Offline cryptocurrency transfer?

[tabas]

I am also a follower of that page and like they said, this idea was already proposed and mentioned before.
And because of the application that Venezuela is doing then several medias cover it because it is working.
But if it isn't, I dont think that they will. Although looking to the positive that it brings, let us move forward for more transactions like this.

[kryptqnick]

I remember a couple of projects working on sending BTC without the Internet. One is about the radio waves, and it was already mentioned in this thread. I am also pretty sure I've looked through another one that involves satellites. What seems disappointing is that people are saying it's not a real transfer when it comes to this particular project with SMS but rather an intermediary doing the work for you within their limited network. If the thing about radio waves in real Bitcoin transactions, then it should be possible to truly send BTC via SMS as well, but I guess that it's not the case in this project anyway.

[Ailurophile]

It could be nice if we could finally send or transfer cryptocurrency offline but how would we know if it has been sent successfully?
We still need internet to verify that the transaction has been successful besides all of the transaction would need to be verified online so we could track all of the circulating crypto currency.

[Assface16678]

its nice to send bitcoin using sms, but still you'll need to pay for your money transfer, but for me it is very convenient for us to send money using sms, though it still have charges but you can do it anywhere with signal

I think you will pay for the service because most of the people today now are using the cryptocurrency and before you can send your money or funds into other wallet it requires internet and this kind of project I think it is good too but the difference I think is the payment if you think it is the same payment but can transfer even you are offline it is more efficient and not quite hassle because it is more faster because you are just sending the address to the other party. But we don't know if this will gonna become popular soon because not all the time we are connected into the internet.

[radjie]

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.

Yes, it can be said that there is a third party that manages the crypto balance that we have, just as online banking can manage our finances to make transactions via SMS without having to use an internet connection. In my opinion, the existence of crypto transactions using SMS has advantages and disadvantages that we need to pay attention to, its advantages can make it easier for everyone who has a bad internet connection, and the drawbacks, the balance we have of course will be fully regulated by third parties and transaction costs incurred certainly will be bigger.

[o_e_l_e_o]

then it should be possible to truly send BTC via SMS as well

It is, and there are several projects which allow you to do this. This most well known is probably Samourai wallet - https://www.samouraiwallet.com/offline. Once you sign a transaction on your offline wallet, you can broadcast it via a GoTenna mesh network or via SMS.

It could be nice if we could finally send or transfer cryptocurrency offline but how would we know if it has been sent successfully?

You can use a service such as Blockstream Satellite (https://blockstream.com/satellite/) to receive the most recent blocks and keep your node up to date. That way you will know when your transaction has been confirmed without ever needing an internet connection. Other than cost of the hardware to set up your satellite receiver, it is free to receive the latest blockchain data by satellite.

[Twentyonepaylots]

then it should be possible to truly send BTC via SMS as well

It is, and there are several projects which allow you to do this. This most well known is probably Samurai wallet - https://www.samouraiwallet.com/offline. Once you sign a transaction on your offline wallet, you can broadcast it via a GoTenna mesh network or via SMS.

Just read about samurai wallet just now but I guess the same principle is used to this post. It looks like running under several conditions using antennas, and sms will act like the trigger to let the transaction be broadcast however it is not what we wanted right? If I'm reading you guys right, we wanted an easy peasy transaction with just a single text right? It looks more complicated than what we really think of, impossible to make I guess.

It could be nice if we could finally send or transfer cryptocurrency offline but how would we know if it has been sent successfully?

You can use a service such as Blockstream Satellite (https://blockstream.com/satellite/) to receive the most recent blocks and keep your node up to date. That way you will know when your transaction has been confirmed without ever needing an internet connection. Other than cost of the hardware to set up your satellite receiver, it is free to receive the latest blockchain data by satellite.

There are still a lot to do for us just like the confirmation, how do we determine if the transaction was confirmed if we are offline and we are just using our smartphone?
Using the Blockstream Satellite needs a lot too, coz you will be needing a small satellite antenna and a USB receiver to sync the blocks in your node. Another problem is there are limited coverage of this satellites so other places is ineligible for using Blockstream.

