Tag Archives: Sweden

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.

Episode 134 – Where in the World is Satoshi Nakamoto?

New Hampshire passed bitcoin regulations. Australian Tax Office raids house of man to steal money, turns out WiReD thinks the guy is Satoshi. China on course to overtake Switzerland for worlds top rice producer. More countries are looking to outlaw cash. GoCoin and Ziftr merge. Occupational licensing costs an average $1000 per American household.

 

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Traditional Markets

Gold down slightly $1075

Silver down $13.89

Oil drops to $35.36

DOW 17,265

30y US Treasuries down 2.8763%

 

Crypto Markets

BTC 435

LTC 3.57

ETH 1.03

 

Bitcoin Difficulty estimated to be above 90 billion after next adjustment.

Bitcoin Regulations in NH

http://bravenewcoin.com/news/new-hampshire-money-transmitter-rule-change-will-include-bitcoin-businesses/

Australian Police Raid house of suspected Satoshi

http://www.reuters.com/article/us-australia-bitcoin-exclusive-idUSKBN0TS0AB20151209#HIKHttHmeRaYKS3L.97

http://www.theaustralian.com.au/business/companies/ato-in-the-hunt-for-possible-bitcoin-founders-stash/news-story/f7efe50bb9ecb0c608d58a902c5a4efe

China on course to surpass Switzerland as top rice producer.  

http://www.rwrreport.com/china-to-overtake-switzerland-as-world-leading-producer-of-rice.html

Sweden to outlaw cash

http://www.businessinsider.com/sweden-has-declared-war-on-cash-2015-12

Higher interest rates in December?  Many Economists think so.

http://www.wsj.com/articles/wsj-survey-economists-are-convinced-fed-will-raise-rates-in-december-1449759601

GoCoin and Ziftr looking to merge

http://www.newsbtc.com/2015/12/10/bitcoin-payment-platform-gocoin-takes-merger-vows-ziftr/

Canada’s Central Bank governor considers negative interest rates.  

http://www.cbc.ca/news/business/stephen-poloz-monetary-policy-1.3355704

Occupational Licensing costs the average American household $1000

http://ij.org/occupational-licensing-costs-the-average-american-household-over-1000/

Episode 30 – Bitcoin breaks $1000 in China

Bitcoin Nodes new

This has been a fascinating and exciting week for bitcoin.  The price gets close to $1000 in US markets, while Chinese markets temporarily blow past $1000.  China central bank official has remarks favorable to bitcoin.  FEC disallows bitcoin contributions.  Senate Hearings.  Korea favorable tax policy for bitcoin, while Norway and Sweden are not as friendly.  Securing your wallet.  Media explosion.