Although they didn't provide further information. I can imagine it will be something like this.
BitSim will only manage on the overlay simcard and its hardware function to provide encryption technology when sending SMS.
I suppose when it comes to managing the wallet against theft and performing backup, that will be under separate operation. This can be done via a centralized entity, BitSim for that matter will manage the wallet account on your behalf which is something similar like what an online wallet does. To use their service, you will need to pay in fiat and have that converted to bitcoin that will get transferred to the wallet.
Or another way is, you will have total control over the private keys to your wallet, the transaction via SMS will be under BitSim's part to handle.
Topic: BitSim - Theft and backup? (Read 459 times)
Unfortunately there are no info about these aspects.
Anyway, this is a good idea, but it needs some more work, like backup and more security features. Just like you said.
Anyway, this is a good idea, but it needs some more work, like backup and more security features. Just like you said.
Jump to: