Bitcoin Forum

Economy => Marketplace => Topic started by: WARlrus on July 18, 2011, 09:42:20 PM



Title: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on July 18, 2011, 09:42:20 PM
Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!

TextCoin.co.uk (http://TextCoin.co.uk) offers a simple and fast gateway that uses premium-rate SMS messages in order to purchase BitCoins from your phone. The transactions are usually complete within about 30 seconds, and the coins are instantly transferred to you - no hassle!

Unfortunately the service is only available on the UK mobile phone network at the moment, however hopefully this should be expanding very soon.

Give it a go - you'll be amazed at how quick and simple it is!


Title: Re: TextCoin.co.uk
Post by: spruce on July 18, 2011, 09:50:16 PM
This looks nifty. Could you give a few more details of how it works for people (like me) who aren't familiar with premium SMS services?


Title: Re: TextCoin.co.uk
Post by: WARlrus on July 18, 2011, 09:56:32 PM
Basically - once you've selected how many coins you want to buy, you are redirected to a page telling you to text a confirmation code to a number - the page will look similar to this: http://textcoin.co.uk/misc/gateway.png

Once you send this message, your mobile will be debited the amount shown (whether this be off a pre-paid Pay as you Go contract, or by placing it on to your monthly bill), and the website will re-directed you back to TextCoin. Once your payment is confirmed (takes about 30 seconds), then your coins are instantly sent to the address you provided.

Simple really!


Title: Re: TextCoin.co.uk
Post by: bluefirecorp on July 18, 2011, 10:12:37 PM
Any chance of implementing premium rate numbers to call (land line?)?

~bluefirecorp


Title: Re: TextCoin.co.uk
Post by: WARlrus on July 18, 2011, 10:15:42 PM
Any chance of implementing premium rate numbers to call (land line?)?

This is something I did look into - sadly the current gateway I'm using doesn't support land line numbers, but I'm looking into alternatives that will give the option of SMS or phone call (mobile/land line)


Title: Re: TextCoin.co.uk
Post by: WiseOldOwl on July 19, 2011, 06:25:04 AM
Sounds like a good idea. Are you sure no charges can be reversed?
I would be interested in implementing this too if it is safe.


Title: Re: TextCoin.co.uk
Post by: spruce on July 19, 2011, 07:18:49 AM
Basically - once you've selected how many coins you want to buy, you are redirected to a page telling you to text a confirmation code to a number - the page will look similar to this: http://textcoin.co.uk/misc/gateway.png

Once you send this message, your mobile will be debited the amount shown (whether this be off a pre-paid Pay as you Go contract, or by placing it on to your monthly bill), and the website will re-directed you back to TextCoin. Once your payment is confirmed (takes about 30 seconds), then your coins are instantly sent to the address you provided.

Simple really!

Thanks very much for the details. I did it on my UK mobile and it worked just fine with a normal bitcoin credit appearing instantly in my bitcoin wallet. That's really neat!

You might want to make the link to Textcoin in your opening post clickable.


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 19, 2011, 08:30:18 AM
I like It
EDIT

just checked to see if it works.. and well it was instant. coins are showing


Title: Re: TextCoin.co.uk
Post by: WARlrus on July 19, 2011, 07:10:24 PM
Thanks for the feedback!

The service is entirely unreversible - even if you don't pay your mobile bill your provider will make good on any outstanding charges, and if you have no credit to pay then it'll be refused.

Because of this - the payment can be instant.

I'm considering offering a merchant API for other people to implement a similar idea - anyone interested?

Glad you like the service - please spread the word and help it grow!


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 20, 2011, 07:40:02 PM
TextCoin

Sorry, the TextCoin server is currently unavailable. Please try back again soon





NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO


FIX IT :)


Title: Re: TextCoin.co.uk
Post by: WARlrus on July 21, 2011, 09:17:37 AM
Due to unprecedented demand - the server has run out of coins! I'll try to add some more soon, but I'm currently away on holiday so can't do much about it!


Title: Re: TextCoin.co.uk
Post by: WARlrus on July 21, 2011, 03:38:25 PM
Site is now back up, sorry about that! Hopefully it'll last a bit longer before running out of coins this time!


