Topic: Offline cryptocurrency transfer? (Read 660 times)
Individuals are shocked to contemplate making crypto moves simpler. I just know the airwear blockchain that permits individuals to get crypto by means of email, Facebook, and so on. In any case, another fascinating story to catch wind of accepting by means of SMS is particularly for some more established individuals who don't utilize the web well. This will make it feasible for such an individual to get and send crypto
Well, technically you're not sending via the internet, but ask that service provider to send your money or pay for whatever it is. It's like you ask your friend to send some bitcoin with their network while you're still taking a bath. No internet needed (by you), isn't it?
It's not groundbreaking imo. Several services are doing the same thing, you can find them on the Project Development board.
It's not groundbreaking imo. Several services are doing the same thing, you can find them on the Project Development board.
Generally speaking this could be good idea for offline transaction but still can't think about its commercial use.
I mean just imagine, you have to send money to someone then you need to send the texts to service provider anyway, and once they withdraw the money from your account then you have no idea whether the tx has been completed yet or not. For this you can't check it on blockhyper since you are not connected with the internet.
Again, go and manually ask your friend or service whether they got the payment or not.
Plus, you have to have internet connection for sometime to load your balance into wallet.
In addition to this, Im not sure if anyone really needs such kind of offline service in world of "INTERNET".
As of now we haven't got perfect solution on offline transfer of funds. With the increase of cryptocurrency usage around the globe the need for offline cryptocurrency transfer is much in need. Maybe the effective development of such an transfer support will enrich the usage of cryptocurrencies on small scale stores. By the same time it is a must to have the confirmation of transaction happen in a short time period which is recorded the proof of transaction.
Correct, in the end they will still need the internet to proceed with the transaction. Maybe the SMS they will receive is just a temporary notification and proof that the Bitcoin transaction process is on the way. Once it will have an internet connection it will automatically be confirmed. But at least, they will find a solution like this especially if people are in the low internet connection area.
Not just SMS , you can also send cryptocurrencies through the radio without any special equipments , therefore I do think it is indeed interesting but at the same time it is not that easy and feasible to be used everyday .
It is possible but at the same time I don't think we would need it until and unless we are in a warzone and we have no internet, nothing.
How about just mailing a paper wallet to the reciever , hiding it into a heat-sensitive ink somehow and Viola ! You have secretly sent Bitcoins overseas 😂 .
It is possible but at the same time I don't think we would need it until and unless we are in a warzone and we have no internet, nothing.
How about just mailing a paper wallet to the reciever , hiding it into a heat-sensitive ink somehow and Viola ! You have secretly sent Bitcoins overseas 😂 .
As of now we haven't got perfect solution on offline transfer of funds. With the increase of cryptocurrency usage around the globe the need for offline cryptocurrency transfer is much in need. Maybe the effective development of such an transfer support will enrich the usage of cryptocurrencies on small scale stores. By the same time it is a must to have the confirmation of transaction happen in a short time period which is recorded the proof of transaction.
It's similar to online banking. You never hold your coins. The wallet service would hold your coin and you can ask them to send the coin to some address via a SMS and after receiving the SMS, the wallet service would send the coins using internet.
yeah that means there is also internet that has being used,but yeah at least we don't need internet instantly specially when times that internet is not available while you need badly to send Bitcoin.Without connecting to nodes it is impossible to make a transaction so this is done by alternative way when you don't have internet connection.And I don't think in 2020 internet availability is not a problem and in next couple of years the whole world will roll out to 5G internet connections. 
well we can never tell,because internet has been around for years but still there are places that has not been connected .
🤦🏽♂This is a project I had plans to look into. I remember a bit asking if it were possible and I firmly said yes. Behold, someone discovered it before me. Anyways, let's celebrate it cause it's quite a good thing. Sometimes we may not have the mobile data or network connection to come online and make the transaction. So it's a cool thing to see this.
Such a service would be very popular among people who care about the security of their transactions. The easiest way to send cryptocurrencies offline is to simply transfer a paper wallet or hardware wallet from hand to hand.
So they're using Nokia 3310 for crypto transactions ? 
Well jokes aside, i think its not very safe way because there are methods in hacking simcard that was recently discovered in sim providers, this attack can intercept sms through malware other methods is hacking the sms provider directly.
I just hope that things wont get bad and devs quickly find vulnerabilities.
Well jokes aside, i think its not very safe way because there are methods in hacking simcard that was recently discovered in sim providers, this attack can intercept sms through malware other methods is hacking the sms provider directly.
I just hope that things wont get bad and devs quickly find vulnerabilities.
What do you guys think about this? I don't think this is possible, not until now. I'm still out of words for this news.
Sending crypto currencies to another user using messaging service sounds bullshit. From what I understand is that the exchange (which I never heard of) will have access to your account balance and everything. Once you send crypto currencies through SMS (you will have to send it to a user having an account in that exchange and has their phone number associated with it), they receiver will receive the coin in his exchange wallet. This sounds really impracticable and security wise, not safe/secure at all.
