Cryptocurrencies can now be send without the use of internet.

greenlanternlight01

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Quote from: cryptoaddictchie on April 12, 2020, 12:51:28 AM

Im just amazed with this news that an exchange on Venezuela can now send crypto without internet and only via sms text messages. To be honest this is a major step up but of course we cant deny that risk is associated with this method.

Quote from: https://www.cryptopolitan.com/send-crypto-without-internet

You can now send crypto without the internet in Venezuela, a local exchange has revealed. The exchange enables users to send crypto through a simple Short Massaging Service (SMS). This is a strategy to spur adoption.

The revolutionary SMS based crypto payment has been developed by Criptolago exchange. This is a strategy to grow crypto adoption in a country where internet penetration is still a nightmare. Transactions do not need users to be connected to the internet.

The exchange says the innovation came amid calls from Nicholas Maduro, the President for local firms to come up with solutions to alternative payment methods. The President’s vision was for a country where users can transact using offline payments ecosystems that are also compatible with the local currency; Petro.

With this innovation, Im thinking it still has risk for users though this advancement is truly revolutionized in the blockchain. For example cases like these:

Mobile got stolen by someone who knows its working on their country
SMS is probably vulnerable somehow, what if hackers can bypass the system of sending message through another reciepient?
With the system, probably blockchain isnt gonna move faster than using traditional address to address as it uses an encrypted text messages and might got some error.

Anyways, lets just think of it as starter and those flaws might be solved with additional security protocol in the future.

Source:

https://www.cryptopolitan.com/send-crypto-without-internet

I think in some countries it is done via sms. But of course that's not advisable and it is really risky for the security of the transaction.

imoet

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Quote from: cryptoaddictchie on April 12, 2020, 12:51:28 AM

Im just amazed with this news that an exchange on Venezuela can now send crypto without internet and only via sms text messages. To be honest this is a major step up but of course we cant deny that risk is associated with this method.

Quote from: https://www.cryptopolitan.com/send-crypto-without-internet

You can now send crypto without the internet in Venezuela, a local exchange has revealed. The exchange enables users to send crypto through a simple Short Massaging Service (SMS). This is a strategy to spur adoption.

The revolutionary SMS based crypto payment has been developed by Criptolago exchange. This is a strategy to grow crypto adoption in a country where internet penetration is still a nightmare. Transactions do not need users to be connected to the internet.

The exchange says the innovation came amid calls from Nicholas Maduro, the President for local firms to come up with solutions to alternative payment methods. The President’s vision was for a country where users can transact using offline payments ecosystems that are also compatible with the local currency; Petro.

With this innovation, Im thinking it still has risk for users though this advancement is truly revolutionized in the blockchain. For example cases like these:

Mobile got stolen by someone who knows its working on their country
SMS is probably vulnerable somehow, what if hackers can bypass the system of sending message through another reciepient?
With the system, probably blockchain isnt gonna move faster than using traditional address to address as it uses an encrypted text messages and might got some error.

Anyways, lets just think of it as starter and those flaws might be solved with additional security protocol in the future.

Source:

https://www.cryptopolitan.com/send-crypto-without-internet

Using short message service for the transaction will make people aware for the result. By using this, people should more careful because it can be hack by wrong people. If we insist to use it, we must be brave to take the risk.

TemTum

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Quote from: SaShiRaJaVu on April 20, 2020, 07:49:25 PM

Quote from: Little Mouse on April 15, 2020, 10:57:24 PM

This method of sending crypto through sms is already tested however every system has backdoors and supposed to be abused by hackers. So, it is up to the users. If we look sending bitcoin through address, it is also risky because there are copy paste malware who can change your btc address.

These are risk involved when your using a third party to transact, it might be helpful for the less privileged countries where the internet connection is not that great, but the problem still is what happens these third party sites undergo a major hack and the investors are not able to get their investment back, i like these options as it is not new as companies like coinbase already tried that but if you understand the risk involved you will not venture further.

How about when you use a cryptocurrency as it was meant to be used - a currency ! - the fact people only see crypto as a investment is the real reason adoption is still a far way away

SaShiRaJaVu

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Quote from: Little Mouse on April 15, 2020, 10:57:24 PM

This method of sending crypto through sms is already tested however every system has backdoors and supposed to be abused by hackers. So, it is up to the users. If we look sending bitcoin through address, it is also risky because there are copy paste malware who can change your btc address.

These are risk involved when your using a third party to transact, it might be helpful for the less privileged countries where the internet connection is not that great, but the problem still is what happens these third party sites undergo a major hack and the investors are not able to get their investment back, i like these options as it is not new as companies like coinbase already tried that but if you understand the risk involved you will not venture further.

TemTum

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Quote from: gundala on April 20, 2020, 06:49:17 PM

Internet networks are everywhere, SMS seems to be getting abandoned, except for certain circumstances. People nowadays prefer to fill internet packages, right?
This service might be effective for emergencies such as when you run out of internet packages or are in a remote area that does not have internet access. But you have to understand how it works, especially if this service involves a third party, right? then what's the difference with atm and e-money? so make sure you really use a useful service.

Have a look at the Temtum network - its a decentralized SMS payment system - very interesting and effective in africa where SMS is still king and will be for the next 10-15 years at least

gundala

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Internet networks are everywhere, SMS seems to be getting abandoned, except for certain circumstances. People nowadays prefer to fill internet packages, right?
This service might be effective for emergencies such as when you run out of internet packages or are in a remote area that does not have internet access. But you have to understand how it works, especially if this service involves a third party, right? then what's the difference with atm and e-money? so make sure you really use a useful service.

