Text messaging service Cointext today announced the launch of its new feature which would allow users to send Bitcoin Cash (BCH) to each other. Users can now send the currency, even without connecting to the internet with this app. The beta release of the app is available only in select markets.
Send and receive BCH via SMS
Unlike other exchanges and apps where connectivity to the internet is important to send and receive any cryptocurrency, Cointext allows users to do so via a text message. It uses the SMS protocol of the phone to complete the transaction between two users. The app is currently running in beta, and the new feature service is available for testing only in the US, UK, Canada, South Africa, Netherlands, Sweden, and Switzerland.
The app lets users transact only in bitcoin cash or BCH. The public beta version of this platform is available for users since March 27. Co-founder, CTO and lead developer of the platform, Vin Armani announced the public launch of the beta. He said, “Cointext is the easiest and most powerful way to spread the use of Bitcoin Cash because it works with any type of mobile phone and you don’t need any knowledge of cryptocurrency to use it.”
A boon for the underbanked?
Even though the initial beta of the platform is being tested in developed nations, the platform could become a boon for millions of underbanked individuals in developing or underdeveloped countries. Because of its unique approach to sending and receiving cryptocurrencies, the Cointext platform can do several things that a vanilla crypto wallet cannot. For instance, it can be used in almost any phone in the world, even the most basic ones.
More than 2,000 users registered for the private testing soft launch of the application. With this application, Cointext can not only reach thousands of underbanked individuals but also introduce them to financial markets as well as cryptocurrencies. The platform is also providing free BCH coins which have been donated to them by the BCH community. When a first-time user text the word ‘CASH’ to the access number of the firm, they get $0.50 in bitcoin cash.
Armani suggests, “Money, or currency, has always been the killer app for bitcoin, not merely a store of value.”
The development team of the application clarified that Cointext does not hold any user funds. It simply remains connected to the BCH network and clears the funds through SMS transactions. However, if a user ever loses their phone, Cointext will not be able to recover their funds as they don’t store it for the users.
However, the users can remain free from frauds or manipulations by the SMS client as it cannot censor or modify any transactions. The platform works on a fixed fee structure, charging $0.05 for every transaction, regardless of the amount being transacted.
Cointext is hoping for adoption in at least 54 countries. If the beta launch is successful, they will be launching a new series of access numbers in the next two months, along with first language instructions.