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CoinText Enables SMS-Based Cryptocurrency Transactions Expands to the Philippines

Cointext enables sms-based cryptocurrency transactions expands to the philippines

CoinText Enables SMS-Based Cryptocurrency Transactions Expands to the Philippines

Cointext enables sms-based cryptocurrency transactions expands to the philippines

On January 3, 2018, CoinText.io, a service that provides a service enabling users to send and receive cryptocurrency using text messages, announced it was enabling its Bitcoin Cash (BCH) wallet in the Philippines reported Yahoo Finance.

Simplifying the Use of Cryptocurrency

CoinText is an innovative service that allows users to send cryptocurrency to mobile phone numbers or any BCH address. Users needn’t go through the hassle of downloading a wallet or taking any other action to send or receive coins while making the funds immediately available to be re-spent.

Vin Armani, CoinText founder and CTO, commented:

“The Philippines has many cryptocurrency exchanges that make using cryptocurrency for remittances a no-brainer. With CoinText, Filipinos can make borderless payments and withdraw pesos at an exchange for a fraction of the cost of traditional money transfer services.

CoinText was reportedly the first company to develop a way to use cryptocurrency without the need for apps, accounts, passwords, or the Internet.

The fintech startup offers a frictionless service to the cryptocurrency ecosystem that works with any Text message-enabled device. CoinText is essentially a foundation for the development of a full suite of digital solutions including touchless payments, streaming money, and for the Internet of Things (IoT).

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Cutting Expenses on Remittances

Since the Philippine’s has historically been a country of emigrants, remittances costs have always come as one of the main hindrances for a demographic looking to send money back to their home country.

Today, remittances account for around ten percent of the country’s GDP ($30B). Given that smartphone penetration hovers around 40 percent and credit card penetration is only five percent, it makes the country an ideal place for cryptocurrency payments as CoinText operates using basic phone features. Armani said:

“The ability to send value over SMS is tailor-made for The Philippines. Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially BTC Cash.”

Essential Functions and Features of CoinText

Users needn’t type addresses as they can send funds directly to another phone number regardless if it is domestic or foreign. To send funds, users need to type “SEND $1 [PhoneNumber].”

CoinText has delivered an easy-to-use alternative that allows cryptocurrency users to manage their wallet by using simple basic SMS commands like “BALANCE” to check the balance, or “HELP” to access instructions on how to use the wallet.

Users get a wallet by texting a valid command to a CoinText access number or when another user texts funds to their phone number. New users in the Philippines get a CoinText wallet by texting “START” or “SIMULAN” to “639221101037.” Additionally, users can also send funds straight to BCH wallets by using the command “SEND $1 [BCH address].”

The service also included support for the Tagalog language across the entire platform in this latest release.

Published at Fri, 04 Jan 2019 18:00:08 +0000

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Ethereum Price Tops $900 on CEX, Possible Haven for Investors

Almost every single crypto-currency has seen massive gains in the past few months, Ethereum included. But with the recent news about bitcoin Cash being listed on Coinbase, much uncertainty has been thrown into the market.

The Biggest Smart Contract Platform

Ethereum has more than tripled in the past three months, with the market price at $255 just three months ago to over $800 today. The rally appears to not be stopping, however, as some exchanges are posting numbers well above market price. On one exchange, CEX.io, the price broke through the $900 barrier. While it has dropped since, it’s clear that as people start researching bitcoin and digital currencies in general, altcoins are valid options for those looking to diversify.

Ethereum has been around since 2014 and its native currency is the “Ether.” It touts itself as a “Smart Contract Platform,” as opposed to bitcoin being a payment platform. A smart contract is simply a piece of software that executes an action, and once executed cannot be stopped/altered. Since it is all code, the contract can be audited and verified that it will do exactly what the developer says it will do.

Sample smart contract code

An example smart contract on Ethereum. Source: https://www.ethereum.org/token.

Here is a very simple example of a smart contract. Let’s say I’m a YouTuber, and you’re a company looking to advertise on my videos. I put a short ten-second ad at the beginning of each of my videos, and in return, you’ll pay me $1 for every 1000 views. Now I could trust you so that when I reach a view threshold, you’ll pay me. Or we could get a third party involved to ensure I get paid. But with a smart contract, it could automatically pay me. It could check the YouTube video statistics for views every so often, and pay me accordingly. All in a completely trustless way.

Ethereum and The Coinbase Effect

There is also something to be said about access to different coins for new investors. Ethereum might be experiencing what I’m going to call the “Coinbase Effect,” which is the fact that the currencies that are currently listed on Coinbase are pretty much the only ones the average-Joe investor knows about. Since these are the only ones available on Coinbase, which is a major on-ramp for non-technical users, they’ll tend to invest in these currencies over others.

The Coinbase Effect

With bitcoin and bitcoin Cash going head to head, and accusations of conspiracy flying every which way, many may be looking at ETH as a haven for their newly found gains from bitcoin. Because it’s listed on Coinbase, investors can easily convert their current holdings to Ethereum. Ethereum is not without problems of their own, however.

Earlier this month, CryptoKitties pressed the network against its limits. As a result, Ethereum users saw fees approaching $1 or higher, which is completely unheard of for most cryptos, especially Ethereum. We’ll see in the coming weeks whether this rally has any substance behind it, or if it is just a pump and dump.

Are you invested in Ethereum? How do you think the market will react to the Coinbase announcement long term? Let us know in the comments below!

Images courtesy of AdobeStock, Coinbase, Ethereum

The post Ethereum Price Tops $900 on CEX, Possible Haven for Investors appeared first on Bitcoinist.com.

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