A company just patented Bitcoin transactions via SMS

[AlexTF.CCN]

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/

[Melchizedek1]

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.

[AlexTF.CCN]

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!

[time2.coffee]

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/

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.

[jseverson]

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.

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 -.-

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

[Herlina]

Transactions via SMS look like an outdated feature for us, but this feature can be a bridge to get adoption from Generation X, in my country most of Generation X is still actively using SMS feature for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

[dothebeats]

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.

[charlotte04]

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/

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.

[pickledmuffin]

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/

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.

[davis196]

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/

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.

[Wendigo]

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.

[Colan Zolo]

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.

[chidrawarster]

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.

[boksoon]

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/

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.

[avikz]

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/

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. 

[CryptoGamblingSites]

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/

Bitmain has likely been acquiring large amounts of Bitcoin Cash, posing a “major risk” as the Bitcoin offshoot’s value declines, Li said. Bitcoin Cash has tumbled by about 68% since the first week of May, versus a 30% drop in Bitcoin, according to Bloomberg composite pricing.

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

[AlexTF.CCN]

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/

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. 

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

[bitfocus]

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

[Mofazzal840]

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.
 

[PIMPdev]

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.