Category Archives: launch

Accessing the Money of the Future with Technology of the Past

While most of us in the cryptosphere have a pretty good handle on the mechanics of cryptocurrency, the rest of the world is still scratching their heads over it. The widespread ignorance of cryptocurrency poses a huge impediment to its global adoption, especially in parts of the world where reliable access to the Internet and the availability of smartphones is not consistent. However, CoinText, a new crypto wallet service whose user interface runs on the SMS network may be the key to bridging that gap.

The functionality of Cointext is similar to many other automated SMS-based platforms one might use such as online banking and promotional campaigns. Anyone can generate a seed for a Cointext wallet by texting a valid command to one of the service’s access numbers. The user can then enter additional commands to check their balance, send and receive digital assets, and so on. Currently, the platform only supports Bitcoin Cash and all transactions are immediately settled on the BCH blockchain via Cointext’s proprietary algorithm to translate the SMS commands to post to the blockchain.. .

The US-based fintech company launched the beta version of its platform last month and currently only offers access numbers for six countries (the US,.Canada, Australia, South Africa, the UK, Switzerland, Sweden and the Netherlands). Users outside of these six countries are still able to use the service by texting one of those countries’ access numbers.

Cointext’s unique wallet differs from traditional mobile crypto wallets mainly because Its SMS-based platform makes the service accessible to users of older, more basic mobile phones regardless of whether the devices are connected to the Internet. Users can view their BCH address by texting RECEIVE to an access number and can send funds either in the amount of BCH or in the amount of five different fiat currencies.

Users’ BCH addresses are linked to their phone numbers which allows for users to send BCH to other Cointext users using only the recipient’s cell phone number without ever having to see the recipient’s public key. Users can also delete their text chat history as a means of hiding evidence of a crypto wallet from law enforcement who may search their phone. Doing this does not affect their wallet at all.

As is the case with any developing technology, the platform is not without some security flaws. Users’ BCH addresses and by extension, their private keys, are linked to their phone numbers. This poses a serious problem as Cointext currently offers no resolution for the loss of funds if a user changes their phone number or loses their phone.

This revolutionary crypto service is particularly beneficial to billions of people in developing countries where neither smartphones, traditional bank accounts or consistent Internet access are common

Cointext plans to launch a wave of access numbers for additional countries next month and is looking for feedback from the 2,000 people experimenting with the beta version. The development team also plans to implement support for non-English speakers in the next version of the platform. From there, Cointext may become the first of many such services to introduce various digital currencies to the rest of the world.

Neocash Radio Launches!

The future of money is being written each day and we are truly living in historic times. For small thumbmuch of human history money or currency was a physical instrument that one would have to carry with them to exchange for the good or service they wanted. Gold and silver serve as examples of money that has withstood the tests of time and still to this day are accepted as a store of value to be used in trade. Fiat currencies have dominated the recent decades as the defacto currency with the United States dollar leading the pack. With the advent of the internet and digital commerce we are seeing new and exciting changes in currency.

The internet has revolutionized how people communicate and share information. Mobile phones and wifi devices have put the sum of human knowledge in the palm of our hands, easily accessed from nearly anywhere with a cellular or wifi signal. These advancements in technology have permeated many facets of our daily lives and given rise to a new age of news, socializing, collaborating, and commerce.

Individuals and companies are coming up with new ways to harness the power of the internet for personal and commercial uses. Bitcoin is on the forefront of this new trend as people look for faster and easier ways to purchase goods and services over the virtual landscape. Not bound restrictions placed on physical currencies and not beholden to any government or institution, Bitcoin is the currency of user, by the user, for the user. No flag, no god, no government, in cryptography we trust.

The market loves Bitcoin with more and more outlets and stores accepting it. While not intended as a point of sale currency, innovative individuals have come up with ways to make person to person transactions easy and quick by adapting the ubiquitous smart phone to serve as a mobile wallet, scanner, and barcode display. More mobile apps are popping up to make Bitcoin monitoring and trading even easier.

Neocash Radio was created to chronicle and share information about alternatives to the US dollar and other government currencies. Bitcoin has become the king of the alt-currency market and after a slow but steady period of adoption we see the Bitcoin muscle flexing and markets across the globe are starting to take notice. One focus for Neocash Radio is making information about Bitcoin and similar currencies easy to understand. Toward that end we will be publishing several smaller podcasts, or micro-casts, that focus in on specific and fundamental topics.

Please navigate to the Podcast page and take a look at the tutorials and podcasts we have published. Feel free to copy, distribute and share these podcasts with your friends and family. The more individuals who use and trade with Bitcoin, the stronger and more valuable it will be come.