Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: LogiC on April 12, 2020, 06:54:21 AM
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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.
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 countr
- 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
NOTE: reshared from my post on other forum.
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The method used could help to fight covid in order to flatten the curve as soon as possible. The method anticipate the massive growth of virus carrier. Also it helps to stay at home even without internet connection.
I think the method is just an experimental to determine how vulnerable it is, and the actual benefits to users.
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Then the telecom sector also joining crypto now. I think its good. I was also thinking about doing recharge through cryptocurrency to my number. is that even possible? I think there is a coin called ETN that provide that service. You can recharge in your number by their coin and I think they support a lot of countries around the world.
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Cryptocurrency cannot be send without Internet connection because Internet connection is a precosting activities of sending any data from one surver to another surver. So Internet must be needed.
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Very interesting. I have never heard of this method. I think it is very cool and comfortable. Especially now 2020 is going through difficult times.
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Cryptocurrency cannot be send without Internet connection because Internet connection is a precosting activities of sending any data from one surver to another surver. So Internet must be needed.
Yes, without the internet I personally doubts the sending of crypto without the use of it. Just like the cars cannot work without petrol, thesame way the crypto can not work without the internet. I think that without the internet, there may not be cryptocureency existence. This is just my opinion.
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Maybe some Hardware wallet that connect only it self and with server, with radio signal so can be more secure, or not, there is a long way until something safe can be created.
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While the exchange hasn't provided statistics yet, this new development is poised to boost the use of cryptocurrencies in a country where internet connectivity is considered low. With the current devaluation of the local currency, crypto payments without the Internet are the only way out for people.
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That would be nice, no need internet to send cryptocurrency but I'm afraid that this system will adopt by scammers, fooling people with the messages. It is really high risk if they use this system, we really don't know if this really safe.
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I think it will be possible to recharge with cryptocurrency in all countries of the world. I hope so. I think it will be possible for those who have cryptocurrency users to easily recharge their numbers. Because telecom has joined cryptocurrency. So hopefully it will make new plans. Of course cryptocurrency services will be launched. I have learned that a currency called ETN has launched such a service. But that is not open to all countries. However, bitcoin recharge services should be introduced all over the world.
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I think this is a good idea. However we cannot apply verification via SMS only, it is very risky because as long as someone holding your phone they can withdraw money comfortably. Facial recognition is a good idea, but not everyone uses it. Please add a few important steps to confirm, it will guarantee the risk
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This is massive adoption strategy for crypto users. Access to internet has really hampered the idea of global blockchain and reaching out to the unbanked.
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though considering that it will be great, its not adviseable to some extent as one asset will be more vulnerable than ever before, because the level of security is minimal.
but to be effective maybe OTP should be added to the registered number to compliment password provide by the real owner, to ensure more security.
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To be honest i can't believe! is it possible? without internet we can exchange coin wow!!! But this is not possible every country so this is our concern but not useful yet
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Actually this is not a novelty in the crypto. I know of an old project, OneM that uses SMS Technology to track assets. I don't know what happened to them later
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Revolutionary SMS-based crypto payments have been developed by the Criptolago exchange. This is a strategy to develop cryptocurrency adoption in a country where internet penetration is still a nightmare. Transactions do not require users to connect to the internet.
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If the telecom sector joins the cryptocurrency, the bitcoin currency will move forward. If you recharge your mobile with bitcoin, you will get a lot of improvement. Its popularity will increase. There are some SMS based transactions. I think its number will increase day by day, which means much more in terms of Bitcoin's popularity. If bitcoin is traded on mobile then I will benefit a lot and everyone will know a lot about bitcoin. Then the popularity of bitcoin will increase and it will be approved by all countries.