Bitcoin Forum

Talk about mainstream adoption, it reminds me of when BofA implemented the same thing. Good that they're working on making it more accessible to people, still have to go through the annoying 2-3 hours transaction speed though -.-

https://cryptocoin.news/videos/bitcoin-this-week-bitmain-collects-18-billion-in-ipo-bitcoin-transactions-by-sms-and-more-19023/

Its a good thing to know that innovations are making headlines that show that we techs can produce platforms that remove transactions from the conventional online internet access gateway. the speed may be slow now, but with time, the activity will be perfected and the time frame shortened. Its all good.

Let's hope so!

It is a useful tool for Bitcoin transactions, but seems there is no implementation for popular messengers like Telegram, since SMS is a little deprecated (and more expensive) way.

So you basically text the details of your transaction to a central service (which you signed up for) and they proceed to send out that transaction for you? So they're essentially offering a wallet service you could control by SMS? I'd say it's not exactly groundbreaking innovation, but assuming security concerns are addressed, this might actually help drive adoption, especially in impoverished countries. I know I'd love to try it out.


Where did you get this figure? Are you referring to the SMS service or the Bitcoin network in general?

Transactions via SMS look like an outdated feature for us, but this feature can be a bridge to get adoption from Generation X, in my country most of Generation X is still actively using SMS feature for their transactions, maybe with this feature we can get their adoption

This isn't revolutionary though in a way, it can somewhat be useful given that there are still constraints regarding internet on extremely poor countries. One fine example of money transfer services manifesting through SMS is M-pesa. Bitcoin can follow suit through the use of the said feature without a company patenting or copyrighting it and it could be a feature on stand-alone clients, especially mobile ones which people can use on the go.

I'd be more impressed if this feature goes on to the main bitcoin client embedded within the code, though I think we're far from getting there.

They are really not want to be left out so they have already joined and adapted it while still it's in a neutral mode for people who doesn't know anything about in cryptocurrencies.

SMS is something everyone understands which is good. However banks are offering instant transaction times in my country, so the 2-3 hours definately needs to be reduced to ensure a point of difference, and the cost of transacting.

BofA implemetented the SAME thing ,but another company is getting patent?This does not make any sense.The technology has to be competely new and ground breaking,in order to be patented.Crypto payments via SMS had been used before,so they are not a new innovation,hence that company doesn't deserve a patent.

Hmmm what if someone were to steal my phone or hijack my sim card? Could they just send all the Bitcoin to themselves via SMS if I have activated that service on my phone? If there is no protection set in place this 'novelty' could potentially open a lot of mobile Bitcoin holders up for attack by crypto thieves. I am a little bit wary, guys. Just saying.

A very heavy risk if it happens. And bankrupt us.
This SMS method is quite risky, so you have to be more careful to save this important item. Many hackers will run rampant like this.
Actually, the company is very extraordinary by patenting bitcoin as a transaction tool and certainly many will target it.

Its still a good news fro all of us .But i feel SMS is still the expensive of its kind and can be replaced with other modes of internet related apps which would even make the features even more cheaper.Or they can also tie up with free internet messengers which would also act like a bridge and make the transaction even more faster in the future.I hope so when they do this they will add more value and some more technology will enhance the same.

Bitcoin is built for the people in fact until now no one would  identify whose real Mr. Nakamoto name. Bitcoin is spread out to the purpose of become primary use  all over the world but  regarding to question that Company just patented bitcoin transaction I think this is not true no any person can owned the private creation except you create your own.

I don't know how you are saying that the transaction speed is 2-3 hours now?? That's a long gone past and with the adoption of segwit, it has come down to 5-10 minutes long back. Check your facts before saying this!!

https://www.blockchain.com/btc/unconfirmed-transactions

The above link shows the number of unconfirmed transactions and currently while I type this reply, it is showing 2131 transactions are unconfirmed! That's well within the limit and should not take more that 5-15 minutes to get 3 confirmations from the network. Also the transactions fees are now in cents. I often make transactions valued $300-$400 and pay the fees in cents. 

Hey OP,

You could have mentioned its bitmain and they're trying to have a monopoly on mining and have a vague IPO that may or may not die shortly.

https://www.thestar.com.my/business/business-news/2018/08/23/bernstein-crypto-miner-bitmain-may-be-losing-its-edge/


Nobody cares about their stupid patent and companies trying to create monopolies in bitcoin deserve to go under like bitmain will.

Good for you bro, I use KeepKey and it takes 2-3 hours to confirm so that's my own personal experience :)

Nice! this will help people using bitcoin in Cell Coverage without internet, just with SMS - really a very good step for Bitcoin!

It is good. this will help people using bitcoin in Cell Coverage without internet, just with SMS - really a very good step for Bitcoin in the world. I am greatful for this.
 

I'm not sure that this can become a new Revolution, but it is also the positive news in our bank of positive news about bitcoin when the last drop will be dropped, it will spoil out.

On the surface this seems ridiculous and shockingly broad. And without looking into the particulars of it, sure this patent will not hold up to scrutiny. I would actually bet money on this. I wonder if there is a place where I can do that; make bets on the validity of patents.

technology nowadays made life easy. for me using btc via sms is very convenient to those people who are not using internet.but this sms method is a little bit risky.there are a lot of cases which sms can easily be track and we are talking about here a lot of money and loosing is not good.

Each day the technology is becoming more and more powerful.  I think we are only a few years away form having the technology to take this mainstream.  This SMS breakthrough is going to be huge when it goes into action. 

Yes but on the other hand if it helps others to use bitcoin without having to possibly use
A computer or an internet connection it would be positive, pity its pushed by bitmain.

About Generation X, yes I would agree that the older generation are still predominantly
Using SMS but are more likely to have a PC and Internet access and a smartphone.

Hmm, its a strange one and a bit archaic with a question over security i think.

I thought I'd clarify, the SMS patent was not filed by Bitmain, so don't bring out those pitchforks just yet lol. It was filed by US tech company Intuit:

https://www.pymnts.com/news/b2b-payments/2018/intuit-mobile-bitcoin-patent-cryptocurrency/

OP's article was a week's worth of news and it just happened to be headlined by Bitmain's IPO.

I like to test new apps, it’s an engaging process for me. So I willingly wait for TalentSnap release J This platform builds zero-knowledge proof technology that will automate the hiring process. They will help to save plenty of money and time both for employers and employees! 8)

Any change or adoption and integration is a big step forward. so the more change the better.

This is an awesome idea and it needs real development. If this can be done successfully then financial institutions will need to start thinking blockchain.

That is a good thing and news that you can transact through via SMS therefore we can easily access and transact to every country, I hope that will be happen in the future because now some government are not accept bitcoin to their countries.

To be honest I am not aware about it, but this is a great news that BTC is reaching its height day by day. This is how technology speaks money is a big concern for everyone. Definitely it's a big achievement as digital currency is trending everyday.

Everybody is getting a patent out, but we still have to see results to see if they carry things through :o

I think such transactions are very long and too time-wasting, you can advise your company to use blockchain technology that has a very high speed when making transactions.