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 21, 2011, 03:58:19 PM
no worries its a new site and for people that well don't pay a phone bill but have a 50 a month personal usage its fantastic..


Title: Re: TextCoin.co.uk
Post by: Serith on July 21, 2011, 04:34:18 PM
Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!

TextCoin.co.uk (http://TextCoin.co.uk) offers a simple and fast gateway that uses premium-rate SMS messages in order to purchase BitCoins from your phone. The transactions are usually complete within about 30 seconds, and the coins are instantly transferred to you - no hassle!

Unfortunately the service is only available on the UK mobile phone network at the moment, however hopefully this should be expanding very soon.

Give it a go - you'll be amazed at how quick and simple it is!

OMG this is brilliant, for the last couple days i was pondering about how hard it is for an average person to bring money into bitcoin economy and that it could be even a long term threat to bitcoin, God save SMS.


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 21, 2011, 06:04:12 PM
empty again :)

Glad your getting loads of demand tho


Title: Re: TextCoin.co.uk
Post by: WARlrus on July 22, 2011, 09:23:10 AM
empty again :)

Glad your getting loads of demand tho

Back again!


Title: Re: TextCoin.co.uk
Post by: Serith on July 22, 2011, 12:33:54 PM
empty again :)

Glad your getting loads of demand tho

Back again!

and it empty again lol, it takes no more then two hours to deplete the stock, did you underestimate the market?


Title: Re: TextCoin.co.uk
Post by: Dansker on July 22, 2011, 12:54:49 PM
We need a service like this in every country.


Title: Re: TextCoin.co.uk
Post by: spruce on July 22, 2011, 01:17:31 PM
We need a service like this in every country.

Or lots of them, with competing prices. :)


Title: Re: TextCoin.co.uk
Post by: dacoinminster on July 22, 2011, 02:22:46 PM
If I were you, I'd charge a bit more for this service until demand calms down.


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 22, 2011, 02:26:42 PM
because the charges ain't 2 bad that's why we are using it. If it went up I would prob give it a miss. as it is profit for the op atm without being 2 high :)

EDIT AND ITS WORKING AGAIN :)



Title: Re: TextCoin.co.uk
Post by: WARlrus on July 22, 2011, 05:48:48 PM
I've topped the service up with more coins, however the downtime today was due to the server bitcoind instance shutting down for some bizarre reason. I'll try and monitor the problem, as it seems to be recurring every couple of hours, but as I've mentioned I'm away on holiday at the moment!

I will be looking in to starting this service internationally, however since it will have to be done on a per-country basis it will be quite hard, hence the costs may be higher. Any requests for countries?


Title: Re: TextCoin.co.uk
Post by: Serith on July 22, 2011, 06:32:51 PM
I've topped the service up with more coins, however the downtime today was due to the server bitcoind instance shutting down for some bizarre reason. I'll try and monitor the problem, as it seems to be recurring every couple of hours, but as I've mentioned I'm away on holiday at the moment!

I will be looking in to starting this service internationally, however since it will have to be done on a per-country basis it will be quite hard, hence the costs may be higher. Any requests for countries?

Your best bet is US, because two most common options to transfer money and buy Bitcoins is International Money Transfer (Wire Transfer) and Dwolla, both takes days to complete.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 23, 2011, 02:49:23 PM
if this SMS service is for real BITCOIN HAS MADE IT!

this is the system used by M Pesa in Kenya and has been tremendously successful in this poor 3rd world country.  read up on it.

its been thought that the phone carriers would resist Bitcoin b/c of the lack of profit.  how do you think this is being addressed?

this also allows Bitcoin to be used w/o an internet connection which will bring it to the masses.

also doesn't a bank have to stand behind the carrier in some way?


Title: Re: TextCoin.co.uk
Post by: Nagle on July 23, 2011, 03:45:44 PM
Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!
...
Give it a go - you'll be amazed at how quick and simple it is!
Yeah, if you're willing to pay a 90% markup. Their price is $24.46/BTC. Nobody will use this unless they desperately need some Bitcoin-only service.  Silk Road, maybe.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 23, 2011, 03:47:06 PM
Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!
...
Give it a go - you'll be amazed at how quick and simple it is!
Yeah, if you're willing to pay a 90% markup. Their price is $24.46/BTC. Nobody will use this unless they desperately need some Bitcoin-only service.  Silk Road, maybe.

why so pessimistic?  give him time.  the price WILL come down.