[o_e_l_e_o]

It looks like running under several conditions using antennas, and sms will act like the trigger to let the transaction be broadcast however it is not what we wanted right?

I think you are misunderstanding. It will let you transmit a transaction either via a mesh network of antennas or by sending an SMS in the usual way. It's not sending an SMS over a mesh network.

how do we determine if the transaction was confirmed if we are offline and we are just using our smartphone?

There is no way to know if a transaction has confirmed without being able to receive data somehow. If you don't have an internet connection, then the next best thing is using a satellite connection. Anything beyond that is impractical - there is far too much data to keep a node synced via a mesh network or SMS. The best you could achieve would be having a trusted third party with internet access keep an eye out for your transaction and send you an SMS once it has confirmed.

[camito]

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.

Earlier, I also saw a post regarding Bitcoin transfer through sms but it is still not feasible. I only know of crypto transfer using radio waves and towers which won't need the help of internet. It is good to see that now, through the help of sms, it is now possible to send your friend some Bitcoins using third party network. I just hope that this way is secure though?

[Gandam23]

Offline cryptocurrency transfer? Is this safe if it will be implemented? I think it would be a big problem or question because we all know that when it is offline it is just a
matter of security just like for example in a network it is very easy to established a network with a offline method but the access will be easy than having a online method
right? So if the cryptocurrency transfer became offline then it would be really hard.

[o_e_l_e_o]

I just hope that this way is secure though?

Offline cryptocurrency transfer? Is this safe if it will be implemented?

So there are two possible ways you can send bitcoin through an SMS message.

The first way is when you sign a transaction form your own wallet, and use an SMS message to broadcast that signed message to the network. This way is completely safe, provided you use it correctly. Once you have signed a transaction on your own wallet, it cannot be changed or altered in any way without being made invalid. You need to trust the third party service or person to actually broadcast your transaction that you sent them in an SMS, but the most they could do is refuse to broadcast it, meaning your bitcoin simply stay in your own wallet. They are unable to modify your transaction to steal your bitcoin, or anything of that nature.

The second method, which is the method being used by the service being discussed in this thread, is when you are trusting a third party to hold all your coins on your behalf, and you are simply using SMS messages to send instructions about what you would like to do with your account. In addition to all the usual security risks of storing your coins with a third party, you are also at risk of someone impersonating you by either physically or electronically taking control of your phone and sending SMS instructions on your behalf, SIM jacking your phone number, or even linking their own phone number to your account. In all cases, someone could send SMS instructions to the third party to transfer all your coins out to the attacker's address.

As with all things in crypto, storing your coins with a third party is inherently risky, and this is no different.

[isaac_clarke22]

Well at first glance, it seems offline but even sending basic SMS requires a network data and medium for you to be able to send it to the other side.
I've seen another app having the same goal to send crypto through SMS.
Not sure if offline transactions are possible, but I believe that's one of crypto's weakness that it is dependent in the internet.

[stompix]

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

Nope!
Because that's a 6310i not a 6210 in the picture  
That aside, you can still make SMS purchases wen with modern phones, you still receive 2fpa confirmations via sms, right?

Now, the most important thing about this "breakthrough" and 'breathtaking' service.
You can send coins offline ..only if you already have coins in your wallet, which you can't deposit if you're offline!
So /thread

Now, it seems we have some people who have no clue where Venezuela is but still shitposting in this topic

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.

You have no idea what this is about and how it really works, right?

Venezuela is great for developing this kind of invention that can help all cryptocurrency users to transfer their asset using just a cheap cellphone.

Yeah, Venezuela is great, too bad they've discovered this five years after private firms have done it in other countries.
And it's not Venezuela doing it, it's a private company!

President Nicolas Maduro should be praised and acknowledge for doing this in their country.

President Maduro should be put on a pedestal and acknowledge for what he did for the country!
And forced to not leave that pedestal till everyone has paid his respects.
Better cast him in bronze to make sure he stays there for a few centuries.  

