CoinText Launches SMS-Based Crypto Payments in Philippines

The Philippines is the next country to officially be connected by CoinText.io, a cryptocurrency wallet service that allows users to transact Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Cash (BCH) via text message, without internet, apps, or accounts.

With their high remittance inflows, which are a major component of the Philippine economy, high smartphone usage, and weak banking infrastructure, the archipelago is a hotbed of cryptocurrency activity.

Cryptocurrency service providers in the Philippines could soon operate as regulated firms as authorities are targeting draft rules for domestic cryptocurrency exchanges within weeks ahead of finalizing regulations later this year.

CoinText enables users to send Bitcoin Cash directly to phone numbers or BCH addresses without internet access by providing a dedicated SMS communication gateway powered by Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term. For instance, new users in the Philippines can get a CoinText wallet by texting START or SIMULAN to 639221101037.

The startup also supports users ‎without smartphones and even for those using old flip phones. Unlike ‎conventional crypto wallets, CoinText’s service doesn’t require users to ‎register at an exchange, store passphrases, or private keys.‎

Adoption in Other Regions

CoinText’s service is also seeing strong adoption in other countries. Earlier last year, it launched its platform in Ukraine, Italy, Turkey, Argentina, Hong Kong, Israel, and the Palestinian territories.

Overall, many investors are turning to cryptocurrency as a way to store value, as the exchange rate of fiat currencies in many countries spirals out of control.

CoinText’s wallet runs with basic and simple commands like balance, deposit, ‎send, and withdraw. The wallet doesn’t store any transaction data ‎in the system as the server only processes operations through an algorithm which ‎settles transactions directly on-chain.‎

The service is designed to enable customers to send, ‎receive, and store money via a basic mobile phone, which caters to billions ‎of underbanked people around the world. ‎

With the latest additions, the service is now available in 39 countries.

Commenting on the news, CoinText founder and CTO Vin 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 Bitcoin Cash.”