Do not invest more money than you can afford to lose.
CoinText, a fintech startup is beta testing an SMS Bitcoin Cash Wallet that will let people who have no internet access and a smartphone to send and receive Bitcoin Cash via a simple text message.
According to the company site, the project is currently in private beta testing mode, with a limited public release coming in March 2018. Beta users in the United States, Canada, United Kingdom and Australia will receive $1 in free BCH to test the wallet.
The service provided by CoinText is similar to that of Kenya’s Mobile money service M-Pesa, but instead of fiat currencies, the transactions will be in BCH and instantly registered on the ledger. CoinText does not require user registration, passwords or internet. All one needs is an international SMS plan from their mobile operator and to send the word CASH to CoinText’s phone number for one’s respective region. The service automatically sets up an e-wallet and CoinText’s faucet sends BCH to the phone.
“Being able to transact an international currency like Bitcoin Cash over text message with any phone in the world will uncap the vast economic potential for the unbanked,” says CoinText’s lead developer Vin Armani.
The wallet runs on basic commands like BALANCE, DEPOSIT, SEND, and WITHDRAW. Texting HELP reveals the commands in more detail. The “balance” command shows your current balance. In order to send BCH to someone, you need to enter the sum in USD or BCH and the receiver’s phone number.
The receiver will get an automatically setup e-wallet, if s/he does not have one. In order to withdraw, you would need the wallet address from which you will withdraw. For deposits, you will also need the e-wallet address.
CoinText never holds funds and all transactions are settled directly on chain. It cannot stop or censor transactions, does not store any user data, passwords or keys, either. So far the only pair supported by the wallet is USD/BCH.