Cryptocurrencies can now be send without the use of internet.

[cryptoaddictchie]

Im just amazed with this news that an exchange on Venezuela can now send crypto without internet and only via sms text messages. To be honest this is a major step up but of course we cant deny that risk is associated with this method.

You can now send crypto without the internet in Venezuela, a local exchange has revealed. The exchange enables users to send crypto through a simple Short Massaging Service (SMS). This is a strategy to spur adoption.

The revolutionary SMS based crypto payment has been developed by Criptolago exchange. This is a strategy to grow crypto adoption in a country where internet penetration is still a nightmare. Transactions do not need users to be connected to the internet.

The exchange says the innovation came amid calls from Nicholas Maduro, the President for local firms to come up with solutions to alternative payment methods. The President’s vision was for a country where users can transact using offline payments ecosystems that are also compatible with the local currency; Petro.

With this innovation, Im thinking it still has risk for users though this advancement is truly revolutionized in the blockchain. For example cases like these:

• Mobile got stolen by someone who knows its working on their country
• SMS is probably vulnerable somehow, what if hackers can bypass the system of sending message through another reciepient?
• With the system, probably blockchain isnt gonna move faster than using traditional address to address as it uses an encrypted text messages and might got some error.

Anyways, lets just think of it as starter and those flaws might be solved with additional security protocol in the future.

Source:
https://www.cryptopolitan.com/send-crypto-without-internet

[kopisusu]

firstly I have never heard of this exchange "Criptolago" secondly what I think is how does bitcoin work without an internet connection? because in the article it's still not explained how it works.

[TemTum]

https://temtum.com/press/worlds-first-decentralized-sms-payments-launched-by-temtum

Look at temtum - they made the news a lot in their first decentralized sms payment network

is it any wonder they are the choice of national currencies when they have this tech


https://fintoism.com/press-releases/temtum-launches-worlds-first-decentralized-text-message-payments/


Video of it in action too:

https://www.reddit.com/r/Temtum/comments/e6g6bv/sms_transfer_in_action/

[Bttzed03]

firstly I have never heard of this exchange "Criptolago" secondly what I think is how does bitcoin work without an internet connection? because in the article it's still not explained how it works.

The article sited in the OP was poorly written. You can try this one instead. What happens is that they have to create an account there first before they can use the service. Once an account is created, you can now send crypto via SMS to other Criptolago users.

You send crypto via SMS > Criptolago receives the request > Criptolago sends crypto to the intended beneficiary


FYI, Dash has been allowing Venezuelans to send thru SMS since 2018 according to that same article I shared. They call it  Dash Text.

This is how it works:

Instructions

CREATION

The first step to use the Dash Text service is to create a wallet. In order to do so we must:

To send a text message to: 3457 or 9910 from Venezuela, 899979 from Colombia or 607-307-DASH from United States with the word “CREATE”, afterwards we will receive a welcome message of the Dash text system and our Dash address will be generated.

With our Dash Text wallet created we will be able to send and receive Dash through SMS with no Internet needed.


SEND & RECEIVE

To receive funds we must give our phone number to other user (valid only for Dash Text users) or the address of our Dash Text wallet so other users  an send us funds.

With the Dash Text service it is enough to send a message to 3457 or 9910 from Venezuela, 899979 from Colombia or 607-307-DASH from United States with the word: “RECEIVE”, and the system will respond with our data so that we can forward them easily and safely.

To send funds we must have the phone number (valid only for Dash Text users) and the address of the recipient of the funds.

With that information we just need to send a text message with the following format: the word “SEND”, the amount (in Bolivars or Dash) that we want to send (specifying the monetary unit after the amount Dash or Bolivars) and the address or the phone number of the recipient. Then, we must confirm the transaction by sending the command “YES”.