[Kong Hey Pakboy]

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

Nope!
Because that's a 6310i not a 6210 in the picture  
That aside, you can still make SMS purchases wen with modern phones, you still receive 2fpa confirmations via sms, right?

Now, the most important thing about this "breakthrough" and 'breathtaking' service.
You can send coins offline ..only if you already have coins in your wallet, which you can't deposit if you're offline!
So /thread

Now, it seems we have some people who have no clue where Venezuela is but still shitposting in this topic

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.

You have no idea what this is about and how it really works, right?

Venezuela is great for developing this kind of invention that can help all cryptocurrency users to transfer their asset using just a cheap cellphone.

Yeah, Venezuela is great, too bad they've discovered this five years after private firms have done it in other countries.
And it's not Venezuela doing it, it's a private company!

President Nicolas Maduro should be praised and acknowledge for doing this in their country.

President Maduro should be put on a pedestal and acknowledge for what he did for the country!
And forced to not leave that pedestal till everyone has paid his respects.
Better cast him in bronze to make sure he stays there for a few centuries.  

With this kind of innovation that people in Venezuela could send or transfer their cryptocurrency through sms/messaging only, it might boost adaptation and gain fans in cryptocurrency that more people will be inspired and have an opportunity to use cryptocurrency that they can now use it even without the help of internet connection.

[johnny5johnny5]

The only true flaw of cryptocurrency is that it relies on telecommunications to work. Telecommunications are all controlled by the government. We've seen many examples around the world of phone and internet connections being restricted or made unavailable completely. For this reason I think that the crypto space could really benefit from a government-less worldwide telecommunications network. Free access to the internet is vital to the functioning of any cryptocurrency.

[CHENIEN]

Sending transaction via sms is a great way as a high technology for transferring by using data as digital payment for safety and security without any high tension with cryptographic design to transact of some combination of different kinds of payment.Off line transaction is possible and active because of the automatic device server combine with a solar system energy to receive a payment and prevent losing of data as a hightect frequency loader of transaction.

[20kevin20]

Sending crypto via SMS sounds so outdated

In a world where you're under mandatory quarantine, banks are closed etc, sending crypto via SMS sounds revolutionary to me if it's the decentralized and secure way. You could store, send & receive without having to trust a third party that could cut off your rights (banks closing down..). It'd be our opportunity to shine as a decentralized community.

As o_e_l_e_o said above, once you have signed a tx you want to broadcast, it can't be altered. Therefore, using crypto offline through SMS only could actually be the best thing especially during hard times & for newbies because chances of having your funds stolen by silly mistakes and malware are slight (correct me if I'm wrong). Using an airgapped wallet together with an offline possibility of spending decentralized currencies. Do we even need anything else?

[BlackFor3st]

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.

This is another step for crypto currency as they were able to find a solution to those places who have no internet connection. Sending money via message is very smart approach and I hope that it cannot be breached easily by the hackers so the other exchanges will adapt it someday.

It will surely help to solve the problem of crypto acceptance as one of the hindrances are those places where internet connection or electricity is not available as they cannot use crypto at all. But if this will be possible to any exchanges out there then it is very helpful and I really love to see how it will work also.

[ranochigo]

Seems more of a hassle and a marketing gimmick to me than anything else. The whole concept relies on the fact that a intermediary is required for the transaction to happen and all this does is to make a request to them to transfer the funds internally between their systems. It doesn't involve the Bitcoin blockchain at all and in a way, it's just like how fiat transfer can be done by SMS too.

IMO, this is quite pointless and isn't something worth talking about.

[noorman0]

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.

The OP's statement revealed that it was an exchange service which meant it was a type of custodial wallet. In addition to the risks in the custodian wallet in general, the addition of SMS features will create new risks such as encryption, your device/phone number being controlled by someone else, or other risks that have not been thought of.
So far, I don't know whether all mobile devices or SIM card providers set SMS security to be encrypted by default or not. However this needs to be considered.