Providing Cryptocurrency to Friends, Family, and Business Associates with Email
PayPal provided an innovative way for consumers to send money across accounts with the use of just an email address. No wallet numbers were needed, and the user did not even need to have an account with PayPal at all. Instead, the website would just encourage the user to sign up. There is no reason that this cannot be applied to cryptocurrency, considering the advancements of this technology so far.
Right now, when someone wants to send funds to a wallet, the ID is a lengthy line of different numbers and letters. Plus, the receiver already has to be a part of that particular platform, and they need to be asked to get their address to send anything. Plus, there is nothing to identify the recipient after. The process really is not user-friendly, even though so much of the crypto industry is.
The Byteball wallet (v. 2.0) aims to make the process of trading between wallets just as easy as with PayPal payments, but better. Any user can send Bytes to an email address, regardless of whether the user has an account yet. When the recipient receives the email to notify them of the payment, they can add the money to their current wallet. If they do not have one, a simple installation of the app makes it easy to receive the payment.
The sender just needs to share through the typical “Share” function on a smartphone, essentially sending the tokens through text. That is why this coin is called the “textcoin.” When the user receives a code, they are giving a similar code to that of a regular transaction, except that it has dashes instead of spaces to maintain clarity easily.
The only real risk that appears to be happening with this process is the fact that there is a risk that the user could have an unsecured connection at any time when they make the transaction. For this reason, this type of application should really just be used for smaller amounts, providing a lessened risk. They can also use it in end-to-end chats, like in the Signal, WhatsApp, and iMessage apps.
In the event that the user makes some kind of mistake with the transaction, there is no risk of loss. Instead, the sender can reclaim the money they sent, because the wallet ID is saved within the user’s wallet.