A company just patented Bitcoin transactions via SMS - page 2.

Colan Zolo

jr. member

Activity: 336

Merit: 1

https://saturn.black

Quote from: Wendigo on August 23, 2018, 03:44:43 AM

Hmmm what if someone were to steal my phone or hijack my sim card? Could they just send all the Bitcoin to themselves via SMS if I have activated that service on my phone? If there is no protection set in place this 'novelty' could potentially open a lot of mobile Bitcoin holders up for attack by crypto thieves. I am a little bit wary, guys. Just saying.

A very heavy risk if it happens. And bankrupt us.
This SMS method is quite risky, so you have to be more careful to save this important item. Many hackers will run rampant like this.
Actually, the company is very extraordinary by patenting bitcoin as a transaction tool and certainly many will target it.

Wendigo

legendary

Activity: 2604

Merit: 1036

Hmmm what if someone were to steal my phone or hijack my sim card? Could they just send all the Bitcoin to themselves via SMS if I have activated that service on my phone? If there is no protection set in place this 'novelty' could potentially open a lot of mobile Bitcoin holders up for attack by crypto thieves. I am a little bit wary, guys. Just saying.

davis196

hero member

Activity: 2968

Merit: 913

Quote from: pickledmuffin on August 23, 2018, 02:33:02 AM

Quote from: AlexTF.CCN on August 22, 2018, 07:19:14 AM

Talk about mainstream adoption, it reminds me of when BofA implemented the same thing. Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/

SMS is something everyone understands which is good. However banks are offering instant transaction times in my country, so the 2-3 hours definately needs to be reduced to ensure a point of difference, and the cost of transacting.

BofA implemetented the SAME thing ,but another company is getting patent?This does not make any sense.The technology has to be competely new and ground breaking,in order to be patented.Crypto payments via SMS had been used before,so they are not a new innovation,hence that company doesn't deserve a patent.

pickledmuffin

newbie

Activity: 89

Merit: 0

Quote from: AlexTF.CCN on August 22, 2018, 07:19:14 AM

Talk about mainstream adoption, it reminds me of when BofA implemented the same thing. Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/

SMS is something everyone understands which is good. However banks are offering instant transaction times in my country, so the 2-3 hours definately needs to be reduced to ensure a point of difference, and the cost of transacting.

charlotte04

full member

Activity: 504

Merit: 102

Quote from: AlexTF.CCN on August 22, 2018, 07:19:14 AM

Talk about mainstream adoption, it reminds me of when BofA implemented the same thing. Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/

They are really not want to be left out so they have already joined and adapted it while still it's in a neutral mode for people who doesn't know anything about in cryptocurrencies.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

This isn't revolutionary though in a way, it can somewhat be useful given that there are still constraints regarding internet on extremely poor countries. One fine example of money transfer services manifesting through SMS is M-pesa. Bitcoin can follow suit through the use of the said feature without a company patenting or copyrighting it and it could be a feature on stand-alone clients, especially mobile ones which people can use on the go.

I'd be more impressed if this feature goes on to the main bitcoin client embedded within the code, though I think we're far from getting there.

Herlina

full member

Activity: 406

Merit: 101

Decentralized Digital Billboards

Transactions via SMS look like an outdated feature for us, but this feature can be a bridge to get adoption from Generation X, in my country most of Generation X is still actively using SMS feature for their transactions, maybe with this feature we can get their adoption

jseverson

hero member

Activity: 1834

Merit: 759

So you basically text the details of your transaction to a central service (which you signed up for) and they proceed to send out that transaction for you? So they're essentially offering a wallet service you could control by SMS? I'd say it's not exactly groundbreaking innovation, but assuming security concerns are addressed, this might actually help drive adoption, especially in impoverished countries. I know I'd love to try it out.

Quote from: AlexTF.CCN on August 22, 2018, 07:19:14 AM

Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

Where did you get this figure? Are you referring to the SMS service or the Bitcoin network in general?

time2.coffee

newbie

Activity: 36

Merit: 0

Quote from: AlexTF.CCN on August 22, 2018, 07:19:14 AM

Talk about mainstream adoption, it reminds me of when BofA implemented the same thing. Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/

It is a useful tool for Bitcoin transactions, but seems there is no implementation for popular messengers like Telegram, since SMS is a little deprecated (and more expensive) way.

AlexTF.CCN

jr. member

Activity: 140

Merit: 1

Quote from: Melchizedek1 on August 22, 2018, 07:23:45 AM

Its a good thing to know that innovations are making headlines that show that we techs can produce platforms that remove transactions from the conventional online internet access gateway. the speed may be slow now, but with time, the activity will be perfected and the time frame shortened. Its all good.

Let's hope so!

Melchizedek1

newbie

Activity: 16

Merit: 0

Its a good thing to know that innovations are making headlines that show that we techs can produce platforms that remove transactions from the conventional online internet access gateway. the speed may be slow now, but with time, the activity will be perfected and the time frame shortened. Its all good.

AlexTF.CCN

jr. member

Activity: 140

Merit: 1

Talk about mainstream adoption, it reminds me of when BofA implemented the same thing. Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/

Topic: A company just patented Bitcoin transactions via SMS - page 2. (Read 290 times)