CONSULT

To consult the balance or the price of Dash we must send an SMS to 3457 or 9910 from Venezuela, 899979 from Colombia or 607-307-DASH from United States, with the word: “BALANCE” and “PRICE” and we will receive a message indicating the amount of Dash and its equivalent in Bolivars that are available in our Dash wallet and the information referring to the price of 1 Dash in Bolivars at the date and time in which me made the consult.

Here are other platforms that allows sending crypto via SMS (not particularly in Venezuela):

• https://coinapult.com/
• https://cointext.io/en/
• https://www.lite.im/
• https://crypterium.com/

[kindbtc]

Yeah, this is nothing new and already many apps are providing this service, even you can send crypto just like you make payments via paypal to any email address, phone number or account id, different apps are working on different options that will definitely help towards adoption.

[nikki4]

Ok, that's getting interesting for everyone if we can receive top all currencies by SMS. This won't be a problem if you phone got stolen by someone, because your number was verified by your information. You will get back your number without lost anything. For any Call and SMS when our top countries are using several apps even for low cost, why we will use SMS to send currency. Most of the place is full of connection in top countries then rest of the country will do same.

[Pffrt]

• Mobile got stolen by someone who knows its working on their country
• SMS is probably vulnerable somehow, what if hackers can bypass the system of sending message through another reciepient?
• With the system, probably blockchain isnt gonna move faster than using traditional address to address as it uses an encrypted text messages and might got some error.

I have never used such service but-
1. Mobile can be stolen but it's obvious that you will have PIN code or something secure which no one will know.
2. It's possible. Exchanges are getting hacked too however, since it will be through sms, it's easy to trace the other party. There's nothing happening in blockchain, so reverse is possible.
3. I'm confused what you meant. If this service get huge success, on chain transactions may decreased.

[Denreal]

https://temtum.com/press/worlds-first-decentralized-sms-payments-launched-by-temtum

Look at temtum - they made the news a lot in their first decentralized sms payment network

is it any wonder they are the choice of national currencies when they have this tech


https://fintoism.com/press-releases/temtum-launches-worlds-first-decentralized-text-message-payments/


Video of it in action too:

https://www.reddit.com/r/Temtum/comments/e6g6bv/sms_transfer_in_action/

Are you also ascertaining that it is genuine and you agree to that fact that it could be good and that one cannot get scammed through it?
My first reservation about this is that I have never heard of the name of the exchnage mentioned by the OP. Well, I do not know if others know about it and can trust it.

My concern is that blockchain technology is meant to foster transparency. With the use of SMS to transact crypto, I see no transparency in it. Also, how do you know if your transaction has reached the intended destination?

The use of this method only makes things to be more centralized because someone somewhere will have to be in control of the actual funds on the blockchain, while the users are just busy sending mere SMS.

Except the government of Venezuela is just working towards the use of blockchain and somehow centralizing the system.

[mersal]

It is not new the cryptos can be send even without the internet connection.

I found an article from 2018, How can you send bitcoin without internet connection?

But I feel there will be more vulnerabilities when we install an app to send transactions without internet.

[xSkylarx]

This could be convenient for users, however, this puts users to greater risk since sending crypto is as easy as sending SMS. Mobile phones can be stolen and lost. In our country, I have tried to make a duplicate of my phone number from the service provider and it is easy to declare that you are the owner by presenting an affidavit of loss.

[suryapro]

This is a new and exciting breakthrough, but on the other hand we all know that using only a mobile number will be very easy for hackers to find out and take the funds we have. You just imagine, sometimes Blokchain technology can be hacked, especially just by using cellphone numbers

[mu_enrico]

Sending coins via SMS is not new, Bitcoin can do that already.

Anyway, it's useless technology IMO because we don't use SMS anymore. Instead of doing that kind of hobby experiment, it would be better to develop scalability, features, and useful apps on top of cryptocurrency.

[bL4nkcode]

3. I'm confused what you meant. If this service get huge success, on chain transactions may decreased.

You can't send crypto outside the blockchain, it just that the process of sending crypto on SMS is only on the criptolago exchange, where there's no on-chain transaction, you can send and receive crypto if you're registered on the platform and your mobile number is a requirement and connected to the account.

