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.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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The CoinText Bitcoin BCH wallet was only introduced a few months ago. However, it has continued to innovate and gain a significant user base, most recently expanding into Israel, Palestine and Hong Kong. Now, the wallet’s developers have taken things a step further and have announced that users can make BitPay invoices payments with the wallet.
CoinText works differently than other wallets. It allows a wallet user to send Bitcoin BCH to anyone using either a Bitcoin BCH address or a telephone number. It has received substantial praise for being able to provide cryptocurrency functionality to those where the Internet is not present and for providing a method for individuals to still be able to conduct business in the event that the Internet goes down.
With the latest integration, Bitcoin BCH adoption and acceptance gets a little easier. Any time there are more options to make payments, the ecosystem benefits. Typically, making BitPay payments isn’t a hassle, but having the CoinText option ensures that there is more flexibility and a secondary system in place, should it be needed.
Through the new feature, CoinText wallet users can freely spend Bitcoin BCH at any retailer that uses BitPay through a simple SMS text message. Depending on where the user and retailer are located, this is a huge advantage, as some malls in certain countries, for example, have no Internet access, or a saturation issue that makes it difficult to connect in a timely manner.
An individual doesn’t need to have a CoinText wallet to receive a transfer. If Bitcoin BCH is sent to a phone number that’s stored in a smartphone’s address book, CoinText will automatically create the wallet and deposit the currency. From there, that user will also be provided a link to instructions on how to use cryptocurrency and the wallet.
The addition of the BitPay support may not seem like a big deal to crypto enthusiasts in Western countries, but it should definitely be a huge success in developing and third-world countries. It’s another example of how cryptocurrencies – especially Bitcoin BCH – are continuing to develop and an important step to expand adoption of Bitcoin BCH, the only cryptocurrency that has maintained a retail focus among the digital currencies now available.
CoinText is now available in the US, 16 countries in the European Union, South Africa, Mexico, Chile, Hong Kong, Israel and Palestine. Its beauty is in its simplicity and the ability to literally reach anyone, anywhere in the world with nothing more than a phone number.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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A novel cryptcurrency platform was first brought to light this past February and promised to bring Bitcoin BCH to those who have no access to the Internet. Eight months later, that platform, CoinText, is gaining in popularity and is now rolling out its service to several new areas.
In a press release, CoinText announced that its service is now available to users in Hong Kong, Palestine and Israel. Vin Armani, the company’s founder and lead developer, said, “These are important regions for us to connect because they’re financial centers. And CoinText gives them a simple alternative to physical cash.”
CoinText’s brilliance is in its simplicity. It allows a user to send Bitcoin BCH to anyone using just a mobile phone number or a cryptocurrency wallet. It does not require an Internet connection, instead relying on the global Simple Message System (SMS) text messaging protocol.
If cryptocurrency is sent to someone without a crypto wallet, CoinText automatically creates and configures the wallet as soon as the text message is received. Users of the platform can manage their wallets easily by using commands like BALANCE to check the wallet balance, and RECEIVE and SEND for their respective actions. Each geographic area has its own locally assigned number, giving users the ability to send Bitcoin BCH without incurring hefty charges.
Hong Kong became the first country in Asia to be set up with CoinText. While the default language of the platform is English, the company indicates that it will soon have support for both Chinese and Hebrew.
CoinText can be accessed in the new regions by dialing the following numbers: 85257456744 (Hong Kong); 972526230418 (Israel).
CoinText is now available in a total of 25 countries around the world. However, provided a user has an international roaming plan associated with his or her phone, access is available from anywhere. It is available in Canada, the U.S., Mexico, Chile and South Africa, as well as 16 countries in the European Union.
CoinText focused on Bitcoin BCH because it is the only cryptocurrency available today that is still advancing the original purpose of cryptocurrency—to be used as a viable and legitimate digital currency in lieu of fiat. The majority of the blockchain’s developers haven’t waivered from this initial goal, which is why Bitcoin BCH is the fastest growing retail cryptocurrency available today.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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