TextCoin.co.uk - Purchase BTC with SMS

[zerokwel]

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

[1714060092]

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[Ryland R. Taylor-Almanza]

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?

[zerokwel]

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.

[cypherdoc]

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?

[Ryland R. Taylor-Almanza]

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.

[molecular]

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

[Ryland R. Taylor-Almanza]

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.

[zerokwel]

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

[cypherdoc]

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?

[zerokwel]

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

[rate5]

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.

[cypherdoc]

this is going to be HUGE.

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

[molecular]

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?

[spruce]

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.

[cypherdoc]

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.

[molecular]

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?

[cypherdoc]

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.

[spruce]

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.

[cypherdoc]

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.

[molecular]

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