Except the government of Venezuela is just working towards the use of blockchain and somehow centralizing the system.

Every government of any country that will "adopt" cryptocurrency will probably do the same, especially china, for centralization.

You just imagine, sometimes Blokchain technology can be hacked, especially just by using cellphone numbers

Blockchain cannot be hacked, phone devices do.

[TemTum]

https://temtum.com/press/worlds-first-decentralized-sms-payments-launched-by-temtum

Look at temtum - they made the news a lot in their first decentralized sms payment network

is it any wonder they are the choice of national currencies when they have this tech


https://fintoism.com/press-releases/temtum-launches-worlds-first-decentralized-text-message-payments/


Video of it in action too:

https://www.reddit.com/r/Temtum/comments/e6g6bv/sms_transfer_in_action/

Are you also ascertaining that it is genuine and you agree to that fact that it could be good and that one cannot get scammed through it?
My first reservation about this is that I have never heard of the name of the exchnage mentioned by the OP. Well, I do not know if others know about it and can trust it.

My concern is that blockchain technology is meant to foster transparency. With the use of SMS to transact crypto, I see no transparency in it. Also, how do you know if your transaction has reached the intended destination?

The use of this method only makes things to be more centralized because someone somewhere will have to be in control of the actual funds on the blockchain, while the users are just busy sending mere SMS.

Except the government of Venezuela is just working towards the use of blockchain and somehow centralizing the system.

Yes its genuine - we are not OP and do not use an exchange - this is a transaction to transaction through the TEM blockchain - you do not need to trust anyone as it is clear as every single transaction goes through the blockchain which you can verify and check the block explorer

the public key is linked to a phone number - pretty simple - its just like a regular transaction except it is sent over the sms system

Temtum is working with Anguilla and african countries with this tech as they roll out their national currencies

[TemTum]

Sending coins via SMS is not new, Bitcoin can do that already.

Anyway, it's useless technology IMO because we don't use SMS anymore. Instead of doing that kind of hobby experiment, it would be better to develop scalability, features, and useful apps on top of cryptocurrency.

Take a look at africa and poorer countries - the majority of money transfers is done over mobile services such as sms rather than internet

[Teinkle]

It's not new actually,we have that kind of process here in my country, but that's not really a reliable way of sending cryptos, it is a bit risky.

[Little Mouse]

Sending coins via SMS is not new, Bitcoin can do that already.

Anyway, it's useless technology IMO because we don't use SMS anymore. Instead of doing that kind of hobby experiment, it would be better to develop scalability, features, and useful apps on top of cryptocurrency.

I think the purpose is not something special other than giving the privilege of sending crypto easily without the interfere of Internet and the so called complexity of crypto although it is not complex at all. However, for some group of people it will be good since they do jot want to use crypto directly. With this method, people can easily send/receive money.

[tbct_mt2]

I don't know how the company does to secure transactions and confirmations from SMS messages but it sounds not much different from bank transactions. With bank transactions, we know there are risks on confirmations from SMS messages. Risks depend on users as always. If you get trapped and give other access to your codes, you will lose your fund.

It is the same for making transactions from wallets if we lose private keys / mnemonic seeds. Anyway, if people don't have other choices, it looks the best (for now) to use. In contrast, if I have connections to internet, and my wallets, I will never use such stuffs that depends on third-party companies. If exchanges can make scam exits, companies provide such service can do scam exit too. Be careful.

[jessyj48]

This new way of sending crypto with message will definitely comes with lots of flaws, scammers will get their jobs done more easier, anyways, let's wait and see how things go

[chabbbi]

This is awesome. This will be helpful in times like this. But the cons here is the hacker will easily track and made transactions. Let's see. I hope it will have more security. BTW, regarding security you may check ADN coin, best security platform.