NASHUA, N.H., Oct. 15, 2018 — Today, CoinText.io, a service to transact Bitcoin Cash (BCH) using SMS messages, launched in Turkey and Argentina where cryptocurrency is growing in popularity due to increased volatility in their local currencies.
“Bitcoin is better money,” explained CoinText founder and CTO Vin Armani. “Many Turks and Argentinians already understand this due to high inflation. We are excited to provide tools to help them use cryptocurrency.”
After the collapsing Venezuelan bolivar, the Argentine peso and Turkish lira have experienced the largest declines in their exchange rate with the US dollar in 2018. The peso has lost nearly 60% and the lira lost 40% against the dollar this year.
CoinText enables sending money to mobile phone numbers or BCH addresses. CoinText doesn’t require Internet, apps, accounts or passwords making it very easy to introduce new people to cryptocurrency.
The service works on any type of mobile phone including iPhone, Samsung, and even old Nokia flip phones. If your phone can send and receive SMS messages with your telecom service, you can use CoinText.
“Before CoinText, you had to download a software wallet or join an exchange to get your first cryptocurrency,” Armani added. “And to onboard your friends, you had to convince them to do the same process. Now you can just text money to their phone.”
CoinText users control their wallet with simple SMS commands like BALANCE to see their balance and RECEIVE to display their wallet address.
Users can send funds to domestic or foreign mobile phone numbers by texting commands like SEND $1 PHONENUMBER. After entering a 2FA code, transactions are instantly settled on the Bitcoin Cash (BCH) blockchain.
Users in Turkey get a new CoinText wallet by sending an SMS with the word BASLA to 90-850-540-0651.
Users in Argentina get a wallet by texting the words COINTEXT INICIAR to 11011.
This release also includes support for the Turkish language across the entire CoinText platform, the company said.
CoinText is a for-purpose FinTech company making cryptocurrency easy to use as money. CoinText is the first full-featured cryptocurrency wallet that doesn’t require apps, accounts, passwords, or Internet. The service offers frictionless onboarding to the cryptocurrency ecosystem for anyone with a text-enabled phone. CoinText is built on a foundation designed for a full suite of cryptocurrency solutions including touchless payments, streaming money, and for the Internet of Things (IoT).