A lot is happening in the world of cryptocurrencies right now where each service provider is continuously looking for innovative ways to make a mark. In the spirit of innovation, Cointext has launched an SMS based feature that allows users to transact Bitcoin Cash conveniently.
CoinText is on a mission to make cryptocurrencies accessible to everyone who has a phone capable of sending sms. With such a phone, sending or receiving BCH will be easy thanks to CoinText. As long as the sim card is active and enabled by the service provider, carrying out these transactions will be possible. Even better, users won’t need internet connectivity to use this application.
How Does CoinText Bitcoin Cash Payments Work?
Vin Armani, who is the lead developer of CoinText, gave an instructional tweet on how the application will operate. An SMS is sent to their backend algorithm that's linked to the Cointext wallet. Upon verification, instructions are sent from Cointext’s backend through an API. Consequently, confrimations are made for both the sender and the recipient. Their balances are then updated to show that the transaction has gone through.
The Cointext wallet is secure and runs on basic commands such as SEND, DEPOSIT, WITHDRAW and BALANCE. There’s also a HELP command that guides one further through the process. All these commands are done through text.
Benefits of the SMS-Based Application, CoinText
The principal advantage of this application is its ability to open up transacting cryptocurrencies more so BCH to millions of people. The app is convenient and accessible to many people even those in remote areas where internet connectivity is limited. The developers have a goal of allowing people to deal in crypto regardless of the level of technology they have access to. Another benefit is that it’s easy to use without copying and pasting complicated addresses.
On the downside, this project is profoundly underfunded, and the team behind it is seeking donations. At the moment, the platform is only accessible to Beta users living in Canada, Australia, UK, and the USA. For this platform to penetrate more countries, additional funding is necessary.
All the beta users are awarded free BCH worth $1 when they sign into the platform to test the application. The platform doesn’t hold any funds for users since the transaction is done directly on-chain. CoinText Bitcoin Cash Payments needs to reach many users to help increase the usage of Bitcoin Cash.