I don't know how it really works but base on my understanding there will be a third party suppose to be the messaging company, ironically bitcoin is made to eliminate the third parties like banks or the middle-man. What I imagine on how it works is that your message acts like your signature once you send it to them they will pass the funds or the crypto to your recipient just like what you are doing in the banks to make transactions. I don't want to call impracticable or some sort of silly idea, I just don't want to say sorry for my words in the future.I don't see any reason a genuine crypto enthusiast that values his privacy will use such a platform.
Sending crypto currencies to another user using messaging service sounds bullshit. From what I understand is that the exchange (which I never heard of) will have access to your account balance and everything. Once you send crypto currencies through SMS (you will have to send it to a user having an account in that exchange and has their phone number associated with it), they receiver will receive the coin in his exchange wallet. This sounds really impracticable and security wise, not safe/secure at all.
I don't know how it really works but base on my understanding there will be a third party suppose to be the messaging company, ironically bitcoin is made to eliminate the third parties like banks or the middle-man. What I imagine on how it works is that your message acts like your signature once you send it to them they will pass the funds or the crypto to your recipient just like what you are doing in the banks to make transactions. I don't want to call impracticable or some sort of silly idea, I just don't want to say sorry for my words in the future.
Great news!!! Though it is not a new idea for using off line method, applying it in transferring bitcoin is surely another stage advancement of crypto globalization. Countries of the world are gradually realizing the necessity of bitcoin. I hope, all the countries of the world will give the legality of bitcoin and every person will be able to use it in their each and every transaction in near future when bitcoin will acquire the place of fiat money and no internet will be required to transfer. 'ONLY AN SMS IS ENOUGH'.
Good idea, but the question is how secured will it be if you are only using thier services and not you are the one who have control on your money. And i am sure having that service will also ask for additional fees.
The OP's statement revealed that it was an exchange service which meant it was a type of custodial wallet. In addition to the risks in the custodian wallet in general, the addition of SMS features will create new risks such as encryption, your device/phone number being controlled by someone else, or other risks that have not been thought of.
So far, I don't know whether all mobile devices or SIM card providers set SMS security to be encrypted by default or not. However this needs to be considered.
Sending crypto currencies to another user using messaging service sounds bullshit. From what I understand is that the exchange (which I never heard of) will have access to your account balance and everything. Once you send crypto currencies through SMS (you will have to send it to a user having an account in that exchange and has their phone number associated with it), they receiver will receive the coin in his exchange wallet. This sounds really impracticable and security wise, not safe/secure at all.
Without connecting to nodes it is impossible to make a transaction so this is done by alternative way when you don't have internet connection.And I don't think in 2020 internet availability is not a problem and in next couple of years the whole world will roll out to 5G internet connections.
Sending crypto via SMS sounds so outdated
In a world where you're under mandatory quarantine, banks are closed etc, sending crypto via SMS sounds revolutionary to me if it's the decentralized and secure way. You could store, send & receive without having to trust a third party that could cut off your rights (banks closing down..). It'd be our opportunity to shine as a decentralized community.So what is so decentralized and so revolutionary about this?
For all the SMS you need a broadcasting service which in all cases is centralized.
If you want truly decentralization you will have to go with a GoTenna but..somebody in 2 hops from you has to have an internet connection.
Which brings us to the obvious question, why not use a traditional way of sending, since I find it hard to believe the scenario where all internet is offline and a guy 1 km away (if we talk about cities) has a running connection.
And another and also obvious question..
If banks are closed down if you don't have internet...how do you buy BTC?
Common, this is not Mad Max!
LOL It looks like a click bait.
It's definitely not an 'Offline cryptocurrency transfer' since the transaction is indirectly being done online.
It's just that you are sending a message and the crypto exchange is doing the transfer for you.
Not a big deal in my opinion.
It looks like a click bait.It's definitely not an 'Offline cryptocurrency transfer' since the transaction is indirectly being done online.
It's just that you are sending a message and the crypto exchange is doing the transfer for you.
Not a big deal in my opinion.
Sending crypto via SMS sounds so outdated
In a world where you're under mandatory quarantine, banks are closed etc, sending crypto via SMS sounds revolutionary to me if it's the decentralized and secure way. You could store, send & receive without having to trust a third party that could cut off your rights (banks closing down..). It'd be our opportunity to shine as a decentralized community.So what is so decentralized and so revolutionary about this?
For all the SMS you need a broadcasting service which in all cases is centralized.
If you want truly decentralization you will have to go with a GoTenna but..somebody in 2 hops from you has to have an internet connection.
Which brings us to the obvious question, why not use a traditional way of sending, since I find it hard to believe the scenario where all internet is offline and a guy 1 km away (if we talk about cities) has a running connection.
And another and also obvious question..
If banks are closed down if you don't have internet...how do you buy BTC?
Common, this is not Mad Max!
Good idea, but the question is how secured will it be if you are only using thier services and not you are the one who have control on your money. And i am sure having that service will also ask for additional fees.
The OP's statement revealed that it was an exchange service which meant it was a type of custodial wallet. In addition to the risks in the custodian wallet in general, the addition of SMS features will create new risks such as encryption, your device/phone number being controlled by someone else, or other risks that have not been thought of.
So far, I don't know whether all mobile devices or SIM card providers set SMS security to be encrypted by default or not. However this needs to be considered.
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