Bitcoin and SMS Texting!!!

[cypherdoc]

i apologize to Matthew Dyson of http://textcoin.co.uk/ for hijacking his thread over here but this development is of utmost importance to the community and i felt compelled to bring it over here to the most popular Board just to alert everyone.

see his thread over in Marketplace:  http://forum.bitcoin.org/index.php?topic=29992.0;all

you can now transact Bitcoin via SMS text which now brings Bitcoin to the average cellphone user that doesn't have an internet connection.  currently this is only available in the UK but Matthew plans to take it internationally.

this is the M Pesa model in Kenya which has exhibited huge growth in a poor 3rd world country and has been growing by leaps and bounds throughout Africa.  this working model has been the basis behind my investment research that has driven me to invest in Bitcoin.

the implications of this development cannot be underestimated.

Congratulations to Textcoin!!!

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[bitcon]

this is good news.

[GoWest]

Brilliant.  I keep running into people who want to buy one or two bitcoins for whatever reason, and going through an exchange is impractical and unless they're tech-savvy, using the OTC authentication system is extremely overwhelming.  This SMS service solves the problem, and I'm sure people will be willing to pay a premium for ease-of-use.

[Gabriel Beal]

I agree with the above.  I was really excited when I saw the original post.  If this can happen in the US, it will be a very big deal.

[foggyb]

Perhaps this can be integrated with Tradehill's newly announced P2P transfers. https://forum.bitcoin.org/index.php?topic=31119.0

[BitcoinPorn]

I agree with the above.  I was really excited when I saw the original post.  If this can happen in the US, it will be a very big deal.

Has to be just a matter of time at this point (I hope lol)

[elk-tamer]

SMS does seem like a great idea, but don't most of the charges get taken up by the phone company?  A quick google search suggests it would be around 50%. Is it really that high?

[coingenuity]

Excellent project! I'll be keeping an eye on this one as well.

[Serith]

SMS does seem like a great idea, but don't most of the charges get taken up by the phone company?  A quick google search suggests it would be around 50%. Is it really that high?

It's 25%-35%, but for people who already by products via SMS it wouldn't matter if it's overpriced in bitcoins or USD.

[Meatpile]

Premium rate sms can be up to 40% fees its absolutely ridiculous. Probably because all of the previous uses of the technology have been horoscope and joke scams where they send you shitty messages and keep charging you until you get them to stop.

[supersonic3974]

How secure would this method be?

[Meatpile]

It is secure, the problem is mistyping your receiving bitcoin address... and also customers might be able to dispute charges to the wireless carrier. (same as paypal chargeback i think)

Usually they require you to send a text to their service first, which proves your intent to be charged... But who knows what they would do if a customer is saying hey i never wanted this charged to my phone bill

[cuddlefish]

"Welcome to the Bitcoin Wallet app! You currently have a 0.00 BTC balance. Tap here to purchase your first 0.25 BTC (billed to your phone bill)"

[notme]

"Welcome to the Bitcoin Wallet app! You currently have a 0.00 BTC balance. Tap here to purchase your first 0.25 BTC (billed to your phone bill)"

Indeed

[molecular]

It is secure, the problem is mistyping your receiving bitcoin address... and also customers might be able to dispute charges to the wireless carrier. (same as paypal chargeback i think)

Mistyping is not a problem, you enter your address on the web-page, not in the sms. You then get a code (8 digits), which you SMS to them.

Awesome! This is finally an easy way for almost anybody to get hold of some coins, albeit at quite some cost, but that's acceptable.

[cypherdoc]

Premium rate sms can be up to 40% fees its absolutely ridiculous. Probably because all of the previous uses of the technology have been horoscope and joke scams where they send you shitty messages and keep charging you until you get them to stop.

who uses Cash Exchangers here in the US?  mostly low income folk.  the % charges are outrageous but that doesn't stop them out of pure need or they just are too ignorant to care.

this will be how it is with texting btc's; the need and convenience will just be too great.

[Ryland R. Taylor-Almanza]

Very excited for this to come to the US!

[cypherdoc]

a must read!

http://www.google.com/url?sa=t&source=web&cd=1&ved=0CBkQFjAA&url=http%3A%2F%2Fwww.mit.edu%2F~tavneet%2FM-PESA.pdf&rct=j&q=m%20pesa%20kenya%20pdf&ei=pTUsTtOPIIT6sAPi0uDaCg&usg=AFQjCNEY6QL9pm4UijtCf5RI6BhgEgPxEw&sig2=UGzw6c1sI2DyETemLbYRbA&cad=rja

[ptshamrock]

a must read!

http://www.google.com/url?sa=t&source=web&cd=1&ved=0CBkQFjAA&url=http%3A%2F%2Fwww.mit.edu%2F~tavneet%2FM-PESA.pdf&rct=j&q=m%20pesa%20kenya%20pdf&ei=pTUsTtOPIIT6sAPi0uDaCg&usg=AFQjCNEY6QL9pm4UijtCf5RI6BhgEgPxEw&sig2=UGzw6c1sI2DyETemLbYRbA&cad=rja

yeah !! great one ! 

The MobileMoneyAfrica Summit was yetserday and today and a fellow german Bitcoineer represented Bitcoin there ! let?s wait for his rapport

[Yankee (BitInstant)]

Doesn't DialCoin.com do the same thing? In more countries?