS-based Bitcoin Cash (BCH) wallet service to these two countries. In a statement, CoinText said users can access the services using all types of mobile phones, noting, “If your phone can send and receive SMS messages with your telecom service, you can use CoinText.”
CoinText enables customers to send, receive and store money via a basic mobile phone. The service is simple and operates on basic commands like Deposit, Send, Withdraw and Balance, without the need for an internet connection, special accounts, passwords or additional apps.
Due to the deteriorating economic conditions in Argentina and Turkey, many of their residents have turned to cryptocurrencies. The Argentine peso had fallen 60% and Turkish lira 40% against the U.S. dollar on a year-to-date basis. The two countries have seen the highest of its annual inflation in years. The growing economic instability has led a growing number of persons in the two countries into considering cryptocurrencies as an alternative. Vin Armani, founder and CTO of CoinText, explained that an increasing number of Turks and Argentinians understand that due to high inflation, “Bitcoin is better money.”
To send funds to domestic or foreign mobile phones, CoinText users only need to text the command “SEND” plus the amount and the phone number of the recipient. After entering a 2FA code, transactions are instantly settled on the Bitcoin BCH blockchain.
Users in Turkey get a new CoinText wallet by sending an SMS with the word BASLA to 90-850-540-0651, while users in Argentina get a wallet by texting the words COINTEXT INICIAR to 11011.
Cointext now had its services available in 27 countries. Last week, the platform launched its service to users in Hong Kong, Palestine and Israel. It is available in Canada, the U.S., Mexico, Chile and South Africa, as well as 16 countries in the European Union.