October 4, 2019. CoinText launches in the Philippines, allowing users to send and receive bitcoin cash via text messages.
Since the functionality to send bitcoin cash is done via text messages, there is no need for an Internet connection. CoinText has an SMS communication gateway that is powered by blockchain. This also removes the necessity for a smartphone when engaging with cryptocurrencies.
As remittances remains important in the lives of many Filipinos and the Philippine economy, the ability to engage with cryptocurrency via text “is tailor-made” for the country, said CoinText founder Vin Armani. Users can get a bitcoin cash wallet by texting “SIMULAN” to 639221101037. Any new user can get a wallet if another user text funds to their phone number.
Under CoinText’s FAQs, all transactions are settled immediately and CoinText never holds funds. However, CoinText collects a fee of 10 Satoshi (around $.05/Php 2.63) per byte to broadcast a message through its API. CoinText said this cost may vary by region.
Users may request to get their private keys. However, CoinText said broadcasting private keys over any network as it can be a security risk.
CoinText also said bitcoin cash is chosen to ensure that transactions are settled immediately and inexpensively, something important in remittances using the blockchain.
Lastly, CoinText recommends treating bitcoin cash obtained via CoinText just like cash-on-hand.
“CoinText is for casual spending and spreading adoption. Use cold storage for your long-term BCH hodlings.“
It is not clear if there are Cash In and Cash Out options on CoinText; there is no indication if users can convert bitcoin cash to pesos and vice versa.
Previously, SCI Ventures in the Philippines have launched Boom Cash. Currently on pause, it allows users to send and receive bitcoin via text messages. The balance is always in pesos.
The Philippines is one of those countries with very high mobile phone penetration rate. The website Statista recorded that 65% of the Philippine population has a mobile phone. Only 21% of that number are smartphone users.
This article originally appeared on Bitpinas: This New App Allows You to Send and Receive Bitcoin Cash Via Text Message in the Philippines
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