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.

Ep234: The Future of Money is Gold, Crypto Futures Trading

Precious metals deregulation in Russia as BRICS nations prepare to trade gold. The Vanguard Group to offer blockchain-based index. Bitfinex hires law firm to squelch free speech. SEC Chairman releases statement about cryptocurrencies and token offerings. Waves Platform is the next to launch self-regulating body. Crypto Futures trading starts in the US and abroad. Steam drops Bitcoin as fees continue to rise. OpenBazaar to offer a token to incentivize curated lists of items for sale. Venezuela talks about offering a petro-backed cryptocurrency.


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or Direct Download this episode as an MP3 – Neocash Radio cryptocurrency podcast ep234


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Traditional Financial Markets Cryptocurrency Markets
Gold $1,256 Bitcoin SegWit (BSW) $16,656
Silver $16.04 Ethereum (ETH) $639
Oil $56.72 DASH $889
Dow Jones 24,585 points Litecoin (LTC) $306
30Y UST Yield 2.781% Bitcoin Cash (BCH) $1599

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Ep188: HUGE Ponzi ScaMMM in Africa, Airbnb Considers Bitcoin, India’s Anti-Crypto Propaganda

Millions of Nigerians turn to the MMM ponzi scheme for economic relief. Mavro coin is a scam. Central Banks are addicted to cutting interest rates. The next chapter in the IRS v Coinbase saga. Airbnb CEO may consider Bitcoin integration for 2017. India Today creates a Reefer Madness-style anti-Bitcoin video that is both funny and terrifying. The Harvard Business Review talks about the future of blockchains. We discuss Bitcoin’s technological evolution and focus on how blockchains will see growth that more closely mimics a cellular organism than a digital construct. Randy talks about his experience solo mining & pool mining Zcash.

All this and more on the Neocash Radio podcast, episode 188 — Wednesday December 28th, 2016!

We’ve written out short overviews of the topics discussed on today’s show below! Be sure to listen in to the whole podcast to get more information, insights, and thoughts on each of them from JJ, Darren, and Randy!

Stream this podcast episode:

or Direct Download the podcast as an MP3 – Neocash Radio episode 188


Tune in to Neocash Radio every Wednesday night and
RETWEET ALL THE THINGS @NeocashRadio!

Subscribe to the Neocash Radio podcast
on iTunesSoundcloudStitcher/ YouTubeGoogle Play & iHeartRadio!
We’re also on Tunein, Player.FM, Overcast.FM, Podcast Addict, Blubrry, LBRY and more!


Traditional Markets Crypto Markets
Gold $1,142 Bitcoin (BTC) $970
Silver $15.98 Litecoin (LTC) $4.37
Oil $53.62 Zcash (ZEC) $50.70
Dow Jones 19,833 points Ethereum (ETH) $7.55
30Y UST Yield 3.094% DASH $10.22
Euro (EUR) $1.04 Monero (XMR) $14.10
Chinese Yuan (CNY) $0.14 Augur REP $3.33
British Pound (GBP) $1.22 1 Doge = 1 Doge

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Episode 77 – Ruble and Rand in Crisis

Neocash Radio welcomes former NASA engineer Curt of http://anarchic-order.blogspot.com as a guest. Bitcoin transactions are at an all time high. A fire at a bitcoin mining facility in Thailand claims three buildings full of mining rigs. MIT grads are given bitcoin. Bitcoin start-ups are drawing more venture capital funding than the 90s internet bubble. Silk Road 2.0 shut down. The Russian Ruble falls as Moody’s downgrades South Africa.



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