Title: Re: TextCoin.co.uk
Post by: Ben Walsh (beamer) on July 23, 2011, 04:09:20 PM
I thought the mark up was a little high, but investigating the implementation, the SMS payment processor "behind the scenes" is taking 25% of every payment, and that is a low amount, there are plenty that demand 40% of every payment.

This means that after they have taken their cut, comparing to britcoin.co.uk right now (8.35 / 1 BTC), the OP is making a slight loss on the 5 / 0.45 BTC package ( ( 5 x 0.75 ) / 0.45 = 8.33) and making ( ( 1.50 x 0.75 ) / 0.1 = 11.25 which gives 11.25 / 8.35 = 1.34... = +34% ) on the 1.50 / 0.1 BTC and 3 / 0.2 BTC packages.

That doesn't account for others costs of provision, website costs, development costs, maintenance costs ...

For the simplicity, swiftness, accessibility and potential anonymity, I don't think that markup is unreasonably high.
As it scales up I would expect the markup to fall and new competition from other providers of the same service.


Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!
...
Give it a go - you'll be amazed at how quick and simple it is!
Yeah, if you're willing to pay a 90% markup. Their price is $24.46/BTC. Nobody will use this unless they desperately need some Bitcoin-only service.  Silk Road, maybe.


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 23, 2011, 06:20:42 PM
Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!
...
Give it a go - you'll be amazed at how quick and simple it is!
Yeah, if you're willing to pay a 90% markup. Their price is $24.46/BTC. Nobody will use this unless they desperately need some Bitcoin-only service.  Silk Road, maybe.

why so pessimistic?  give him time.  the price WILL come down.

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic


Title: Re: TextCoin.co.uk
Post by: actudoran on July 23, 2011, 07:29:22 PM
I've topped the service up with more coins, however the downtime today was due to the server bitcoind instance shutting down for some bizarre reason. I'll try and monitor the problem, as it seems to be recurring every couple of hours, but as I've mentioned I'm away on holiday at the moment!

I will be looking in to starting this service internationally, however since it will have to be done on a per-country basis it will be quite hard, hence the costs may be higher. Any requests for countries?

Hi there !

I was just thinking of whether we could start it up where I live as there seems to be a huge number of people eating up all the good graphic cards from the market in here too ... I live in Bucharest and am on the good side of Orange ... :)

Cheers,
Alex


Title: Re: TextCoin.co.uk
Post by: Ryland R. Taylor-Almanza on July 24, 2011, 04:48:40 AM
I've topped the service up with more coins, however the downtime today was due to the server bitcoind instance shutting down for some bizarre reason. I'll try and monitor the problem, as it seems to be recurring every couple of hours, but as I've mentioned I'm away on holiday at the moment!

I will be looking in to starting this service internationally, however since it will have to be done on a per-country basis it will be quite hard, hence the costs may be higher. Any requests for countries?

Your best bet is US, because two most common options to transfer money and buy Bitcoins is International Money Transfer (Wire Transfer) and Dwolla, both takes days to complete.
Yes, please get it going in the US! :D


Title: Re: TextCoin.co.uk
Post by: molecular on July 24, 2011, 08:24:27 AM
I've topped the service up with more coins, however the downtime today was due to the server bitcoind instance shutting down for some bizarre reason. I'll try and monitor the problem, as it seems to be recurring every couple of hours, but as I've mentioned I'm away on holiday at the moment!

I've learned the hard way: no major releases before going on holiday! :-)

Other than that: this is awesome, I wanted to do this in germany, but got turned down by the outrages fees the phone companies charge :(.

Best of luck implementing this internationally! I'm looking forward to pointing my new potential bitcoiners to your service.


Title: Re: TextCoin.co.uk
Post by: molecular on July 24, 2011, 08:26:18 AM
its been thought that the phone carriers would resist Bitcoin b/c of the lack of profit.  how do you think this is being addressed?

