Cryptocurrency, like Bitcoin, has changed the financial world, but it’s high barrier of entry has confused many potential investors. A new hot topic is how exchanges are trying to make the process easier for less savvy users, the benefit being a boom in investment overall.
As SMS experts here at Trumpia, we thought we would share some texting solutions that will help both users and exchanges to beef up the security and usability of cryptocurrency for mobile users.
One company for example, CoinText, has made selling and buying cryptocurrency as easy as a text message.
According to CoinText’s lead developer, Vin Armani: “Being able to transact an international currency like Bitcoin Cash over text message with any phone in the world will uncap the vast economic potential for the unbanked. Settling transactions directly on-chain allows us to build so many simple useful tools. This SMS wallet is just the start.”
Getting Started with Cryptocurrency
What does a user need to get started? A cell phone that can text, and a knowledge of how mobile keywords work. It’s as easy as 1-2…..and that’s it! There’s not even a 3.
Everyone knows what a mobile keyword is without knowing it’s called that. Anytime you’ve walked into a store or pizza shop, and an advertisement said “Text ‘Slice’ to 12345 to get coupons”, that’s a mobile keyword. With a single word, they make it easy for you to establish two-way communications for important messages and offers. Your users can handle their cryptocurrency through their mobile phones no matter where they are. For example your users can input commands like “Balance”, “Deposit”, or ”Send” to manage their wallets
So a user could text “Send X [currency] to [phone number]” to the exchange’s short code (a shortened 5 or 6 digit phone number). They will then receive a two-factor authentication message to verify their credentials. Once they finish that process, API integrated with the exchange will send the sender and the receiver confirmations once the currency has been exchanged.
Mobile banking has already become a thing in one form or another for more than a decade, so it’s important that exchanges follow suit and text enable how their users manage their currencies. For such a modern and futuristic form of currency, how could they not adapt to communication advances?
SMS Enabling Cryptocurrency Exchanges
What does an exchange need to get started? If you have an exchange and you want to text enable how your users interact with your system, you need two things: a dedicated short code and API integration.
A dedicated SMS short code will enable you to have full command over how your users interact with your system. It will also allow you to control your headers and footers for your messages, and help you get around time restrictions that would not be helpful for a cryptocurrency whose goal is to avoid government restrictions.
API integration allows you to both authenticate how your users can log in (security is a top priority, people need to know their wallets will be safe) and allow users to manage their accounts directly from their phones with mobile commands that will trigger actions in your systems.
When you pair the short code with SMS API integration (like Trumpia’s) into your existing systems, you are giving your users freedom with how they interact with the cryptocurrency market, all while on the go, from anywhere.
Other Uses for Texting and Cryptocurrency
Users aren't limited to just managing their accounts, they can also use SMS to sign up for bitcoin news and alerts. If they text in a keyword to a cryptocurrency website, they can receive alerts on their favored currencies rise and fall throughout the day.
So if a user has trouble finding internet or is in a country where internet service is limited or restricted by the government, they can still follow the markets as long as they have access to cellular data.
For example, if they want to check bitcoin value or a up-and-coming cryptocurrencies price, they can text in the mobile keyword for that currency and receive the up-to-the-minute current value.
If you’d like to learn more, talk to a Trumpia expert here!