First of all, can I be absolutely clear that this is not fud. It is a serious question and I'm asking it here because I know the devs of this coin are working hard on sms sending (so that people with dumbphones can use crypto) and are producing solid results.
Let's imagine I am working in a foreign country so as to provide for my family in eg. Indonesia. Let's say I know about BTC and have set up an account which I can fund from my bank in eg. Malaysia. I have access to a smartphone, Wi-Fi, internet and therefore to the exchange (Fiat-BTC-Crypto) relatively easily. Or I can buy Prypto to load to my wallet. So far so good.
My family live in a village. No Wi-Fi, no home internet, no smartphone. Only dumbphone.
I want to send money. I use crypto as token value of the money. Means to an end until fiat currencies go digital.
At this stage, I can send via sms to dumbphone and a wallet is created for the family. Problem is how do they access the wallet and how do they exchange for local currency when they have no bank account and no internet?
A local agent accepting scratch cards for exchange to local currency leaves a lot of room for heavy mark ups unless there is some way to control exchange rate and fees. We are trying to get away from rip-offs aren't we? Will Prypto do that?
Would it be possible to have an ATM that would accept a keyed in code (such as from a Prypto card) and issue value in local currency? A fee for every transaction to be paid to the person hosting the ATM?
Perhaps a system could be developed whereby the dumbphone could communicate directly with the ATM via bluetooth or sms?
Obviously, I don't have the answer. I would be extremely rich if I did.
It seems to me that this is the final link in the chain. The world will never be the same.
coincidence has it that I was thinking about this exact same thing. how do we ensure that:
1. people can exchange for money / can spend the coins where they receive them.
2. companies like prypto won't rip the skin off their backs turning this whole endeavour into a classic western union/moneygram/mpesa scheme.
The only answer I came up with is this: prypto's services are very cheap and require close to no infrastructure (I'm talking about issuing codes only, not the cards, those cost). Thus it can be easily made. Hell I can make one in a few days. So the sheer competition that will emerge from this because it's so easy to make will drive the fees very low. Only factor that remains is the reseller. Every location/region needs a reseller and if they get monopoly they can pretty much do anything they want.