It's already addressed by the humongous fees they charge for billing sms. The phone companies win here.


Title: Re: TextCoin.co.uk
Post by: molecular on July 24, 2011, 08:27:38 AM
this also allows Bitcoin to be used w/o an internet connection which will bring it to the masses.

It does not. It doesn't enable bitcoin payment via text. It enables you to buy bitcoins paying via sms fee billed to your phone bill. You still need an internet connection and bitcoin client.


Title: Re: TextCoin.co.uk
Post by: molecular on July 24, 2011, 08:32:17 AM
For the simplicity, swiftness, accessibility and potential anonymity, I don't think that markup is unreasonably high.
As it scales up I would expect the markup to fall and new competition from other providers of the same service.

I'm not so sure the markup will fall, since it'd have to be a competing phone provider, since the phone companies take the majority here.


Title: Re: TextCoin.co.uk
Post by: Ben Walsh (beamer) on July 24, 2011, 10:24:19 AM
I would hope OP would be negotiating a reduction in the 25% cut the phone companies are "stealing" as they expand in both size and country coverage - one of the main ways to maintain future competitive advantage and keep customer loyalty.

For the simplicity, swiftness, accessibility and potential anonymity, I don't think that markup is unreasonably high.
As it scales up I would expect the markup to fall and new competition from other providers of the same service.

I'm not so sure the markup will fall, since it'd have to be a competing phone provider, since the phone companies take the majority here.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 24, 2011, 02:20:25 PM
I've topped the service up with more coins, however the downtime today was due to the server bitcoind instance shutting down for some bizarre reason. I'll try and monitor the problem, as it seems to be recurring every couple of hours, but as I've mentioned I'm away on holiday at the moment!

I've learned the hard way: no major releases before going on holiday! :-)

Other than that: this is awesome, I wanted to do this in germany, but got turned down by the outrages fees the phone companies charge :(.

Best of luck implementing this internationally! I'm looking forward to pointing my new potential bitcoiners to your service.

if you just break even, do it!  the phone companies may eat you alive now but as you grow in subscribers you will gain leverage over them and be able to squeeze huge profits over the long term.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 24, 2011, 02:23:10 PM
its been thought that the phone carriers would resist Bitcoin b/c of the lack of profit.  how do you think this is being addressed?

It's already addressed by the humongous fees they charge for billing sms. The phone companies win here.

this is great.  in Kenya, there was a huge legal fight btwn the phone carriers and the banks b/c the banks didn't want to lose control of the usurious system they were controlling.  finally the gov't sided with the phone carriers b/c the adoption rate was so quick and the people demanded a better system which SMS is. 

if you go ahead with your service you will be able to piggyback onto the phone carriers to make money.  there's plenty of profits to be made when you get rid of the banks.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 24, 2011, 02:28:03 PM
this also allows Bitcoin to be used w/o an internet connection which will bring it to the masses.

It does not. It doesn't enable bitcoin payment via text. It enables you to buy bitcoins paying via sms fee billed to your phone bill. You still need an internet connection and bitcoin client.

hmmm.  if the phone carriers allow you to buy btc's via text, the logical next step for them to make even more profit would be to allow payment via SMS.  this will happen.

i suppose also that if you're a Kenyan on one side of the country, i could pay the carrier to text btc to my wife on the other side of Kenya.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 24, 2011, 02:50:45 PM
Ever wanted a quick and easy way of purchasing BitCoins using nothing more than your phone? Now you can!
...
Give it a go - you'll be amazed at how quick and simple it is!
Yeah, if you're willing to pay a 90% markup. Their price is $24.46/BTC. Nobody will use this unless they desperately need some Bitcoin-only service.  Silk Road, maybe.

why so pessimistic?  give him time.  the price WILL come down.

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?


