Cryptocurrency envisions a world where the power and freedom of money is transferred from central authorities back to the individual. Distributed ledgers via the internet are what will allow this to happen, but Turkey and Argentina are giving its citizens without internet a chance to interact with cryptocurrency. Through a newly announced CoinText service, citizens of Turkey and Argentina will be able to use their internet-less phones to transact Bitcoin Cash with SMS messaging.
While smart phones have revolutionized the way world communicates, many people in the world remain without such advanced personal devices and lack constant access to the internet. CoinText allows for these people to transact with Bitcoin Cash without internet, apps, or passwords, greatly increasing the availability of the Bitcoin Cash network in operating countries.
Founder and CTO of CoinText, Vin Armani, had this to say in a statement regarding the announcement:
“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.”
Users of the CoinText service will be able to type command words or phrases, such as “BALANCE” and “RECEIVE”, as text messages to interact with their Bitcoin Cash balance. The service makes up for the possible security lapses by using 2 Factor Authentication.
Turkey and Argentina are both countries known to be struggling with heavy inflation. Argentina’s inflation reached 40.5 percent so far in 2018 and is expected to reach 44 percent by the end of the year, while Turkey’s inflation just hit its 15-year high in September. Armani says that both countries are utilizing the CoinText service because they recognize that Bitcoin is “better money”.
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