Offline cryptocurrency transfer?

[Sanugarid]

This was posted 30 minutes ago from one of my socials, one of the group that I'd follow, Crypto Crunch App, posted this Photo (below)



credits to the owner of the image


I found out that it is true, you can read more here https://cointelegraph.com/news/top-venezuelan-exchange-launches-support-for-offline-bitcoin-transfers

What do you guys think about this? I don't think this is possible, not until now. I'm still out of words for this news.

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[joniboini]

Well, technically you're not sending via the internet, but ask that service provider to send your money or pay for whatever it is. It's like you ask your friend to send some bitcoin with their network while you're still taking a bath. No internet needed (by you), isn't it?

It's not groundbreaking imo. Several services are doing the same thing, you can find them on the Project Development board.

[Pffrt]

What do you guys think about this? I don't think this is possible, not until now. I'm still out of words for this news.

It's not a new idea. There are couple of services which offer cryptocurrency transfer through sms. In addition, Venezuela has always been a crypto friendly space. However, good to see this because it will be now more easier to send crypto.

[Sanugarid]

Well, technically you're not sending via the internet, but ask that service provider to send your money or pay for whatever it is. It's like you ask your friend to send some bitcoin with their network while you're still taking a bath. No internet needed (by you), isn't it?

Hmm. so it is just like a 3rd party right? even when you're not connected to the internet or offline you can still send a crypto by requesting the one who holds your fund. Even it is not as much as we fantasized, I'd still want to experience it tho, it looks so cool to have this, it's like having an assistant to pay for what you bought.

It's not groundbreaking imo. Several services are doing the same thing, you can find them on the Project Development board.

yeah, I saw it, thanks man. President Nicolas Maduro did a great job for letting this thing to happen since 30% of the country is not able to access the internet, and we also know what is happening to Venezuela a bit too long already.

[thesmallgod]

It amazing to see people thinking very deep in a way to make crypto transfer easy. I only know of airwire blockchain that allow people to receive crypto via email, Facebook etc but hearing about receiving via SMS is another interesting story especially for some old folks that do not use the internet well. This will make it possible for people like that to recieve and send crypto

[Ryker1]

Well, perhaps in the end still need an internet connection in order to run and confirmed the node for the Bitcoin transactions upon broadcasting on it. If you heard about the Samourai wallet, I have heard that they can have a transaction on Bitcoin offline through goTenna.
Indeed, we admire this kind of discoveries and maybe someday they will found that Bitcoin is always the best choice for contactless payment that it is very needy when disaster comes like pandemic COVID-19.

[DdmrDdmr]

<...>

The SMS functionality is, at least at this stage, only available between Criptolago’s users. Therefore, the SMS is really going to trigger a movement on the ledger’s platform, and is not really a crypto transfer outside of the platform’s ecosystem.

See https://twitter.com/criptolago/status/1246866980843524099 (in Spanish).

[Nalbo]

It's similar to online banking. You never hold your coins. The wallet service would hold your coin and you can ask them to send the coin to some address via a SMS and after receiving the SMS, the wallet service would send the coins using internet.

[Asuspawer09]

Well, perhaps in the end still need an internet connection in order to run and confirmed the node for the Bitcoin transactions upon broadcasting on it. If you heard about the Samourai wallet, I have heard that they can have a transaction on Bitcoin offline through goTenna.
Indeed, we admire this kind of discoveries and maybe someday they will found that Bitcoin is always the best choice for contactless payment that it is very needy when disaster comes like pandemic COVID-19.

You have a point here, it's not really a new idea there are already some people who did this project and so many articles online.

It could really be handy many times but I wonder if this is totally official, it discusses a lot here in the forum and a lot of users are worried sending funds using Bluetooth, radio signals, etc. If this is officially used I guess it is already safe to use in Venezuela but I doubt it at this time. For sure it would be a great option to uses just in case if it is already safe to use here in bitcoin and other cryptocurrency.

[ReiMomo]

Sounds interesting and I dont know how does it work, maybe the SMS will received might just a confirmation but not totally made a transaction through offline. There is always the internet to verify and to confirm by every transaction.

They are not only one who discovered Bitcoin sending through SMS.

Bitsms allows you to send Bitcoin via SMS, without an Internet connection.
It is not a wallet. Instead, it is an SMS to Bitcoin relay where you sign a transaction in your wallet and text it to this number.

Trivia: Did you know that Bitcoin can send through Radio Wave?
https://coincodex.com/article/6386/did-you-know-you-can-send-bitcoin-via-radio-waves/

[KrisAlex18]

It so glad that that are new developed ways to send bitcoin or other cryptocurrency, it seems like cryptocurrency is evolving and spreading around the world, this using of SMS to send cryptocurrency will be soon known to everyone or in different countries and if this thing will be successful then I think they would adopt it because I think that is somehow useful because they don't need internet connection to transfer data, some of the people needs to transfer money when emergency then there are times also that they have no internet connection so they don't even proceed the transactions. I am hoping that there would be some ways that will exists for the future of cryptocurrency, this will be so good if this will happen. Bitcoin and other cryptocurrency will be more known by other countries.