Title: Re: TextCoin.co.uk
Post by: spruce on July 24, 2011, 05:15:27 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 24, 2011, 05:28:14 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters


Title: Re: TextCoin.co.uk
Post by: Ryland R. Taylor-Almanza on July 24, 2011, 05:30:00 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 24, 2011, 05:33:59 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?

not important.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 24, 2011, 08:35:04 PM
Basically - once you've selected how many coins you want to buy, you are redirected to a page telling you to text a confirmation code to a number - the page will look similar to this: http://textcoin.co.uk/misc/gateway.png

Once you send this message, your mobile will be debited the amount shown (whether this be off a pre-paid Pay as you Go contract, or by placing it on to your monthly bill), and the website will re-directed you back to TextCoin. Once your payment is confirmed (takes about 30 seconds), then your coins are instantly sent to the address you provided.

Simple really!

i think you need to elaborate a bit more clearly the exact mechanics about how this works.

where are the coins stored before and after they're bought?  who is the UK carrier?  do they ever store coins?  is a bank involved with the carrier in some way?  as i understand it, the coins are not stored on your phone but go directly to your preset wallet.dat that you setup with an internet connection?


Title: Re: TextCoin.co.uk
Post by: Ryland R. Taylor-Almanza on July 24, 2011, 10:25:05 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?

not important.
I pledge 10 bitcents for the real answer.


Title: Re: TextCoin.co.uk
Post by: molecular on July 25, 2011, 07:57:22 AM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?

not important.
I pledge 10 bitcents for the real answer.

His employer. 1ENZc3W29DBf5uDUzfezbFaKUMvcbWa4GT


Title: Re: TextCoin.co.uk
Post by: Ryland R. Taylor-Almanza on July 25, 2011, 01:36:46 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?

not important.
I pledge 10 bitcents for the real answer.

His employer. 1ENZc3W29DBf5uDUzfezbFaKUMvcbWa4GT
Bitcents will be sent once he confirms it. If he decides not to confirm today, I'll just send them.


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 25, 2011, 01:46:00 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?

not important.
I pledge 10 bitcents for the real answer.

His employer. 1ENZc3W29DBf5uDUzfezbFaKUMvcbWa4GT

ding ding ding we have a winner. I have a personal allowance on my mobile which i can use for whatever I want. calls etc.. so why not use it for coins


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 25, 2011, 01:53:27 PM

hmm for me it's 100% profit I personally pay out 0 and get .45 btc its fantastic

what are you talking about?

Parents pay the phone bill?

Nope.... :) .. but I don't and that's all that matters
Who does?

not important.
I pledge 10 bitcents for the real answer.

His employer. 1ENZc3W29DBf5uDUzfezbFaKUMvcbWa4GT

ding ding ding we have a winner. I have a personal allowance on my mobile which i can use for whatever I want. calls etc.. so why not use it for coins

nice.

so tell me exactly how this process works step by step and where do the coins come from and where are they stored.  i think i understand whats happening but could you elaborate?


Title: Re: TextCoin.co.uk
Post by: zerokwel on July 25, 2011, 02:41:15 PM
textcoin has a wallet. which they prob mine or buy BTC off the market and stick it in there wallet...

on the site you submit your wallet info and select how much btc you want click next.  it will give you a code and a number to text it to.

you send that text and it charges you mobile and the coins go into the wallet address you gave them.

Simple



Title: Re: TextCoin.co.uk
Post by: rate5 on July 25, 2011, 09:00:14 PM
Awesome idea, great for people who need bitcoins fast.  I think this would really take off in the US .  There must a lot of people who don't want to wait for a bank transfer to Dwolla and then have to transfer to a exchange just to get a some bitcoins.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 25, 2011, 09:54:42 PM
this is going to be HUGE.

husbands can text btc/remittances to families across borders instantly.


Title: Re: TextCoin.co.uk
Post by: molecular on July 26, 2011, 08:56:49 AM
this is going to be HUGE.

husbands can text btc/remittances to families across borders instantly.

why is this hard to understand. This is not about texting BTC to someone, it's about buying BTC through your phone-bill through billed sms. Or am I the one misunderstanding something here?


Title: Re: TextCoin.co.uk
Post by: spruce on July 26, 2011, 01:06:53 PM
this is going to be HUGE.

husbands can text btc/remittances to families across borders instantly.

why is this hard to understand. This is not about texting BTC to someone, it's about buying BTC through your phone-bill through billed sms. Or am I the one misunderstanding something here?

