Cointext doesn’t need to be connected to BCH, but it needs to be rational
Cointext is a company, an app, and basically a third-party money transfer system that allows users to trade BCH via text messages on their phones, with no Internet connection and low fees. Cointext doesn’t require you to download an APP, just remember the phone number you need to trade with.
However, the service has not been opened in China yet, but in a few countries such as Britain, the United States and Canada. Because it is still in the early testing stage, there are still many areas to be improved.
The operation method is very simple. If you are an American mobile phone number, first edit the text message content as “receive” and send it to 1707776185. Then your mobile phone will receive a text message with your BCH address, which is a unique address generated by the system through your mobile phone number. Mobile phone edit SMS “Send 0.05bCH address (address to fill your address)”, and then recharge successfully, do not trust can query the balance, query method for editing SMS “balance” Send 1707776185 to query the balance. After you have the BCH, you can trade. Edit the text message “Send 0.01BCH mobile phone number” and then complete the trade. Even if the other party does not have a BCH address, Cointext automatically generates one for the other party and prompts for a BCH entry.
Each country has a different mobile phone number, as shown in the figure below.
The community loves Cointext for its ease of use, with BCH enthusiasts contributing more than 7,000 on-chain transactions in the first three days since its launch on March 27, according to Cointext’s transaction records.
The operation is simple, but the problem is also obvious, that is, how to ensure that the BCH I recharge is safe? Since the address is generated by a third party, the privacy of the private key generated from the user’s mobile phone number cannot be guaranteed. According to officials, Cointext deletes the user’s private key and address one second after it is generated. It also deletes the user’s phone number, and the server does not retain the data. The credibility of Cointext itself, then, is the key to the app’s survival. There is the problem of hacker, but this is the common disease of all the third trading platforms, do not come out to say.
The biggest question, I think, is whether users will use Cointext for large transactions, because that will determine whether the app can be rolled out on a large scale. At present, this is difficult to achieve, because the senior owners will have their own wallet to send and receive BCH, and security can be guaranteed. Especially for Chinese people who are accustomed to using Alipay and wechat to pay, even if Cointext is launched in China, the effect is limited.
The positive aspects of Cointext are obvious, such as the promotion of BCH, cross-border payments, small tipping, etc. For those who do not know cryptocurrency and BCH, they can transfer a little BCH to them through their mobile phones. After having BCH, they will naturally be interested in learning about it.