TemTum

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Quote from: Sultanar484 on April 15, 2020, 10:09:09 PM

As it is only launched in Venezuela on text message transaction system, it should be further investigated future. But i think it is not fully risk free. We know there are many frauds in mobile banking system in our country. So to be honest, we can't say it as a good method until it is to be tested in most of the countries.

Temtum's SMS system can be used in any country !

TastyChillySauce00

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Really interesting how they trying to solve their problem which might be the lack of internet connection in the country side though I'm highly doubtful about whether the coin is decentralized but at this point it might be a necessary sacrifice considering when cryptocurrency is not accessible in the first place decentralization will become meaningless. However, there are also some service that allows senidng crypto using whatsapp for those with internet connection.

bitkanu

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Quote from: bangkecol on April 15, 2020, 10:41:56 PM

Wow, it is amazing . I just heard about this application ... This innovation will attract more user to use cryptocurrencies.
So, in the further Beside using internet, cryptocurrencies can send by SMS.

It's too risky for me personally. I have tried that in some crypto platform services although if all were working perfectly but it's better to do another way with a better security verification. We know that there are so many scammers these days and that will make us can send our money safely.

Ibizugbe1

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It's good this exchange is implementing this technology in a country that was faced with electricity problems with the waves of her political unrest. I have read before now that such technology was been used by a petricular wallet.

Little Mouse

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Quote from: Sultanar484 on April 15, 2020, 10:09:09 PM

As it is only launched in Venezuela on text message transaction system, it should be further investigated future. But i think it is not fully risk free. We know there are many frauds in mobile banking system in our country. So to be honest, we can't say it as a good method until it is to be tested in most of the countries.

This method of sending crypto through sms is already tested however every system has backdoors and supposed to be abused by hackers. So, it is up to the users. If we look sending bitcoin through address, it is also risky because there are copy paste malware who can change your btc address.

bangkecol

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Wow, it is amazing . I just heard about this application ... This innovation will attract more user to use cryptocurrencies.
So, in the further Beside using internet, cryptocurrencies can send by SMS.

Sultanar484

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As it is only launched in Venezuela on text message transaction system, it should be further investigated future. But i think it is not fully risk free. We know there are many frauds in mobile banking system in our country. So to be honest, we can't say it as a good method until it is to be tested in most of the countries.

Kong Hey Pakboy

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Quote from: ?? on ??

As it is only launched in Venezuela on text message transaction system, it should be further investigated future. But i think it is not fully risk free. We know there are many frauds in mobile banking system in our country. So to be honest, we can't say it as a good method until it is to be tested in most of the countries.

In my own opinion, it is really great that you don't need the use of internet connection for you to transfer cryptocurrency to other people through sms because it can be convenient for people who don't have any internet connection at their homes and more people will have an opportunity to use bitcoin because they can now transfer it even without any internet . I think it is convenient and safe for people in Venezuela to use this kind of innovation in their country because it will be difficult for hackers to trace this kind of transaction

By the way, i also saw a similar thread to this discussion in the Bitcoin Discussion Thread: Offline cryptocurrency transfer?

bitcoin31

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It is a good progress of sending crypto via sms message I did not try it and Im wonder that even a crypto user cannot use the internet they send the bitcoin to the other user . I don't know if it's harm because possible to ger hack but I hope no get hack by this new method of Sending bitcoin. I wonder soon there is many method to create for sending crypto also.

shaheer001

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I think this is still not applicable as this is highly risky and people will never trust you as the internet is the source of sharing any type of file/news/image/currencies at the moment.

Krabby

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Quote from: soramon on April 13, 2020, 09:02:53 AM

Hmmm i think if this method apply to whole country in the world there will be an issues. For me its to risky doing transaction based on SMS we already have a great technology why still using old one. We already have an app its way more easier.

I think everything needs internet now, it's the simplest way to connect with each other and make blockchain work. Without the internet, I think the blockchain network will not be able to run and we will not be able to make transactions

soramon

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Hmmm i think if this method apply to whole country in the world there will be an issues. For me its to risky doing transaction based on SMS we already have a great technology why still using old one. We already have an app its way more easier.

sheenshane

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I dont know how safe to use that method but good thing that Venezuela is now using that kind of method of sending crypto through SMS. But I won't agree without the internet, probably in the end, they will need the internet to run nodes in every transaction. Maybe that is a temporary or as a sign of notification.

Anyway, this thread is similar to this discussion. Sending Bitcoin through SMS/Text Messaging?

Even you aren't in Venezuela you can use these companies who had been active sending Bitcoin through SMS.

Samourai Wallet’s PonyDirect
Cointext
Coinapult
Blockchain

Source

mu_enrico

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Quote from: TemTum on April 12, 2020, 05:29:43 PM

Take a look at africa and poorer countries - the majority of money transfers is done over mobile services such as sms rather than internet

Make sense... however, SMS is an obsolete method of communication, and sooner or later, all people will migrate to the internet, just like a landline, telegraph, fax, etc.

I understand if they want to acquire African users with SMS. Still, it might not be worth the effort if you spent resources developing on top of a sinking technology since it has a limited lifetime.

Topic: Cryptocurrencies can now be send without the use of internet. (Read 764 times)