Maybe the idea is to have the remote family text a bitcoin public address (without typos) to the husband, then the husband in the UK (or wherever the service exists) enters that address on the site and pays via SMS. But the remote family still has the problem of converting the BTC to something usable where they live.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 26, 2011, 03:45:36 PM
this is going to be HUGE.

husbands can text btc/remittances to families across borders instantly.

why is this hard to understand. This is not about texting BTC to someone, it's about buying BTC through your phone-bill through billed sms. Or am I the one misunderstanding something here?

Maybe the idea is to have the remote family text a bitcoin public address (without typos) to the husband, then the husband in the UK (or wherever the service exists) enters that address on the site and pays via SMS. But the remote family still has the problem of converting the BTC to something usable where they live.

exactly.  why is this so hard to understand?

the wife converting shouldn't be a problem in most jurisdictions esp. if she has an exchange acct.

she can call her husband and READ the address to him.


Title: Re: TextCoin.co.uk
Post by: molecular on July 27, 2011, 10:42:44 AM
this is going to be HUGE.

husbands can text btc/remittances to families across borders instantly.

why is this hard to understand. This is not about texting BTC to someone, it's about buying BTC through your phone-bill through billed sms. Or am I the one misunderstanding something here?

Maybe the idea is to have the remote family text a bitcoin public address (without typos) to the husband, then the husband in the UK (or wherever the service exists) enters that address on the site and pays via SMS. But the remote family still has the problem of converting the BTC to something usable where they live.

exactly.  why is this so hard to understand?

the wife converting shouldn't be a problem in most jurisdictions esp. if she has an exchange acct.

she can call her husband and READ the address to him.

Ok, I think I understand the use-case now. Compared to the husband putting the money on mtgox first, buying bitcoin and making a bitcoin transaction to the wife, he just uses textcoin.co.uk using wife's bitcoin address, right?

Pros:
  • it's faster (no delay for money to arrive at mtgox)
  • husband needs the acutal money later (phone bill)

Cons:
  • It's more expensive (25% to the phone company plus maybe textcoin unvaforable exchange rate)

I'm sorry for misunderstanding. Did I get it right now?


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 27, 2011, 11:01:30 AM
this is going to be HUGE.

husbands can text btc/remittances to families across borders instantly.

why is this hard to understand. This is not about texting BTC to someone, it's about buying BTC through your phone-bill through billed sms. Or am I the one misunderstanding something here?

Maybe the idea is to have the remote family text a bitcoin public address (without typos) to the husband, then the husband in the UK (or wherever the service exists) enters that address on the site and pays via SMS. But the remote family still has the problem of converting the BTC to something usable where they live.

exactly.  why is this so hard to understand?

the wife converting shouldn't be a problem in most jurisdictions esp. if she has an exchange acct.

she can call her husband and READ the address to him.

Ok, I think I understand the use-case now. Compared to the husband putting the money on mtgox first, buying bitcoin and making a bitcoin transaction to the wife, he just uses textcoin.co.uk using wife's bitcoin address, right?

Pros:
  • it's faster (no delay for money to arrive at mtgox)
  • husband needs the acutal money later (phone bill)

Cons:
  • It's more expensive (25% to the phone company plus maybe textcoin unvaforable exchange rate)

I'm sorry for misunderstanding. Did I get it right now?


yes.  and the con is trivial for some ppl who need to get money to travel long distances conveniently and will only get better as price competition comes from more carriers getting involved.

compared to USD money exchangers this should be cheap.

imagine; no more banks or exchanges or Paypals or Dwollas!

edit:  once VZ, ATT, etc realize what they're dealing with i can see no reason why they wouldn't want to get in on the game.  it could be a huge new profit center for them.

this will be a great way to fracture corporatism pitting carriers vs. banks; not vindictively but with a great idea.


Title: Re: TextCoin.co.uk
Post by: spruce on July 27, 2011, 11:07:36 AM

edit:  once VZ, ATT, etc realize what they're dealing with i can see no reason why they wouldn't want to get in on the game.  it could be a huge new profit center for them.


