LAUNCH NEW PORTFOLIO TO SEND BITCOINS THROUGH TEXT MESSAGES

The startup Coin Ninja, based in the United States, launched this December 18 a new portfolio of cryptocurrencies that allows the sending of bitcoins through text messages.

The information was disseminated by the company through his blog, which explains that the new digital wallet is called DropBit and is now available for iOS and Android. He adds that the objective of this new product is to accelerate the adoption of cryptocurrencies, facilitating the sending and receiving of BTC, thanks to the improvement of the user experience.

In this regard, Coin Ninja says that the idea is to make it as simple as possible the process by which new users get their first bitcoins, trying to simplify the steps and preventing stakeholders from accessing platforms that usually have more complicated procedures.

In this way, he thinks that there will be progress towards a massification of the use of cryptoactives, to the extent that more people possess even a small amount of bitcoins. Thus, it will awaken their interest in cryptocurrencies and will become part of the ecosystem, according to the company.

"While the Bitcoin community generally refers to issues such as custody ownership, decentralization and hash rate, the reality is that the masses do not understand, nor tend to worry about, these abstractions. No matter how well these concepts are marketed or explained, they are not what will attract the masses to cryptocurrency. People will enter Bitcoin when they can get bitcoin easily."    Coin Ninja.-

To achieve this goal, the team of developers of the portfolio considered that the levels of simplicity must be very high, which is why it was proposed to create a similar crypto-exchange system for applications such as Square Cash or PayPal.

In that sense, the firm says that users with mobile phones can download the application from DropBit and, through it, send bitcoins to anyone in your contact list. If the receiver does not have a portfolio, the application will offer the steps to create one on the platform.

OPERATION OF THE PORTFOLIO

According to what the startup exposes, once the person has configured the portfolio, to perform the transactions, he must specify the amount in bitcoin (or the USD equivalent that he wants to send) and select the recipient, who will receive a text alert warning you that you have a certain amount of bitcoin on hold.

To dispose of the money, the recipient will have to download the DropBit application and write the 12 recovery words. Then the phone number is verified by entering a code received by SMS and the sender is notified, to confirm the transaction when opening the application. CoinNinja's information note ensures that if the recipient does not install the wallet within 24 hours of receiving the notification, the transaction is not completed and the amount is returned to the sender.

The company also ensures that there is no additional fee, beyond those associated with the network, nor do they store contacts on their servers, guaranteeing that end users are those who have access to custody.

However, this portfolio is closed source, so it can not be audited, although among its plans the firm mentions that the code will be released in the next six months. A goal that also includes the option for users to add notes to transactions in order to organize and track the operation, in addition to supporting the bech32 address format and the Lightning Network micropayment network.

OTHER OPTIONS FOR SENDING CRIPTOMONEDAS

Within the ecosystem, there are other tools that offer similar functions. Such is the case of CoinText, which in March launched its solution to send bitcoin cash (BCH) through text messages in four Spanish-speaking countries. But, unlike DropBit, CoinText works through a gateway with the SMS service, in the block chain, for which a software application is not required.

The same service is offered through an update made by the Samourai Wallet in January, which included the PonyDirect tool, for sending bitcoins through text messages. Also startup Zulu Republic launched an application that allows its users to send transactions with litecoin through Telegram and, last August, reported on its plans to add the function through SMS.

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