Cointext Launches Wallet Allowing Bitcoin Cash Transfers via Sms for Argentine, Turkish Users

Wallets

Cointext began offering its new SMS-based bitcoin cash wallet service on Oct. 15 in Turkey and Argentina, two countries in which cryptocurrency use has been rising sharply in response to dire economic conditions.

Also read: Binance Launches Fiat-to-Crpto Exchange in Uganda

Mobile Wallet Handles
BCH Transactions by Text Message

“Bitcoin is better money,” Vin Armani, founder and chief technology officer of Cointext, said in an online statement. “Many Turks and Argentinians already understand this due to high inflation. We are excited to provide tools to help them use cryptocurrency.”

Cointext Launches Wallet Allowing Bitcoin Cash Transfers via Sms for Argentine, Turkish Users

The U.S. fintech startup claims that its Cointext wallet, which facilitates BCH transactions via text message, does not require an internet connection, additional apps, special accounts or passwords, “making it very easy to introduce new people to cryptocurrency.”

Cointext said the service works on all types of mobile phones, including old Nokia flip phones. “If your phone can send and receive SMS messages with your telecom service, you can use Cointext,” the company explained.

Economic Crises Support Crypto Growth

Cryptocurrency use is soaring in the face of the deteriorating economic situation in Argentina and Turkey. Enthusiasts often cite the two countries as prime examples of the folly of excessive state economic control. This year, the Argentine peso and Turkish lira have fallen sharply against the U.S. dollar. On a year-to-date basis, the peso is down about 60 percent, while the lira has fallen approximately 40 percent.

Annual inflation in the two countries is at its highest in years. According to official estimates, inflation peaked in August at 34.4 percent in Argentina. In Turkey, it hit 24.5 percent in September, its highest point in 15 years. However, U.S. economist Steve Hanke has said that he believes both figures have been severely understated. In his own estimation, annual inflation is running at 66 percent in Turkey and 116 percent in Argentina.

Cointext Launches Wallet Allowing Bitcoin Cash Transfers via Sms for Argentine, Turkish Users

In light of these issues, a growing number of people in the two countries have started looking to cryptocurrencies as a safe haven, to help them store value and make overseas payments. In Turkey, for example, investors continue to flee the plunging lira in favor of bitcoin. And in Argentina, about 30 bitcoin ATMs are expected to be installed throughout the country by the end of this year. Chicago-based Athena Bitcoin started operating the country’s first bitcoin ATM at a shopping mall in Buenos Aires in September.

Simple Interface

Virtual currencies present an incredible opportunity for people in Argentina and Turkey to freely and quickly conduct transactions on their own terms, and Cointext appears eager to cash in on rising demand. “Before Cointext, you had to download a software wallet or join an exchange to get your first cryptocurrency,” said Armani. “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 Launches Wallet Allowing Bitcoin Cash Transfers via Sms for Argentine, Turkish Users

The Cointext wallet can be controlled with simple text commands. Users can send funds to domestic and foreign mobile phone numbers. By simply entering a 2FA code, individuals can ensure that their transactions are quickly settled on the BCH blockchain.

In its press materials, Cointext describes itself as a company that is “built on a foundation designed for a full suite of cryptocurrency solutions including touchless payments, streaming money, and for the Internet of Things.”

What do you think about Cointext’s text-based BCH wallet service? Let us know in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin59,184 1.42 % 4.19 % 4.96 %
Ethereum4,740.1 1.70 % 10.04 % 15.58 %
Binance Coin635.00 1.10 % 3.16 % 13.40 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana217.50 1.46 % 6.01 % 0.51 %
Cardano1.620 1.15 % 3.91 % 8.68 %
XRP1.030 1.35 % 6.56 % 0.34 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

bitcoin
Bitcoin (BTC) $ 58,150.00
ethereum
Ethereum (ETH) $ 4,669.69
binance-coin
Binance Coin (BNB) $ 625.94
tether
Tether (USDT) $ 0.999159
solana
Solana (SOL) $ 214.13
cardano
Cardano (ADA) $ 1.60
xrp
XRP (XRP) $ 1.02
polkadot
Polkadot (DOT) $ 38.17
usd-coin
USD Coin (USDC) $ 0.999658
dogecoin
Dogecoin (DOGE) $ 0.221303