[Eugenar]

I have heard about that news before and this is so great, having this kind of way of sending cryptocurrency will be so accommodating because we don't need internet connection just to send money, which is really good especially for those people who don't have internet connection everyday. I hope that sending bitcoin through the use of text message will be adopted on our country because internet connection in our country is not too good or not stable, we have that so poor connection compared to other countries, so if this thing will be in our land then it would be great for us, there will be so many miners and bitcoin holders will be happy when it happens.

[rexxarofmoknathal]

Using mobile services to send and receive crypto payments isn't a new idea but one previously proposed. However, I'm not s excited about this new method of crypto payment since in my opinion it only increases the risk of loss. Think about it, with this new service there's also a new third party that you need to worry about and ensure they're not trying to scam you or have your details sold to other parties. For me its almost too of an unnecessary risk.

[o_e_l_e_o]

even when you're not connected to the internet or offline you can still send a crypto by requesting the one who holds your fund.

In this case, you are not really sending bitcoin at all. All you can do here is transfer balance between users of the same exchange - no transaction is being made, nothing is being broadcast, and nothing is recorded on the blockchain. It would be like if I sent an SMS to my friend saying "I owe you $50". No money is actually moving or changing hands, all that is changing is the exchange's internal records of how much it owes to each user.

Having said that, it is entirely possible to make a bitcoin transaction without an internet connection, and you don't need a third party to be holding your funds to do so, like you suggest. All you need is a way to connect to someone or something which will broadcast a transaction on your behalf. You can generate and sign a transaction entirely offline, and then send it to someone else to be broadcast, be that via SMS, radiowaves, over a local network, on paper, in person, by mail, etc.

[Lhaine]

Well, technically you're not sending via the internet, but ask that service provider to send your money or pay for whatever it is. It's like you ask your friend to send some bitcoin with their network while you're still taking a bath. No internet needed (by you), isn't it?

It's not groundbreaking imo. Several services are doing the same thing, you can find them on the Project Development board.

So thats means its a third party services you are not the one who send the payment but that sms services provider.


Good idea, but the question is how secured will it be if you are only using thier services and not you are the one who have control on your money. And i am sure having that service will also ask for additional fees.

[virasog]

What do you guys think about this? I don't think this is possible, not until now. I'm still out of words for this news.

It's not a new idea. There are couple of services which offer cryptocurrency transfer through sms. In addition, Venezuela has always been a crypto friendly space. However, good to see this because it will be now more easier to send crypto.

Even in the US you can transfer cryptocurrency transfer sms using Lite.im.
Also you can  find   4 Easy Ways to Send Cryptocurrency Using SMS

[Wexnident]

I doubt it's impossible though. Humans think up of weird things that could actually be helpful, and This pretty much just recycles the usage of SMS systems which have been around for a  few decades now, so I doubt they'd have that much difficulties implementing a system that could transfer crypto through that. And besides, based on what I understand, it's more like them informing a 3rd party that they would like to transfer funds from theirs to another. They'd basically ask others to transfer money for them. It's kind of similar to how you just mail a friend or something and ask them to buy you something in a convenience store or the like.

[DarkDays]

Please don't tell me people in Venezuela are stick rocking a Nokia 6210? I doubt people even make applications for that relic anymore.

There are already a large number of ways to make Bitcoin transactions offline, e.g. via the Glacier protocol and partially signed transaction formation.

Although I've never seen an SMS version, this indicates that they still need to have some cellular connectivity, which obviously won't be useful if the whole network goes down.

Also, it appears that wherever is processing the SMS's is connected to the internet... Otherwise how does it broadcast the transaction? So much missing info, but I am pretty sure the internet is involved somewhere along the line.

[CarnagexD]

This kind of payment transferring of funds it is quite right because it is easier just sending the address to the provider and they manage now the transaction easily still it takes a lot of time before the people will adopt this kind of transaction because still, it requires third-party software to use to make more comfortable to use. It is quite a good need because many people today are using bitcoin or crypto to transfer their funds. As a user too of crypto, this is more efficient and hood because not all the time, I have my internet on my side, and still, you need to require to find some internet just to transfer your funds. This kind of innovation is good.

[AniviaBtc]

Well, technically you're not sending via the internet, but ask that service provider to send your money or pay for whatever it is. It's like you ask your friend to send some bitcoin with their network while you're still taking a bath. No internet needed (by you), isn't it?

Hmm. so it is just like a 3rd party right? even when you're not connected to the internet or offline you can still send a crypto by requesting the one who holds your fund. Even it is not as much as we fantasized, I'd still want to experience it tho, it looks so cool to have this, it's like having an assistant to pay for what you bought.

It's not groundbreaking imo. Several services are doing the same thing, you can find them on the Project Development board.

yeah, I saw it, thanks man. President Nicolas Maduro did a great job for letting this thing to happen since 30% of the country is not able to access the internet, and we also know what is happening to Venezuela a bit too long already.

It is good any many are glad when they first saw this news, if that is really implemented in cryptocurrency, it is less hassle and I think it is much secured. This will help us to prevent scammers and hackers to steal some cryptocurrency in our digital wallet that is manipulated with internet. This offline cryptocurrency transfer is much effective to those people who don't have that much access in the internet. Venezuela is great for developing this kind of invention that can help all cryptocurrency users to transfer their asset using just a cheap cellphone. Like what I've said, crypto is easy to steal most especially if the hackers are skilled enough to get your privacy and information. President Nicolas Maduro should be praised and acknowledge for doing this in their country.