Yes. But it also needs a lot more bitcoin infrastructure in place globally, like handy ways to convert BTC to local currency or buy things locally with BTC.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 27, 2011, 11:14:05 AM

edit:  once VZ, ATT, etc realize what they're dealing with i can see no reason why they wouldn't want to get in on the game.  it could be a huge new profit center for them.


Yes. But it also needs a lot more bitcoin infrastructure in place globally, like handy ways to convert BTC to local currency or buy things locally with BTC.

yes.

but really the wife should be no more limited than you are in converting btc to local currency.  she could use mtgox or any of the exchanges (public or anonymous like Ubitex) that trades her local currency and then obviously she could do this face to face or at a Meze Grill like retailer, etc, etc.


Title: Re: TextCoin.co.uk
Post by: molecular on July 27, 2011, 11:16:28 AM

edit:  once VZ, ATT, etc realize what they're dealing with i can see no reason why they wouldn't want to get in on the game.  it could be a huge new profit center for them.


Yes. But it also needs a lot more bitcoin infrastructure in place globally, like handy ways to convert BTC to local currency or buy things locally with BTC.

yes.

but really the wife should be no more limited than you are in converting btc to local currency.  she could use mtgox or any of the exchanges (public or anonymous like Ubitex) that trades her local currency and then obviously she could do this face to face or at a Meze Grill like retailer, etc, etc.

She could also try to find a friendly local bitcoin for cash trader, for example here: http://tradebitcoin.com


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 27, 2011, 11:22:26 AM
i subscribe to an investment newsletter from a guy that thinks currencies will be the investments of the near future.  which one is the question and the choices include gold/silver/bitcoin along with fiat.

if i was an ATT, i would link my text messaging services with other intl carriers to set up a global network and get into the global currency exchange business.

this way when the wife receives the SMS from the husband in USD working in the Fresno fields, she could convert them into the pesos instantaneously thru her Mexican phone carrier from her beachside hacienda.


Title: Re: TextCoin.co.uk
Post by: cypherdoc on July 27, 2011, 11:31:55 AM
Wikipedia:

Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. Estimates of remittances to developing countries vary from International Fund for Agricultural Development's US$301 billion (including informal flows) to the World Bank's US$250 billion for 2006 (excluding informal flows).[1] Remittances contribute to economic growth and to the livelihoods of people worldwide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion. Remittances also foster, in the receiving countries, a further economic dependence on the global economy instead of building sustainable, local economies.


Title: Re: TextCoin.co.uk
Post by: Anonymous on July 28, 2011, 03:00:23 AM
This would be awesome on a phone with a built in wallet which spits out an address for you each time you want to buy btc via sms.

You wouldnt need anything else..except maybe google wallet support .   :)


Last time I looked there was a long wait for the service provider to send the money for the service offered. How do you get around the massive delay in funds arriving ?


Title: Re: TextCoin.co.uk
Post by: TYDIRocks on July 28, 2011, 03:18:49 AM
Very cool! I wish you luck with your service.


Title: Re: TextCoin.co.uk
Post by: bitdragon on July 28, 2011, 01:17:26 PM
Inspired by this, and I hope I am not off topic and it makes some sense.
Anyone with a smartphone and cash in a pocket can bypass western union, and can start with only 2 people.
Migrant husband gives cash to person A. Person A makes btc payment to home country to Exchanger B who resides in the same city, family receives local cash. Confirmation number confirmed by SMS or something. The current exchange rate needs to be available to both parties. One should have ongoing relationships with key partners and trust is key.
Intl transfer only takes 10 minutes to confirm, on par with Western Union but can be cheaper. I guess this is called p2p money exchangers and bitcoin allows for intl transfers rather quickly.



Title: Re: TextCoin.co.uk
Post by: WARlrus on August 06, 2011, 12:36:45 PM
Glad to see that this service is really taking off! I've had a large number of emails from people wanting to help in a variety of ways, and I believe I've finished replying to them all now!

The service is now running a lot more stably than when first launched, and all BitCoin transfers appear to be happening instantly, as the service was designed to do.

