Cryptocurrency now imagines a world where there is power and freedom of transferring money from central authorities back to Individual. Distributed ledger has made this possible with the help of internet. However, now Turkey and Argentina citizens will be able to make crypto transactions without internet. CoinText, the latest service is allowing citizens of Turkey and Argentina to do Bitcoin Cash transactions just with an SMS.
Smartphones have changed the way we communicate and access the internet. However, there are certain places in the world which lack access to gadgets and continuous internet, hence CoinText release this feature. CoinText allows transaction of Bitcoin cash without internet, apps or passwords, hence building a strong Bitcoin Cash network in both countries.
Vin Armani, who is the founder and CTO of CoinText said, both the countries know the power of bitcoin as “better money”. “Many Turks and Argentinians already understand this due to high inflation. We are excited to provide tools to help them use cryptocurrency.”
CoinText also mentioned that the latest service works on all the mobile phones along with old Nokia flip phones. “If your phone can send and receive SMS messages with your telecom service, you can use Cointext,” the company explained.
Crypto Transaction will support Economic Growth
The use of Cryptocurrency is increasing due to the continuous decrease in the economic situation in the country. Enthusiasts also mention that both countries are main examples of the stupidity of excessive state economic control. In 2018, Argentina peso and Turkish lira have fallen abruptly against US dollar. Every year, the peso is down around 60% and lira is down by 40%.
Both the counties, Turkey and Argentina are suffering from very high inflation. Argentina’s inflation has reached 40.5% so far in 2018 and it is expected to reach 44% by the end of this year. Turkey’s inflation rate is around 24.5% which is highest compared to last 15 years.
How to send Bitcoin Cash from your phone?
Vin Armani, who is the founder and CTO of the firm said,
“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 who want to use the CoinText service have to use command phrases or words such as “BALANCE” or “RECEIVE” as text messages to interact with their Bitcoin cash balance. Additionally, users can also send money to foreign numbers other than domestic numbers, such as SEND $1 PHONE NUMBER. The whole process is secured using 2 Factor Authentication.