As I've mentioned, I'm looking into further international gateways to launch the service, sadly there isn't an easy way of me rolling this out to multiple countries at once, each country will have to have it's own exchange rate, variable fees etc, which adds a whole new layer of complexity to the site. That said - I'm hoping to have a US launch within the next couple of weeks, and would love to hear suggestions of where else you want this service to run

In the meantime - please consider sending a small donation to 1LiBGgTYzkgHqgAmbfCzXKbAu4fwsh7hQS. As a previous poster has mentioned, the margins I'm making on these transactions are extremely small, and the overhead costs of site maintenance etc are not!

But most importantly - please keep on using the service, and please keep sending me any feedback.


Title: Re: TextCoin.co.uk
Post by: Ryland R. Taylor-Almanza on August 13, 2011, 10:48:49 PM
Just remembered my pledge today. Sorry for the delay, Molecular. Bitcents sent.


Title: Re: TextCoin.co.uk
Post by: molecular on August 14, 2011, 07:15:15 AM
Just remembered my pledge today. Sorry for the delay, Molecular. Bitcents sent.

Cool! It's really nice to see people standing up to their pledges ;) Thanks!


Title: Re: TextCoin.co.uk
Post by: WARlrus on August 17, 2011, 10:40:09 PM
TextCoin has now been updated to include the option to buy 0.4BTC for 5, as a lot of people have been buying in bulk - it's now even cheaper to do so!

I'm still investigating international options, hopefully we should see the service expanding into Europe over the next couple of weeks, but unfortunately I'm struggling to find a US gateway provider!

Please continue to send your feedback, it makes the hard work worthwhile!


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: ysoliman on August 18, 2011, 04:39:22 PM
Although it is quite costly what a great idea.
Just bought 0.1 BTC by text, in my wallet within 10 minutes!

+1 for the idea and +1 for the convienience!

Look forward to seeing more from this idea!


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: Anonymailer on August 18, 2011, 08:39:54 PM
This must be the quickest and easiest way to get BTC there is right now. Any chance of a 10 BTC? do the operator charges go down for higher sums?


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on August 21, 2011, 08:57:58 PM
This must be the quickest and easiest way to get BTC there is right now. Any chance of a 10 BTC? do the operator charges go down for higher sums?

Unfortunately the operator charges remain the same for higher amounts, but I have added an option as requested for a 10 spend, which currently gives you 1BTC


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on August 25, 2011, 02:53:31 PM
Apologies for downtime - the server is now back up and running, and should hopefully be a bit more stable after these upgrades :-)


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on November 29, 2011, 01:21:16 PM
Apologies (again) for (yet more) downtime! I've recently moved the servers location, so the service should be a lot faster, and (hopefully) more reliable!

Unfortunately the coins I added when first switching the server back on sold out very quickly - but it's now back up with a larger balance - enjoy!


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: cypherdoc on November 30, 2011, 05:25:07 AM
Apologies (again) for (yet more) downtime! I've recently moved the servers location, so the service should be a lot faster, and (hopefully) more reliable!

Unfortunately the coins I added when first switching the server back on sold out very quickly - but it's now back up with a larger balance - enjoy!

was wondering what the heck happened to you.  welcome back.


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: btc_artist on November 30, 2011, 05:55:10 AM
10 for 1BTC sounds awfully high. Does it cost a lot to operate/accept payment via the mobile phone companies?


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on November 30, 2011, 02:26:28 PM
10 for 1BTC sounds awfully high. Does it cost a lot to operate/accept payment via the mobile phone companies?

It is indeed quite expensive to accept payment in this way, however it has been a while since the margins were re-calculated, I'll do some re-thinking of prices shortly :-)


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on March 03, 2012, 04:11:03 PM
Apologies for the recent downtime - I had under-estimated demand yet again, and was running out of coins quicker than I could put them in!

The site is now back up and running :-)


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: molecular on March 03, 2012, 06:51:23 PM
Apologies for the recent downtime - I had under-estimated demand yet again, and was running out of coins quicker than I could put them in!

The site is now back up and running :-)

not on linode, I guess ;)


Title: Re: TextCoin.co.uk - Purchase BTC with SMS
Post by: WARlrus on March 03, 2012, 07:02:39 PM
not on linode, I guess ;)

Heh, thankfully not!